SBI Card, PhonePe launch co-branded PhonePe SBI Card
Srinagar, Jul 23: SBI Card, India’s largest pure-play credit card issuer, in partnership with PhonePe announced the launch of PhonePe SBI Card.
This new co-branded credit card aims to provide a rewarding experience on everyday spends, crafted to serve the evolving financial needs of customers across India. The credit card comes in two variants, the PhonePe SBI Card PURPLE and the PhonePe SBI Card SELECT BLACK, catering to diverse customer preferences, and lifestyle spending needs. Additionally, both the variants of this contactless credit cardare available on the RuPay and VISA payment networks, giving consumers the choice of network that best suits their needs.
The RuPay cards can be linked to UPI as welland can be used for transactions at millions of UPI merchants across the country. The VISA variant can be tokenised on PhonePe and used securely across a host of online merchants.
With the new PhonePe SBI Card, customers can earn reward points on various everydaytransactions, including groceries, bill payments, travel bookings, utility payments, insurance premium payments, and more, across online and offline shopping platforms. PhonePe SBI Card SELECT BLACK cardholders can earnup to 10% value back as reward points on essential and frequent PhonePe in-app transactions. Customerscan also avail up to 5%value back as reward points on all their online spends on other platforms. Furthermore, the application process is integrated into the PhonePe app, wherecustomers can easily apply for the PhonePe SBI Card through digital application. Customers can make purchases using the PhonePe app and repay their credit card bill on PhonePe platform.
Salila Pande, MD & CEO, SBI Card,said, “Digital payments in India are experiencing rapid growth, driven by increasing convenience and accessibility of digital platforms. Our strategic partnership with PhonePe is a significant step towards further popularising credit card usage, by combining SBI Card’s deep domain expertise and 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 PhonePe SBI Card reflects our continued commitment to delivering best-in-class products, tailored for evolving consumer needs.”
Adding to this, Sameer Nigam, Co-founder & CEO at PhonePe said, "We have always been committed to simplifying financial services and making them accessible to all Indians. Through our partnership with SBI Card, we are further expanding our offerings beyond digital payments into the realm of formal credit. We have invested significant effort in creating a smooth user experience by embedding the card functionality directly into the PhonePe app, ensuring it's easy to apply for, manage, and utilize while delivering value. This initiative goes beyond mere convenience - we are constructing 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 thrilled about the possibilities this partnership creates."
