PhonePe, HDFC Bank Unveil Co-branded RuPay Credit Card with UPI Integration

PhonePe and HDFC Bank have introduced a new co-branded credit card on the RuPay network, as per the reports. This card supports UPI-based payments and marks PhonePe’s entry into the co-branded credit card segment. The rollout will happen in phases, and users can apply digitally through the PhonePe app.

Card Variants and Rewards

The card is available in 2versions, ‘Ultimo’ and ‘UNO’. Both variants offer reward points on everyday spending. The ‘Ultimo’ version provides 10% reward points on transactions done through the PhonePe app, including recharges, bill payments, travel bookings, and purchases on Pincode, the company’s local delivery platform.

Ultimo cardholders will also receive 5% reward points on spending with selected online merchants. Payments made through UPI 'Scan & Pay' using this credit card will earn 1% reward points. The card includes two complimentary domestic airport lounge accesses per quarter.

Read More: JioHotstar Inches Closer to Netflix as Subscriber Count Reaches 300 Million!

UPI-Linked Credit Payments

The card integrates with UPI, allowing users to pay using credit at any UPI-enabled QR code. This extends credit card utility to small and large merchants alike. Payments, transaction tracking, and bill management can be handled within the PhonePe app itself.

HDFC Bank is responsible for issuing the card and enabling UPI credit linkage. Users eligible for the card will be able to complete the application digitally within the PhonePe app. Once approved, the card becomes available for immediate use with UPI.

PhonePe currently has over 61 crore registered users and a merchant network covering 4 crore outlets, as of April 2025. The platform handles more than 34 crore daily transactions and records an annualised total payment value above ₹150 lakh crore.

Conclusion

The joint credit card launch combines HDFC Bank’s credit services with PhonePe’s digital user base, offering UPI-enabled credit access across regular retail and digital channels.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.