PhonePe, in collaboration with Utkarsh Small Finance Bank, has launched the new Wish Credit Card. The card will soon be available for online application through the PhonePe app. It aims to provide easy access to credit for people in tier-2 and tier-3 cities and first-time credit card holders.
PhonePe has launched the new Wish Credit Card in collaboration with Utkarsh Small Finance Bank. This card will soon be available for online application on the PhonePe app. Its purpose is to provide easy access to credit for people in tier-2 and tier-3 cities and first-time credit card holders. This card will be linked to a fixed deposit (FD), meaning you must first create an FD of at least ₹2,000 to qualify for the card. This FD will determine your credit limit and will also earn interest.
The Wish Credit Card is issued on the RuPay network, allowing users to use it for UPI payments. This also provides numerous reward points.
3% reward points on mobile recharges and bill payments through the PhonePe app
1% reward points on Scan & Pay or select e-commerce purchases
200 bonus points for spending ₹15,000 per month
1 point can be redeemed at the rate of ₹1
The entire application and card issuance process will be completely digital and will be rolled out in phases.
Deep Agarwal, Head of Payments at PhonePe, stated that this partnership is designed to provide users with easy access to credit products. Govind Singh, MD and CEO of the bank, stated that the FD-based card will allow users to earn interest and build a credit history. It’s worth noting that PhonePe has over 610 million users and a network of over 44 million merchants.
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