At the Global Fintech Fest (GFF) 2026 in Mumbai, PhonePe unveiled a suite of co-branded credit cards with HDFC Bank and SBI, plus the Wishcard for thin-file consumers.The products are designed around spending habits that have emerged in the UPI era, linking everyday digital payments with formal credit. “Unlocking credit for all” is one of the key pillars of the company’s vision going forward, as articulated at GFF.
This push comes as India’s credit market is expanding beyond its traditional urban base. India’s credit card market has grown sharply over the past decade, with the number of credit cards reaching 5.2 crore in 2026, up 3.6 times from 1.4 crore in 2016, according to TransUnion CIBIL. Yet half of new-to-credit card consumers in 2026 were Gen Z, aged 30 years or below, and 46 per cent resided in semi-urban and rural markets, indicating that the centre of gravity is shifting beyond metros. Large segments, including Gen Z students, homemakers, freelance professionals, and small traders, often lack the documented income or credit history needed to qualify for mainstream cards. PhonePe’s credit lineup is designed to meet them where they are.
