Fintech
Yes Bank partners DeFi fintech ANQ for co-branded credit cards
Mumbai: Yes Bank has collaborated with ANQ, a fintech company based in Bengaluru that specializes in digital banking solutions using Decentralized Finance (DeFi). Their partnership has resulted in the launch of two co-branded credit cards called Pi and Phi.
The Pi card’s main feature is the ability to provide seamless credit on UPI transactions, eliminating the need for physical cards and offering secure payment options to users. On the other hand, the Phi card caters to both domestic and international spending needs and offers users a physical card for versatile usage.
The Pi credit card is issued under the Rupay network and does not have any joining or annual fees, providing financial flexibility to users at no additional costs.
The Phi credit card operates under the Mastercard network and offers rewards across various categories, including dining and travel, allowing users to maximize benefits with every spend.
Ashish Khandelwal, the founder of ANQ, said that credit cards would incorporate Anq’s rewards program focused on asset creation. He further added, “We want to bring more customers into the wealth creation journey through asset tokenisation. Customers can receive rewards in gold fractions based on the price of gold on the day of their purchase.” ANQ’s digital platform makes it possible to calculate rewards up to the 16th decimal point.
Anil Singh, the country head of credit cards and merchant acquiring at Yes Bank, said that the partnership blended the reliability of traditional banking with the agility of fintech innovation. He also added that Yes Bank’s vision aligned seamlessly with ANQ’s goal of delivering maximum value to savvy consumers.
The Pi card’s main feature is the ability to provide seamless credit on UPI transactions, eliminating the need for physical cards and offering secure payment options to users. On the other hand, the Phi card caters to both domestic and international spending needs and offers users a physical card for versatile usage.
The Pi credit card is issued under the Rupay network and does not have any joining or annual fees, providing financial flexibility to users at no additional costs.
The Phi credit card operates under the Mastercard network and offers rewards across various categories, including dining and travel, allowing users to maximize benefits with every spend.
Ashish Khandelwal, the founder of ANQ, said that credit cards would incorporate Anq’s rewards program focused on asset creation. He further added, “We want to bring more customers into the wealth creation journey through asset tokenisation. Customers can receive rewards in gold fractions based on the price of gold on the day of their purchase.” ANQ’s digital platform makes it possible to calculate rewards up to the 16th decimal point.
Anil Singh, the country head of credit cards and merchant acquiring at Yes Bank, said that the partnership blended the reliability of traditional banking with the agility of fintech innovation. He also added that Yes Bank’s vision aligned seamlessly with ANQ’s goal of delivering maximum value to savvy consumers.
