PhonePe and SBI Card Launch Two Co-Branded Credit Cards to Boost Digital Spending.
Banking & Finance
On July 22, 2025, digital payments platform PhonePe joined hands with SBI Cards and Payment Services Ltd (a subsidiary of State Bank of India – SBI) to roll out two co-branded credit cards named ‘PhonePe SBI Card PURPLE’ and ‘PhonePe SBI Card SELECT BLACK’. This strategic move aims to promote digital credit access and encourage everyday spending through formal financial channels.
- Both these newly launched contactless credit cards will operate on Visa and RuPay networks. The VISA cards are supported for tokenization via the PhonePe App, while RuPay versions can be directly linked with UPI (Unified Payments Interface), enabling seamless digital transactions across platforms.
- The PhonePe SBI Cards offer reward-based incentives on a wide range of daily expenses including grocery shopping, utility bill payments, insurance premiums, and all other transactions conducted via the PhonePe application. These cards are targeted toward diverse customer segments.
- The premium variant, PhonePe SBI Card SELECT BLACK, provides up to 10% cashback on spends made on the PhonePe app and Pincode, and 5% cashback on other merchant platforms. It also includes benefits like a welcome e-gift voucher worth ₹1,500, a milestone voucher worth ₹5,000 on annual spends exceeding ₹5 lakhs.
Main Point :- (i) On the other hand, the PhonePe SBI Card PURPLE, targeting regular users, offers 3% rewards on PhonePe and Pincode transactions, and 2% on other online purchases.
(ii) Additional travel and e-gift vouchers include a ₹500 welcome gift, and ₹3,000 annual travel vouchers on spending ₹3 lakh per year.
(iii) The application process is fully digital and embedded into the PhonePe mobile application, enabling users to seamlessly apply, view reward points, track bills, and redeem vouchers. The platform also provides users with the flexibility to pay their dues or redeem vouchers directly through the app.
About PhonePe
CEO: Sameer Nigam
Headquarters: Salarpuria Softzone, Bengaluru, Karnataka
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