YES BANK & ANQ Launch Co-Branded Credit Cards

Pi and Phi: Bridging Traditional Banking with Fintech Innovation

FinTech BizNews Service

Mumbai, April 30, 2024: YES BANK, a prominent private sector bank in India, has partnered with Bengaluru-based financial services provider, ANQ, to unveil two groundbreaking credit cards catering to Indian consumers: The Pi and Phi co-branded cards. This strategic partnership aims to bridge the gap between traditional banking and the fintech industry, offering innovative solutions to meet evolving consumer needs.

The Pi and Phi co-branded cards are designed to revolutionise the financial landscape in India with their unique features and benefits:

The YES BANK ANQ Pi Credit Card is a digital-only card that offers seamless credit on UPI for domestic transactions, providing users with convenient and secure payment options. With no joining or annual fees, this card provides financial flexibility without any additional costs. Users can earn 8 reward points on UPI transactions above Rs. 2000, while also gaining access to RuPay Platinum Benefits for added perks. Moreover, the card provides accelerated rewards on UPI spending, enhancing the value of every transaction. Additionally, users can easily convert purchases into EMIs, further enhancing the flexibility of this innovative card.

On the other hand, the YES BANK ANQ Phi Credit Card caters to both domestic and international purchases with its physical card format, offering users versatility in their spending options. Like the Pi card, there are no joining fees, ensuring accessibility for all users. This card boasts rewards across various categories including dining and travel, allowing users to maximise their benefits with every spend. Additionally, users can enjoy fuel surcharge waivers and international lounge access, adding further value to their card usage. With the ability to earn 24 reward points on selected categories for spends of Rs. 200 and 4 reward points on other spends of Rs. 200, this card offers unparalleled reward potential. Suitable for both online and offline shopping worldwide, the Phi card provides users with a comprehensive and rewarding payment solution for all their needs.

This collaboration signifies a significant step towards providing Indian consumers with unparalleled choices in both spending and rewards. The partnership between YES BANK and ANQ embodies a response to the rapidly evolving digital finance landscape, characterised by technological advancements and shifting consumer behaviours.

A Benchmark for the Fintech Ecosystem:

Regarding the alliance, Mr. Ashish Khandelwal, Founder of Anq, stated, "This partnership with Yes Bank to launch these co-branded credit cards is a testament to our commitment. With ANQ’s fintech solutions, our focus is on enabling intelligent digital-first solutions. Yes Bank's vision aligns seamlessly with our goal of delivering maximum value to savvy consumers. Together, we are dedicated to ensuring that this alliance brings forth smart financial solutions that cater to the evolving needs of the modern consumer."

As YES BANK and Anq embark on this journey, they highlight a broader transition towards a digital-first economy, with their collaboration serving as a guiding light for the future of the Indian fintech ecosystem. The strategic vision of Anq and YES BANK to target this segment underscores a deep comprehension of the market's future trajectory.

We are forging a path toward a future where every financial decision, no matter how minor, represents an opportunity for advancement. In doing so, they are not only reshaping the landscape of credit cards in India but also reimagining the essence of financial interaction for future generations.

Mr. Anil Singh, Country head of Credit Cards and Merchant Acquiring, YES BANK, said "Together with ANQ, we are poised to introduce a pioneering rewards ecosystem and card solutions that seamlessly blend the reliability of traditional banking with the agility of fintech innovation. Our collaboration is set to redefine the card industry, offering consumers unparalleled choices in spending and rewards."

The Phi card, powered by the Mastercard network, promises limitless rewarding experiences both online and offline, worldwide, while the Pi card, a virtual RuPay card, provides seamless credit transactions on UPI, offering unparalleled convenience and versatility.

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