PhonePe has signed a strategic partnership with Utkarsh Small Finance Bank to launch the “Wish” credit card, an FD-backed RuPay card aimed at serving new-to-credit users through a seamless digital application experience on the PhonePe app.
The move seeks to extend credit access to digitally savvy users, particularly in Tier-2 and Tier-3 cities where card penetration is low.
Under the partnership, users can obtain the Wish card by locking in a fixed deposit beginning at just Rs 2,000, thereby enabling them to earn interest while the FD supports their credit limit. The card offers 3 per cent reward points on recurring payments such as recharges and bills through the PhonePe app, and 1 per cent on Scan & Pay transactions and purchases from selected e-commerce brands. A milestone benefit includes 200 bonus reward points per month when monthly spending reaches Rs 15,000, and reward points can be redeemed at a rate of 1 point = Rs 1.
“This partnership with Utkarsh Small Finance Bank is a vital step in enhancing our financial services ecosystem. We are dedicated to providing users with solutions, and this collaboration offers them seamless access to a trusted credit product. By integrating this experience with attractive rewards and the convenience of RuPay on UPI, we are reinforcing our shared vision to build a more financially inclusive India.” remarked Deep Agrawal, Head of Payments, PhonePe.
Govind Singh, MD & CEO of Utkarsh Small Finance Bank, added, “We are cognizant of the fact that the Nation is witnessing a significant adoption of digital products and services. It is therefore imperative that banks offer a range of products and services that would enable customers from various walks of life to adopt the right financial channels and payments that suit their lifestyle. This partnership with PhonePe to offer an FD backed Credit Card is a significant step towards blending traditional and new age banking. While the customer gets the benefit of an FD, not only that backs their credit spending but in addition allows them to earn an interest and at the same time helps them improve their credit score when they spend on their shopping through Wish Credit Card. In addition, this Credit Card enables the customer to transact through UPI. This truly is a Wish come true.”
The online application process for the Wish card is fully integrated into the PhonePe app, allowing customers to apply digitally through a phased rollout.
Send news announcements/press releases to:
info@b2bmarketmedia.com
