Walmart backed fintech firm PhonePe has crossed 50 million registered merchants on its platform, with its network now covering over 98% of India’s postal codes as of April 28, 2026.
The milestone comes amid PhonePe’s continued dominance in the Unified Payments Interface (UPI) ecosystem. In March 2026, the company became the first UPI app to process over 10 billion transactions in a single month, accounting for over 46% of total UPI volumes and more than 49% in value terms, according to National Payments Corporation of India data.
PhonePe began its merchant expansion with QR code based payments, aimed at lowering digital adoption costs for small businesses. Over time, it has built a broader ecosystem through the PhonePe Business app, enabling merchants to manage payments and access services such as loans, SmartSpeakers, and POS devices.
The company has also invested heavily in on-ground distribution and local language support, helping it penetrate deeper into smaller towns and rural markets. This has enabled millions of kirana stores and small merchants to transition from cash based operations to the formal digital economy.
The growth in merchant adoption is further supported by value added services, including working capital loans and payment solutions designed to improve cash flow and operational efficiency.
As of April 2026, PhonePe has over 600 million registered users and continues to expand across payments, lending, insurance distribution, and new financial services, positioning itself as a full stack fintech platform.
Earlier this year, the company had filed its updated DRHP with Securities and Exchange Board of India for a planned IPO, but later paused its listing plans amid market volatility triggered by geopolitical tensions.
On the financial front, PhonePe reported a 40% year-on-year growth in revenue to ₹7,115 crore in FY25, while losses stood at ₹1,727 crore. In H1 FY26, revenue reached ₹3,918 crore, with losses at ₹1,442 crore.
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