SBI Cards and Payment Services Limited has informed the Exchange regarding a press release dated July 22, 2025, titled "SBI Card and PhonePe Forms Strategic Partnership; Launch Co-Branded PhonePe SBI Card".
SBICARD · price
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SBI Card, India's largest pure-play credit card issuer, has partnered with fintech major PhonePe to launch two co-branded credit card variants — the PhonePe SBI Card PURPLE and the PhonePe SBI Card SELECT BLACK. Both cards are available on RuPay (UPI-linkable) and VISA networks. Cardholders can earn up to 10% value back as reward points on PhonePe in-app spends, up to 5% on other online spends, and 1% on all other eligible spends, along with milestone travel vouchers and lounge access benefits. The card application, management, and bill repayment are fully integrated within the PhonePe app. SBI Card has over 20 million cards in force (March 2025), while PhonePe has over 63 crore registered users (June 2025), giving SBI Card access to one of India's largest digital user bases for customer acquisition.
Positive for SBI Card — the partnership unlocks a massive distribution channel through PhonePe's 630 million+ user base, potentially accelerating card additions, transaction volumes, and revenue growth. The integration of credit card services within the PhonePe app is a significant competitive move that could support long-term market share expansion in India's growing credit card market.