Google Pay Launches UPI-Powered Flex Credit Card in India

Google Pay has entered India’s co-branded credit card market with Flex by Google Pay, partnering with Axis Bank to launch a UPI-powered digital credit card on the RuPay network. This marks a significant push to expand credit access in a country where fewer than 50 million hold credit cards.

Google Pay Flex Card Key Features

Instant Rewards Revolution

Unlike traditional credit cards where rewards are credited at billing cycle end, the Flex card offers real-time cashback redemption on the very next transaction. This differentiator positions Google Pay uniquely in the competitive UPI credit space.

Sharath Bulusu, Senior Director of Product Management at Google Pay, emphasized that while digital payments have become ubiquitous in India, transactional credit remains underpenetrated. Flex bridges this gap by making credit as simple as everyday UPI payments.

Digital-First Application Process

The card features fully digital onboarding with no physical paperwork required, allowing users to receive a virtual card within minutes through the Google Pay app. Eligible users can apply at zero cost directly within the app.

Market Competition Heats Up

PhonePe launched co-branded credit cards with SBI Card and HDFC Bank this year, while Cred rolled out an IndusInd partnership and super.money tied up with multiple banks. Co-branded credit cards accounted for 12-15% of India’s total credit cards in FY2024 and are projected to capture over 25% by 2028.

Arnika Dixit, President of Cards, Payments and Wealth Management at Axis Bank, stated that with UPI emerging as the preferred payment mode, they identified a clear opportunity to co-create a credit offering for digital-first consumers.

The rollout begins today via waitlist signup in the Google Pay app, with broader availability planned for coming months. For more fintech news, visit TechnoSports.

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