National, October 06, 2025: PhonePe today announced a strategic partnership with Utkarsh Small Finance Bank to launch the Wish Credit Card, designed to empower every Indian with easy, digital access to credit. The card will be available for online application directly via the PhonePe app, offering users a seamless and hassle-free experience.
This collaboration aims to expand the reach of formal credit to a wider, digitally-savvy population, especially those who are underserved or new to credit – including self-employed individuals, homemakers, Gen Z users, and residents of tier-2 and tier-3 cities where credit card penetration remains relatively low.
What makes the Wish Credit Card unique is its Fixed Deposit (FD)-backed model, which allows users to unlock credit against an FD. This not only provides a secured credit line but also enables users to earn interest on their deposit, making it both a practical and rewarding financial tool. As a RuPay Credit Card, it supports UPI-based payments, bridging the convenience of modern digital payments with the traditional safety of a fixed deposit.
The card further promotes financial inclusion by helping users build a strong credit history, making future access to loans or credit products easier and more reliable.
Key Features of the Wish Credit Card:
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3% reward points on recurring monthly payments like mobile recharges and utility bills via the PhonePe app
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1% reward points on shopping from select leading e-commerce brands
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1% reward points on all Scan & Pay transactions
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Milestone bonus of reward points on monthly spends above a specified threshold
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Simple redemption process with 1 reward point equal to ₹1
(T&C apply)
The end-to-end digital application and issuance process through the PhonePe app ensures that users can complete the journey without any paperwork or branch visits. The rollout of the Wish Credit Card will take place in phases.
Deep Agrawal, Head of Payments at PhonePe, commented: “This partnership with Utkarsh Small Finance Bank is a vital step in enhancing our financial services ecosystem. It offers users easy access to a trusted credit product, seamlessly integrated with RuPay on UPI. Together, we’re moving closer to a more financially inclusive India.”
Govind Singh, MD & CEO of Utkarsh Small Finance Bank, said: “As digital adoption grows across the country, it’s essential to provide products that meet the evolving needs of customers from diverse backgrounds. This FD-backed Credit Card blends the security of traditional banking with the ease of digital payments, while also helping users build their creditworthiness.”
With the launch of the Wish Credit Card, PhonePe and Utkarsh Small Finance Bank are setting a new benchmark for accessible, inclusive, and rewarding credit solutions in India’s growing digital economy.
