New Delhi, 27 June (IANS). PhonePe and HDFC Bank have together launched a new co-branded credit card. Along with this, Digital Payment and Financial Services Company stepped into the co-branded card segment.
PhonePe HDFC Bank K.-branded RuPay Credit Card has been designed to meet the emerging financial needs of Indian consumers. It also provides benefits on UPI spending, especially on PhonePe platforms.
Sonika Chandra, Chief Business Officer of Consumer Payment in PhonePe, said, “We are excited about the launch of our first co-branded credit card in partnership with HDFC Bank. This launch underlines our commitment to provide new financial solutions to our users. This card has been designed to provide price to the customers, so that the customers have been designed to provide price on their regular expenses, so that they are paid and travel bookings like bill payments and travel bookings. Categories will get 10 percent reward points. “
This card can be easily used in crores of UPI merchants across the country. He said, “We are confident that our strategic partnership with HDFC Bank will re -define the experience of credit card for millions of Indians in collaboration with the benefits from this card.”
The strategic partnership between HDFC Bank and PhonePe also takes advantage of their respective banking and fintech backgrounds to make the credit card accessible and user friendly. These cards are available in ‘Ultimo’ and ‘UNO’ variants. These include reward points in popular categories like recharge, bill payment, travel, online shopping, grocery items and cabs. These cards also work easily with UPI, so that users can pay their daily expenses through credit cards, as well as can earn reward points given on the card through large merchant networks on UPI QR.
HDFC Bank’s Parag Rao, who is the country heads of payments, liability products, consumer finance and marketing, said, “As India’s biggest card issuer, we constantly try to make an offer for our customers and make offers according to their needs. Our goal is to reach more and more people with more and more people. Will use technology. It will be more beneficial to use credit cards and it will be used in more places, especially through UPI, UPI has now become a very important part of India’s digital payment system.
The ‘ultimo’ variant provides important reward points to the customers, such as 10% reward points on spending on the PhonePe app on the Bill Payment, Recharge, Travel Booking and PINCode app (PhoneP’s local delivery app), and 5% reward points on large online merchants. Users will also get 1 percent reward points on all UPI scans and payment transactions using cards and domestic airport lounge will also be provided twice every quarter.
The company said that users eligible for PhonePe can apply directly for this credit card through PhonePe app. The entire process will be digital. After the card is issued by HDFC Bank, customers can pay it to UPI by linking it on PhonePe and can also pay their card bill here. The company said that the card will be rolled out for eligible phonpee users in a phased manner.
-IANS
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