New Delhi: SBI Card, India’s largest dedicated credit card issuer, has partnered with PhonePe to launch the PhonePe SBI Card. This new co-branded credit card aims to provide a rewarding experience for everyday spending and is designed to meet the evolving financial needs of customers across India.
The credit card is available in two variants: the PhonePe SBI Card PURPLE and the PhonePe SBI Card SELECT BLACK, catering to diverse preferences and lifestyle spending habits. Both variants of this contactless credit card are offered on the RuPay and VISA payment networks, allowing consumers to choose the network that best suits their needs. The RuPay cards can also be linked to UPI and used for transactions at millions of UPI merchants nationwide, while the VISA variant can be tokenised on PhonePe for secure online purchases.
With the PhonePe SBI Card, customers can earn reward points on various everyday transactions, including groceries, bill payments, travel bookings, utility bills, insurance premiums, and more, applicable across online and offline shopping platforms. Cardholders of the PhonePe SBI Card SELECT BLACK can earn up to 10% cashback in the form of reward points on essential and frequent transactions made through the PhonePe app, while all online spending on other platforms can earn up to 5% cashback in reward points.
The application process is integrated into the PhonePe app, making it easy for customers to apply for the PhonePe SBI Card through digital means. Users can also make purchases using the PhonePe app and pay their credit card bills directly on the platform.
Commenting on the launch, Ms. Salila Pande, MD & CEO of SBI Card, stated, “Digital payments in India are experiencing rapid growth, driven by increased convenience and accessibility of digital platforms. Our strategic partnership with PhonePe is a significant step towards promoting credit card usage by combining SBI Card’s deep domain expertise with PhonePe’s extensive digital network. This credit card is thoughtfully designed to offer a unique blend of exceptional benefits and unmatched convenience with every transaction. The launch of the PhonePe SBI Card reflects our commitment to delivering top-notch products tailored to the evolving needs of consumers.”
Sameer Nigam, Co-founder & CEO of PhonePe, added, “We have always aimed to simplify financial services and make them accessible to all Indians. Through our partnership with SBI Card, we are expanding our offerings beyond digital payments into the realm of formal credit. We have invested considerable effort into creating a seamless user experience by embedding the card functionality directly within the PhonePe app, ensuring that it is easy to apply for, manage, and use while delivering significant value. This initiative goes beyond mere convenience; we are building the infrastructure for a more inclusive credit landscape in India. We believe this card will help fulfill the financial aspirations of many users, and we are excited about the opportunities this partnership brings.”
