HT Bureau
GUWAHATI, Oct 6: Fintech major PhonePe has announced a strategic partnership with Utkarsh Small Finance Bank to launch the Wish Credit Card, aimed at expanding access to credit through a fully digital application process on the PhonePe app.
The new offering combines the security of a Fixed Deposit (FD) with the flexibility of a credit card, providing a simple and affordable entry point for self-employed individuals, homemakers, Gen Z customers, and people from tier-2 and tier-3 cities where credit card penetration remains low.
Related Posts:
Users can obtain the Wish Credit Card by opening an FD starting from just ₹2,000.
The FD not only backs the credit limit but also earns interest, making it both a savings and a credit instrument.
Being a RuPay Credit Card, it enables seamless UPI payments and rewards on daily transactions while helping customers build a strong credit history.
The card offers 3% reward points on recharges and bill payments made through the PhonePe app, 1% reward points on Scan & Pay transactions and shopping with select e-commerce brands, and a monthly milestone bonus of 200 points on spends of ₹15,000.
Reward points are easy to redeem, with one point equal to ₹1.
Commenting on the launch, Deep Agrawal, Head of Payments at PhonePe, said the collaboration reflects PhonePe’s commitment to enhancing financial inclusion.
“This partnership with Utkarsh Small Finance Bank is a vital step in expanding our financial services ecosystem. By integrating the convenience of RuPay on UPI with an FD-backed credit card, we are making credit access simpler and more secure for a wider audience,” he said.
Govind Singh, MD and CEO of Utkarsh Small Finance Bank, said the partnership blends traditional and new-age banking.
“As digital adoption grows rapidly, it’s essential that banks offer products suited to diverse customer needs. The Wish Credit Card allows customers to benefit from an FD while using credit responsibly and improving their credit score. This card truly is a wish come true,” he said.
The Wish Credit Card can be applied for directly through the PhonePe app in a fully digital and paperless process, which will be rolled out in phases nationwide.
