Walmart-backed fintech major PhonePe has crossed 50 million registered merchants on its platform, with its network now spanning over 98 per cent of India’s postal codes as of April 28, 2026, the company said in a statement. The milestone highlights its growing penetration across both urban centres and smaller towns, reinforcing its leadership in the country’s digital payments ecosystem.
UPI Leadership and Scale
In March 2026, PhonePe became the first UPI app to surpass 10 billion transactions in a single month, accounting for over 46 per cent of total UPI volumes, according to data from the National Payments Corporation of India. In value terms, its share exceeded 49 per cent, underscoring its stronghold in India’s rapidly expanding digital payments market.
The company began its merchant journey with QR code-based payments aimed at lowering the cost of digital adoption for small businesses. Over time, it expanded through the PhonePe Business app, enabling merchants to not only accept payments but also access services such as loans, SmartSpeakers, and POS devices.
Expanding Services and Financial Footprint
PhonePe’s growth has been supported by its extensive distribution network, including on-ground sales teams and local language support, helping it penetrate deeper into Bharat. This approach has enabled millions of kirana stores and small merchants to transition from cash-only operations to the formal digital economy.
The company has also introduced value-added services such as working capital loans and payment devices to improve merchant cash flows and efficiency. As of April 2026, PhonePe has over 600 million registered users and continues to expand across payments, lending, insurance distribution, and new platforms, positioning itself as a full-stack financial services player.
Earlier this year, the company filed an updated DRHP with the Securities and Exchange Board of India, but later paused its IPO plans amid global market volatility. For FY25, PhonePe reported a 40 per cent year-on-year rise in operating revenue to around Rs 7,115 crore, while losses stood at Rs 1,727 crore. In H1 FY26, revenue reached Rs 3,918 crore with losses at Rs 1,442 crore.
