PhonePe, HDFC Bank Roll Out Ultimo Card for Daily Spending Rewards
Overview
PhonePe and HDFC Bank have launched the Ultimo Credit Card, aiming to capture everyday consumer spending. The co-branded card offers significant cashback on essential transactions like recharges, utility bills, and local Scan n Pay purchases, alongside rewards for online shopping and airport lounge access. This move targets users seeking practical value over large-ticket bonuses.
Stocks Mentioned
PhonePe and HDFC Bank Launch Ultimo Card
PhonePe, India's leading digital payments platform, has partnered with HDFC Bank to offer the newly launched PhonePe HDFC Ultimo Credit Card. This co-branded credit card, introduced last year, shifts focus from occasional high-value rewards to consistent benefits derived from daily transactions.
Rewarding Everyday Expenditures
The strategy behind the Ultimo card is to simplify reward generation. Cardholders receive 10 percent cashback on essential PhonePe categories, which include mobile recharges, DTH subscriptions, and utility bill payments. This ensures that regular household expenses translate directly into savings for the user.
Local Commerce Boost
Beyond utility payments, the card offers a 1 percent cashback on all Scan n Pay transactions. This feature aims to make small, everyday purchases at local shops and street vendors more rewarding. With UPI payment infrastructure deeply integrated into Indian consumer habits, this incentive encourages continued digital adoption for even minor expenditures.
Online Shopping and Travel Perks
The PhonePe HDFC Ultimo Credit Card also provides 5 percent cashback on select online shopping brands across various categories such as fashion and electronics. Additionally, cardholders benefit from complimentary domestic airport lounge access, blending daily utility with travel conveniences.
