At the Global Fintech Fest (GFF) 2026 in Mumbai, PhonePe unveiled a comprehensive suite of co-branded credit cards with HDFC Bank and SBI, plus the Wishcard for consumers with limited or no credit history. According to reports from The Economic Times, these products are designed around spending habits that have emerged in the UPI era, linking everyday digital payments with formal credit. The company's vision emphasizes 'Unlocking credit for all' as a key pillar going forward.
India's credit card market has experienced significant expansion, with the number of credit cards reaching 5.2 crore in 2026, representing a 3.6-fold increase from 1.4 crore in 2016, as reported by TransUnion CIBIL. Notably, half of new-to-credit card consumers in 2026 were Gen Z, aged 30 years or below, and 46% resided in semi-urban and rural markets. This shift indicates that the center of gravity is moving beyond metros, with large segments including Gen Z students, homemakers, freelance professionals, and small traders often lacking documented income or credit history needed for mainstream cards.
The PhonePe-HDFC Bank credit card offers two variants: Ultimo (premium) with 10% reward points on eligible PhonePe spends and 8 complimentary airport lounge visits, and Uno (accessible) with 2% reward points on PhonePe transactions. The PhonePe-SBI Card follows a similar structure with Select Black (premium) offering 10% reward points and 4 complimentary airport lounge visits, while Purple provides 3% reward points on PhonePe transactions. As reported by The Economic Times, all products are available on RuPay and Visa, with digital onboarding and account management handled through the PhonePe app.
The most distinctive product is the Wishcard, explicitly designed for underserved segments including Gen Z, homemakers, and freelance professionals. According to the report, the Wishcard is linked to a fixed deposit starting from ₹2,000, serving dual purposes: users can earn interest on the FD while using the card for everyday spending, and the activity is reported to credit bureaus to establish formal credit history. The Wishcard offers 3% value back on high-frequency PhonePe transactions and 1% on UPI Scan and Pay and select e-commerce merchants.
As reported by The Economic Times, PhonePe CEO Sameer Nigam outlined a decade-long roadmap emphasizing AI-powered credit disbursals, micro-investments starting at ₹10, and deeper inclusion for feature-phone users and small businesses. The credit card suite represents a central piece of this strategy, converting transactional relationships into formal credit relationships. The products reflect the broader industry view that future credit growth will come from younger consumers and non-metro markets rather than traditional urban cardholders, positioning PhonePe at the center of India's transition from payments to formal credit access.
