Udaipur — In a strategic move to further enhance digital financial services, PhonePe and HDFC Bank have jointly launched the ‘PhonePe HDFC Bank Co-branded Credit Card’, marking PhonePe’s debut in the co-branded credit card segment. This new RuPay-powered card is tailored for Indian consumers who increasingly prefer seamless digital payments and UPI-based transactions.
The co-branded card will be offered in two variants—Ultimo and UNO—and comes packed with reward benefits on everyday spends such as recharges, bill payments, groceries, online shopping, cab rides, and travel bookings. Most notably, it is fully integrated with the Unified Payments Interface (UPI), allowing users to pay directly via UPI QR codes using the credit card while still earning rewards.
UPI + Credit: A Game-Changer in Indian Payments
The partnership between PhonePe, one of India’s largest digital payment platforms, and HDFC Bank, the country’s leading credit card issuer, reflects the growing demand for flexible credit solutions that align with modern spending habits. The co-branded card enables customers to earn up to 10% reward points on select spending categories through the PhonePe platform, making it particularly attractive to digitally savvy users.
Sonika Chandra, Chief Business Officer – Consumer Payments at PhonePe, said,
“This launch underscores our commitment to offering innovative financial solutions to our users. The card provides meaningful value on daily spending like bill payments and travel, while being accepted across millions of UPI merchants. We believe this card will redefine how consumers experience credit in India.”
Reaching Digitally Native Consumers
HDFC Bank, which has long dominated the credit card space in India, sees this partnership as a way to further tap into India’s growing population of digital-first users.
Parag Rao, Country Head – Payments, Liability Products, Consumer Finance & Marketing at HDFC Bank, commented,
“We are excited to partner with PhonePe to extend credit access to digitally native consumers. This card combines HDFC Bank’s trusted credit platform with PhonePe’s robust digital ecosystem, delivering a truly rewarding and widely usable experience—especially via UPI, which has become a cornerstone of India’s payment infrastructure.”
With the introduction of this co-branded offering, PhonePe and HDFC Bank aim to bridge the gap between traditional credit and the country’s rapidly expanding UPI network. It’s a move that aligns with the broader push to make digital credit more inclusive, convenient, and rewarding.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
PhonePe and HDFC Bank Launch Co-Branded Credit Card with UPI Integration
