Press Release

Press Release

PhonePe and Utkarsh Small Finance Bank Announce Strategic Partnership to Launch the Wish Credit Card

The Fixed Deposit-backed RuPay credit card is designed for new-to-credit customers, offering exceptional rewards and a seamless digital application experience on the PhonePe app

National, October 6, 2025: PhonePe, today announced a strategic partnership with Utkarsh Small Finance Bank to launch its Wish Credit Card. The Credit Card will be available for online applications on the PhonePe app, ensuring a simple and seamless application process for millions of users. Through this partnership, Utkarsh Small Finance Bank and PhonePe aim to expand the reach of its offerings to a wider, digitally-savvy audience.

The Wish Credit Card is designed to empower every Indian with easy access to credit by combining the security of a Fixed Deposit (FD) with the flexibility of a credit card. It may also be an ideal choice for self-employed individuals, homemakers, Gen Z customers new to credit, and people in tier-2/3 cities where credit card penetration is low. Users can obtain the Wish Credit Card by making a deposit that starts at just ₹2000, it is both affordable and accessible, while the FD not only backs the credit card but also earns interest. As it is a RuPay Credit Card, it enables seamless UPI payments and offers rewards on everyday spending, helping customers build a strong credit history while expanding the reach of credit cards to wider segments of the population.

The card offers 3% reward points on recurring monthly payments such as recharges and bills made directly on the PhonePe app. The benefits extend to 1% reward points on Scan & Pay transactions and shopping from select eCommerce brands, allowing users to earn tangible savings on daily transactions.

Commenting on the partnership Mr. Deep Agrawal, Head of Payments at PhonePe said, “This partnership with Utkarsh Small Finance Bank is a vital step in enhancing our financial services ecosystem. We are dedicated to providing users with solutions, and this collaboration offers them seamless access to a trusted credit product. By integrating this experience with attractive rewards and the convenience of RuPay on UPI, we are reinforcing our shared vision to build a more financially inclusive India.”

Speaking on the launch, Mr. Govind Singh, MD & CEO of Utkarsh Small Finance Bank said, “We are cognizant of the fact that the Nation is witnessing a significant adoption of digital products and services. It is therefore imperative that banks offer a range of products and services that would enable customers from various walks of life to adopt the right financial channels and payments that suit their lifestyle. This partnership with PhonePe to offer an FD backed Credit Card is a significant step towards blending traditional and new age banking. While the customer gets the benefit of an FD, not only that backs their credit spending but in addition allows them to earn an interest and at the same time helps them improve their credit score when they spend on their shopping through Wish Credit Card. In addition, this Credit Card enables the customer to transact through UPI. This truly is a Wish come true.”

Key features of the Utkarsh Small Finance Bank Wish Credit Card:

  • 3% reward points on recharge and bill payments made through the PhonePe app.
  • 1% reward points on shopping from select leading eCommerce brands.
  • 1% reward points on all Scan & Pay transactions.
  • Milestone benefit of 200 bonus reward points every month on spends of ₹15,000.
  • Simple redemption: 1 reward point = ₹1.

*T&C Apply

The online application process is fully integrated into the PhonePe app, where customers can apply for the Utkarsh Small Finance Bank Wish Credit Card through a completely digital and hassle-free process. This will be rolled out in a phased manner on the PhonePe app.

About PhonePe:

PhonePe Limited (Formerly PhonePe Private Limited) is a technology company that builds digital platforms for Payments, Digital Distribution Services, Financial Services and Marketplace Solutions. Headquartered in India, the PhonePe digital payments app was launched in 2016. As of March 31, 2025, PhonePe has over 61 Crore registered users and a digital payments acceptance network spread across over 4.4 Crore merchants.    

PhonePe’s products and services include Consumer Payments (including Digital Distribution Services), Merchant Payments, Lending and Insurance Distribution services, and New Platforms, which comprises Share.Market (stock broking and mutual funds distribution platform), Pincode (omni-channel hyperlocal commerce platform connecting consumers with local offline stores), and Indus Appstore (Android-based mobile app marketplace).    

For more details, contact: [email protected]

About Utkarsh Small Finance Bank

Utkarsh Small Finance Bank Limited (Utkarsh SFBL), incorporated on April 30, 2016, is a listed entity and is engaged in providing banking and financial services with a focus on microfinance for underserved and unserved communities. Headquartered in Varanasi, Uttar Pradesh, the Bank operates across rural and semi-urban areas. The Bank commenced operations on January 23, 2017, following the grant of a small finance banking license by the Reserve Bank of India on November 25, 2016. The Bank has the largest network in the SFB space with over 1103 banking outlets as of September 22, 2025.

The Bank offers a slew of digital services such as internet and mobile banking, Digi On-Boarding, UPI, and an online account opening facility. Supported by a range of ATMs and Micro ATMs, Utkarsh SFBL ensures ease of transactions for its customers