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PhonePe & HDFC Bank Introduce RuPay Credit Card with UPI Integration.

Banking & Finance | Dated: 29 Jun 2025

On June 26, 2025, PhonePe and HDFC Bank launched their first co-branded RuPay Credit Card, offering seamless integration with Unified Payments Interface (UPI). Available in two variants—Ultimo and UNO—this card leverages UPI's convenience while providing credit rewards across everyday transactions.

🎯 Key Highlights:

  • - The card, issued by HDFC Bank, works on the RuPay network and can be linked directly to UPI. Users can make QR-code-based credit payments across more than 40 million UPI-accepting merchants, bridging traditional credit cards with India’s widely used real-time payment system.
  • - The Ultimo variant targets high-frequency spenders, offering 10% reward points on PhonePe app spends (e.g., recharges, bills, travel, Pincode platform), 5% on select online platforms, and 1% on all UPI Scan & Pay transactions. It also offers two domestic airport lounge accesses per quarter. The UNO version, designed for lighter users, gives 2% on PhonePe spends, and 1% on e-commerce and UPI payments.

💡 Other Important Facts:

  • (i) Cardholders earn reward points that can be redeemed via the PhonePe app or smart portals. The Ultimo version offers a ₹999 joining fee, refundable in the form of a PhonePe gift card via their first credit-on-UPI transaction and subsequent usage. Cara often includes fuel surcharge waivers.
  • (ii) Prospective users can apply digitally within the PhonePe app. Once approved by HDFC Bank, the card is issued and seamlessly linked for UPI transactions. All account management, including balance checks, bill payments, statement viewing, and reward redemption, is conducted through the PhonePe interface.
  • (iii) This launch marks PhonePe’s entry into the co-branded credit card space, aligning with rising demand for fintech integrations. With over 610 million users and a massive UPI acceptance network, PhonePe shifts more credit-like convenience to everyday commerce. HDFC Bank leverages its robust credit ecosystem to reach digital-first customers.

📚 Test Your Knowledge:

Recently, PhonePe partnered with which bank to launch a co-branded RuPay Credit Card with UPI integration?

Correct Answer: HDFC Bank

🚀 Quick Recap:

About HDFC Bank

  • CEO: Sashidhar Jagdishan
  • Headquarter : Mumbai