PhonePe Joins Hands with SBI Card to Launch Two Co-Branded Credit Cards: SELECT BLACK & PURPLE

n a major move ahead of its highly anticipated IPO, PhonePe, India’s leading digital payments and financial services platform, has partnered with SBI Card to launch two new co-branded credit cards. This is PhonePe’s second big alliance in the credit card space, following its earlier collaboration with HDFC Bank. The partnership marks a significant milestone as PhonePe, which already dominates the UPI ecosystem with nearly 46% market share, continues to expand its footprint in India’s digital credit and lending space.

The New Cards: SELECT BLACK & PURPLE

Under this partnership, two new variants have been introduced: PhonePe SBI Card SELECT BLACK PhonePe SBI Card PURPLE Both cards will be available in Visa and RuPay networks. RuPay variants can be directly linked to UPI, while Visa cards support tokenisation, enabling secure tap-and-pay and online transactions through the PhonePe app. This flexibility ensures that customers can choose a card that matches their spending style—whether they prefer UPI-linked payments or international Visa acceptance.

Key Benefits & Rewards Structure

The two cards are designed to cater to different consumer segments—SELECT BLACK targets premium customers, while PURPLE appeals to the mass market with an affordable fee structure. 📌 PhonePe SBI Card SELECT BLACK Joining Fee: ₹1,499 + taxes Welcome Gift: ₹1,500 PhonePe e-gift voucher (making the effective joining fee almost zero). Spends on PhonePe & Pincode App: Up to 10% value back. Other Online Spends: Up to 5% value back. All Other Eligible Spends: 1% value back. Annual Milestone Reward: ₹5,000 Yatra travel voucher on spends of ₹5 lakh or more. Lounge Benefits: 4 free domestic lounge visits (1 per quarter). Priority Pass membership for international lounge access. Fuel Surcharge Waiver: 1% (up to ₹250 per billing cycle). Renewal Fee Waiver: Waived if spends exceed ₹3 lakh in the previous year. honePe SBI Card PURPLE Joining Fee: ₹499 + taxes Welcome Gift: ₹500 PhonePe e-gift voucher. Spends on PhonePe & Pincode App: Up to 3% value back. Other Online Spends: Up to 2% value back. All Other Eligible Spends: 1% value back. Annual Milestone Reward: ₹3,000 Yatra voucher on spends of ₹3 lakh or more. Fuel Surcharge Waiver: 1% (up to ₹100 per billing cycle). Renewal Fee Waiver: Waived if spends exceed ₹1 lakh in the previous year.

Seamless Integration with the PhonePe App

One of the biggest USPs of these cards is the deep integration into the PhonePe app. Users can apply for the cards directly within the app. The onboarding process is 100% digital, reducing the need for physical paperwork. Cardholders can also manage transactions, track rewards, and pay bills seamlessly within PhonePe. This integration ensures convenience and aligns with PhonePe’s larger mission of digitizing financial products for millions of Indians.

Why This Partnership Matters

The launch of these co-branded cards is not just about adding another product—it’s a strategic play for both PhonePe and SBI Card. For PhonePe: It strengthens its financial services ecosystem, helping the company diversify revenues ahead of its IPO. By moving beyond payments into credit, lending, and financial products, PhonePe is positioning itself as a full-stack fintech player. For SBI Card: The tie-up opens access to PhonePe’s massive digital user base. With over 500 million registered users, PhonePe gives SBI Card unparalleled distribution reach, especially in Tier-2 and Tier-3 cities where digital adoption is booming. Salila Pande, MD & CEO of SBI Card, highlighted that the partnership combines SBI Card’s expertise in credit products with PhonePe’s digital dominance, thereby accelerating credit card penetration in India.

PhonePe’s Journey into Credit Cards