YES BANK and ANQ Finance launch Pi and Phi credit cards

YES BANK and Kunal Shah-backed ANQ Finance have collaborated to introduce two credit cards, Pi and Phi.

The Pi Card stands out as a digital-only card, offering credit on UPI for domestic transactions without any joining and annual fees. It rewards users on UPI transactions, and facilitates conversion of purchases into EMIs. Users can earn eight reward points on UPI transactions above Rs 2,000, it said.

Conversely, the Phi Card caters to both domestic and international purchases with its physical format, offering rewards across various categories like dining and travel, along with perks such as fuel surcharge waivers and international lounge access.

"Together with ANQ, we are poised to introduce 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," Anil Singh, Country head of Credit Cards and Merchant Acquiring, YES BANK, said.

The physical Phi card is powered by the Mastercard network while the Pi card, is a virtual RuPaycard.

"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," Ashish Khandelwal, Founder of Anq said.

YES BANK Limited is a top payment service provider (PSP) within the UPI ecosystem with 3895.71 million transactions handled. It provides PSP services to PhonePe and BharatPe and had recently acquired the merchants on now defunct Paytm Payments Bank, along with Axis Bank.