SBI Card and Google Pay launch co-branded card for everyday digital spending

The Google Pay Flex SBI Card offers rewards on daily purchases and UPI-linked RuPay payments, with in-app card management via Google Pay. The card carries a ₹499 joining and annual fee, waived on annual spends above ₹1 lakh.

— Source publishedWed, 29 Jul, 2026, 20:38 IST·First seen Wed, 29 Jul, 2026, 20:46 IST·Source The Hindu BusinessLine

What happened

SBI Card and Google Pay launched the Google Pay Flex SBI Card across India, offering rewards on daily spending, UPI-linked RuPay payments and in-app card

Key facts

  • Up to 18,000 Stars annually
  • 1 Star = ₹1
  • Joining fee: ₹499 plus taxes
  • Annual renewal fee: ₹499 plus taxes
  • Renewal fee reversal at annual spending of ₹1 lakh
  • Welcome rewards worth ₹1,000

Why this matters

Banks, issuers and payment apps should view this as a model for embedding co-branded credit propositions inside high-frequency consumer platforms, particularly where UPI and app-native servicing can lower friction and improve retention.

What to watch

  • Evidence of meaningful RuPay credit-card-on-UPI transaction growth versus conventional card point-of-sale spend.
  • Reward earn rates, exclusions, redemption friction and whether rewards are funded by SBI Card, Google Pay or merchant partners.
  • Google Pay placement of the card within the UPI payment flow, including prompts at checkout and merchant-offer discovery.
  • Approval rates, starting credit limits and acquisition mix between existing SBI Card customers and first-time credit-card users.
  • Retail and platform partnerships in grocery, quick commerce, food delivery, fuel, travel and utilities.
  • Competitive launches from PhonePe, Paytm, Amazon Pay, HDFC Bank, ICICI Bank, Axis Bank and other major issuers.
  • Changes in RBI rules or issuer-network economics affecting RuPay credit cards on UPI.
  • Google Pay is likely to feature card onboarding, spend milestones, bill reminders and reward redemption prominently inside its app to convert UPI users into card users.
  • SBI Card may introduce accelerated rewards or merchant offers in high-frequency categories such as grocery, food delivery, fuel, transit and quick commerce.
  • The partners may target pre-qualified Google Pay users with streamlined digital application journeys and personalized credit-limit offers.
  • Large retailers and consumer platforms may negotiate card-linked offers to access measurable repeat-spend cohorts and lower dependence on broad cashback campaigns.
  • Competing payment apps and issuers are likely to expand RuPay credit-on-UPI propositions, including zero-fee or first-year-free variants.