SBI Card is changing reward point programs for PhonePe SBI Credit Cards (PURPLE & SELECT BLACK) from July 1, 2026. New monthly caps and exclusions for certain spending categories will impact reward accumulation for cardholders.
Amazon, Meta, CRED, MobiKwik, and Flipkart's Super.money are set to lobby India's National Payments Corporation of India over PhonePe and Google Pay's dominance in the UPI instant payments network. The two apps control roughly 80% of 22.6 billion monthly transactions, prompting concerns about fair competition. The meeting follows India's deferment of a 30% market share cap until December 2026.
PhonePe has surpassed 50 million registered merchants across India, covering 98% of the country's postal codes. The platform is shifting from simple QR-based payments to a comprehensive suite of financial services, including loans and business tools for small enterprises.
