SBI Card has partnered with PhonePe to launch the co-branded PhonePe SBI Card.
The card is designed to offer high-value rewards and unmatched convenience for everyday digital transactions.
The new offering is available in two variants—PhonePe SBI Card PURPLE and PhonePe SBI Card SELECT BLACK—each catering to different spending habits and preferences. Both variants are available on the RuPay and VISA payment networks, giving users the flexibility to choose their preferred platform. The RuPay version can be linked to UPI for use at millions of merchants across India, while the VISA version can be tokenized for secure transactions online via the PhonePe app.
Designed to reward frequent usage, the PhonePe SBI Card SELECT BLACK offers up to 10 per cent value back in reward points for in-app transactions on PhonePe and Pincode platforms. It also provides up to 5 per cent value back on other online spending, and 1 per cent on all other eligible purchases.
The PURPLE variant, on the other hand, gives users up to 3 per cent back on PhonePe spends, 2 per cent on other online transactions, and 1 per cent on eligible offline purchases. Reward points can be redeemed to pay credit card bills or exchanged for e-gift vouchers from the SBI Card catalogue.
To enhance customer experience, the entire card application and management process is integrated within the PhonePe app. This allows customers to apply for the card, use it for transactions, and repay their credit card bills, all in one platform. The streamlined digital experience reflects the shared vision of both companies to make financial products more accessible and user-friendly.
Speaking on the launch, Salila Pande, MD & CEO, SBI Card, highlighted the significance of the partnership.
“Digital payments in India are experiencing rapid growth, driven by convenience and accessibility. Our collaboration with PhonePe leverages their expansive digital reach and our expertise in credit to deliver a product tailored to modern consumer needs. This launch reinforces our commitment to innovation and customer satisfaction,” she said.
Echoing this sentiment, Sameer Nigam, Co-founder and CEO, PhonePe, emphasised the broader mission of inclusivity. “This partnership marks our entry into formal credit. By embedding the card directly into the PhonePe app, we’ve created a frictionless experience. We are not only delivering value and rewards but also building infrastructure that promotes financial inclusion across India,” he said.
Both card variants come with welcome benefits. The SELECT BLACK offers a Rs 1,500 e-gift voucher upon payment of a Rs 1,499 joining fee, while the PURPLE variant provides a Rs 500 voucher with a Rs 499 joining fee.
Additional benefits include milestone travel vouchers, Rs 5,000 for SELECT BLACK and Rs 3,000 for PURPLE, on reaching annual spending thresholds. Customers can also enjoy lounge access and fuel surcharge waivers under both plans.
This initiative represents a major step in India’s rapidly growing digital economy, as it blends the strengths of a leading credit card provider with a popular digital payment platform. With this collaboration, SBI Card and PhonePe aim to further bridge the gap between digital convenience and formal credit access for millions of users.
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