PhonePe, HDFC Bank unveil co-branded RuPay credit card with UPI credit payments
PhonePe and HDFC Bank have launched a new co-branded credit card on the RuPay network, marking PhonePe's entry into the credit card space. Named the 'PhonePe HDFC Bank Credit Card', it's available in two variants—'Ultimo' and 'UNO'—and is integrated with UPI to enable credit-based payments at any merchant accepting UPI QR codes.
Designed for digital-first users, the card offers tailored rewards and spending benefits. The Ultimo variant provides:
10% reward points on transactions via the PhonePe app—bill payments, recharges, travel, and Pincode purchases
5% reward points on select online merchant spends
1% reward points on UPI 'Scan & Pay' transactions
Two complimentary domestic airport lounge visits every quarter
Both variants support seamless UPI-linked payments through credit and can be managed directly in the PhonePe app. Users can apply for the card digitally, and HDFC Bank will issue and activate the card upon approval. The rollout will occur in phases.
The partnership combines HDFC Bank's credit capabilities with PhonePe's digital penetration, targeting India's growing population of UPI-savvy users.
As of April 2025, PhonePe boasts over 61 crore users and a merchant network of 4 crore outlets, processing more than 34 crore daily transactions and over ₹150 lakh crore in annual TPV.
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