SBI Card and Google Pay Launch Flex Co-Branded Credit Card

MUMBAI, India — India's largest pure-play credit card issuer, SBI Cards and Payment Services Limited (NSE: SBICARD, BSE: 543066), in partnership with search and fintech giant Google Pay, officially announced the commercial rollout of the co-branded Google Pay Flex SBI Card. The joint product launch, conducted under Google Pay’s "Flex" financial services portfolio, aims to bridge conventional credit card offerings with mobile-first digital payment ecosystems.

The announcement was formally submitted in regulatory compliance filings under Regulations 30 and 51 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. By integrating credit mechanisms directly into Google Pay’s native interface, the partnership provides consumers with instant reward redemptions, direct account management, and flexible repayment options across both online and physical retail environments.

Rewards Architecture and Product Features

The Google Pay Flex SBI Card introduces a unified rewards platform structured around "Stars," where 1 Star is valued at ₹1. Unlike traditional credit reward programs that require delayed catalogue redemption, cardholders can apply earned Stars instantly at the point of payment or convert them into merchant vouchers within the Google Pay application.

Tiered Acceleration Structure

To incentivize everyday spending across essential categories such as groceries, utility bill payments, travel bookings, and retail shopping the card offers a dynamic reward rate tied to billing cycle milestones:

• Base Earning Rate: Cardholders earn 1 Star for every ₹500 spent on general purchases, with a base annual capping threshold of up to 18,000 Stars.

• Mid-Tier Milestone: Reaching ₹15,000 in cumulative spending during a single billing cycle accelerates the earning potential to up to 4 Stars per ₹500 spent.

• High-Spender Milestone: Crossing ₹30,000 in monthly cycle expenditure elevates reward generation to up to 8 Stars per ₹500 spent.

Network Availability and Digital Payment Integration

The co-branded card is issued on both RuPay and VISA payment networks. The RuPay variant offers direct integration with the Unified Payments Interface (UPI) network, enabling users to scan QR codes and make credit-backed payments to small and medium merchants nationwide.

Both payment network options support Near Field Communication (NFC) tokenization on Android devices. This permits tap-to-pay functionality at contactless point-of-sale (POS) terminals without requiring physical card swipes. Additionally, the card offers complete digital account management through the Google Pay app, allowing users to apply, view billing cycles, and convert large outstanding transactions into equated monthly installments (EMIs).

Fee Structure and Welcome Onboarding Benefits

The product carries an annual joining and renewal fee of ₹499 plus applicable statutory taxes. To encourage long-term adoption, SBI Card provides a 100% annual renewal fee waiver for cardholders who achieve minimum yearly expenditures of ₹1,00,000.

New applicants are offered a welcome package valued at ₹1,000, structured across initial digital interactions:

1. First Google Pay Transaction: A ₹500 account credit upon completing an initial transaction via the Google Pay app.

2. Joining Fee Settlement: Stars worth ₹500 credited directly into the user's Google Pay account upon payment of the first-year joining fee.

3. Activation Bonus: Accelerated earning rates of 2 Stars per ₹500 spent cumulatively across the first two billing cycles.

Official Sources Section

The corporate announcement was confirmed via joint press releases issued by SBI Cards and Payment Services Limited and Google India, alongside regulatory disclosures submitted to the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE).

Quote Section

"According to official disclosures filed with stock exchanges, the strategic partnership combines SBI Card's credit underwriting capabilities with Google Pay's digital user base to deliver seamless credit accessibility and instant reward utility for digital-first consumers across India."

Why It Matters

The launch of the Google Pay Flex SBI Card represents a continued convergence of credit card infrastructure and instant messaging payment platforms. By enabling RuPay credit linkage to UPI, the card allows users to utilize credit lines at informal retail shops and small merchants where traditional credit card acceptance terminals are absent. This expands formal credit access while reducing transaction friction for everyday consumer spending.

Key Facts at a Glance

• Product Name: Google Pay Flex SBI Card.

• Issuer & Platform: SBI Cards and Payment Services Ltd. in partnership with Google Pay.

• Networks Offered: Available on RuPay (UPI-enabled) and VISA networks.

• Fee Structure: ₹499 annual fee; waived upon achieving ₹1,00,000 annual spend.

• Reward Valuation: 1 Star = ₹1; instant redemption via UPI or Google Pay app vouchers.

Frequently Asked Questions (FAQ)

What is the Google Pay Flex SBI Card?

The Google Pay Flex SBI Card is a co-branded credit card issued by SBI Card in partnership with Google Pay. It allows cardholders to manage their credit account, earn "Stars" reward points, and make payments directly through the Google Pay app.

Can I link the Google Pay Flex SBI Card to UPI?

Yes. The RuPay variant of the Google Pay Flex SBI Card can be linked to UPI within the Google Pay app, enabling credit-funded payments by scanning merchant QR codes.

How do "Stars" reward points work?

Cardholders earn Stars on everyday purchases, where 1 Star equals ₹1. Stars can be redeemed instantly during checkout for UPI payments or used to claim merchant vouchers inside the Google Pay application.

How can the annual fee be waived?

The annual fee of ₹499 plus taxes is automatically reversed if the cardholder spends ₹1,00,000 or more in the preceding billing year.

Source: Official regulatory disclosures and press statements from SBI Card, filings on the National Stock Exchange of India (NSE), disclosures on the Bombay Stock Exchange (BSE), and official product documentation from Google Pay.