Guys, looks like even PHONEPEPRIVATELIMITED will get you rewards...just that it may not be instant but will take some time. I have seen my reward point balance marginally increasing, now since we can't see the activity log I can't be certain. Now since it's a new merchant code, IDFC might add it into the system for instant credit.
Others can confirm if they see their points incrementing post PHONEPEPRIVATELIMITED transactions.