PhonePe & Utkarsh Bank Introduce FD-Backed “Wish” RuPay Credit Card

PhonePe has partnered with Utkarsh Small Finance Bank to launch a new credit card named Wish. This is an FD-backed RuPay credit card, designed particularly for “new to credit” users and for wider reach in tier-2 and tier-3 cities. Unlike conventional cards, the Wish Credit Card requires a fixed deposit (FD) — as low as ₹2,000 — which backs the credit limit. The FD continues to earn interest even while it underpins the card. Key reward features include: 3% reward points on monthly recharges and bill payments made via the PhonePe app 1% reward points on Scan & Pay transactions and purchases from select e-commerce merchants A monthly milestone bonus of 200 extra points if card usage crosses ₹15,000 in a month The application is fully digital through the PhonePe app, with a phased rollout planned to expand availability. Analysts see this card as a stepping stone toward greater financial inclusion, helping users build credit history in a safer, secured manner.