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PhonePe and SBI Card Unveil Co-Branded Credit Cards to Boost Digital Payments and Reward Everyday Spends

Updated: July 22, 2025 13:16

Image Source : credello.com
PhonePe has partnered with SBI Card to launch two co-branded credit cards—PhonePe SBI Card PURPLE and PhonePe SBI Card SELECT BLACK. The alliance aims to deepen credit card penetration among digital-first consumers and enhance the convenience of UPI-linked credit payments.
 
Key Highlights:
  • The cards are available in RuPay and VISA variants, with RuPay versions supporting UPI-based transactions at millions of merchants.
  • SELECT BLACK offers up to 10 percent value back on PhonePe app spends and ₹5,000 travel vouchers for annual spends of ₹5 lakh.
  • PURPLE cardholders receive up to 5 percent back on online shopping and ₹3,000 travel vouchers for ₹3 lakh annual spends.
  • Both cards include domestic lounge access, fuel surcharge waivers, and milestone rewards.
Operational Context:
  • Customers can apply for the cards and manage repayments directly through the PhonePe app, streamlining onboarding and usage.
  • The joining fee is offset by PhonePe e-gift vouchers—₹1,500 for SELECT BLACK and ₹500 for PURPLE.
  • The cards reward spends across groceries, bills, travel, insurance, and utilities, making them suitable for daily use.
Strategic Outlook:
  • SBI Card aims to expand its footprint among tech-savvy users, while PhonePe strengthens its role in formal credit enablement.
  • The phased rollout is expected to drive higher transaction volumes and improve digital payment adoption across Tier-I and Tier-II cities.
  • Analysts anticipate strong uptake due to the cards’ integration with UPI and attractive reward structures.
Sources: CNBC TV18, Zee Business, MSN Money (July 2025)

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