Overview

• The partnership combines PhonePe’s 610 million-strong digital payments base with HDFC Bank’s card issuance and credit risk expertise to enter the co-branded credit segment.
• The card is offered in two RuPay-powered variants—Ultimo and UNO—with rewards on recharges, bill payments, travel bookings, groceries, online shopping and cab rides.
• Seamless UPI integration lets cardholders use their credit line at any merchant accepting UPI QR codes, blending credit convenience with India’s dominant payments interface.
• The premium Ultimo variant delivers 10% back on PhonePe platform spends, 5% on leading online merchants, 1% on UPI Scan & Pay transactions and two domestic airport lounge accesses per quarter.
• Eligible PhonePe users can complete a fully digital application through the PhonePe app and will receive cards in phased rollouts with in-app management of billing and payments.