In a strategic move to enhance access to formal credit and reward digital spending, PhonePe, one of India’s leading digital payments and financial services platforms, has partnered with SBI Cards and Payment Services Limited, a subsidiary of State Bank of India (SBI), to launch two co-branded credit cards—the ‘PhonePe SBI Card PURPLE’ and the ‘PhonePe SBI Card SELECT BLACK’. These offerings aim to make credit more rewarding and accessible for everyday transactions.
The two contactless credit card variants are available on both RuPay and VISA networks, allowing flexibility and wide acceptance. While VISA cards can be tokenized on the PhonePe App for secure payments, the RuPay cards can be linked to UPI, enabling seamless digital transactions.
KEY FEATURES OF THE PHONEPE SBI CARDS:
PhonePe SBI Card SELECT BLACK
- Designed for premium users, this card offers up to 10% reward points on purchases made on the PhonePe and Pincode applications.
- Users also earn 5% on other online transactions.
- A welcome e-gift voucher worth ₹1,500 is provided on payment of the joining fee.
- On spending ₹5 lakhs annually on travel, users receive a milestone travel voucher worth ₹5,000.
PhonePe SBI Card PURPLE
- Aimed at regular users, this variant offers up to 3% rewards on PhonePe and Pincode spends, and 2% on other online transactions.
- Includes a welcome e-gift voucher worth ₹500.
- For ₹3 lakhs in annual travel spending, users get a ₹3,000 travel voucher.
- Provides 1% value back as reward points on other eligible transactions.
Both cards are seamlessly integrated into the PhonePe App, making the application process convenient and fully digital. Customers can apply for either card directly through the app interface, track rewards, and redeem points to settle outstanding bills or claim e-gift vouchers.
This partnership reflects PhonePe’s growing ambitions in the financial services space, while SBI Card leverages the massive user base and digital reach of PhonePe. The collaboration is expected to accelerate the adoption of digital credit and empower users with valuable benefits on routine spending.
