PhonePe has crossed 50 million registered merchants on its platform, and its network spans over 98% of India's postal codes as of April 28, 2026, the Walmart-backed fintech company said in the statement.

In March 2026, PhonePe became the first UPI app to cross 10 billion transactions in a single month, accounting for over 46% of total UPI volumes, as per NPCI data. In value terms, its share stood at over 49%.

PhonePe began its merchant journey with QR code-based payments, which focus on lowering the cost of digital adoption for small businesses. Over time, it expanded its offerings through the PhonePe Business app, enabling merchants to manage payments and access additional services such as loans, SmartSpeakers, and POS devices.

The company has also invested in a strong distribution network, including on-ground sales teams and local language support, which helps it penetrate deeper into Bharat. This has enabled millions of kirana stores and small merchants to transition from cash-only operations to the formal digital economy.

The growth in its merchant base is further supported by value-added services such as working capital loans and payment devices, which aim to improve cash flows and business efficiency.

As of April 2026, PhonePe has crossed 700 million registered users and continues to expand across payments, lending, insurance distribution, and new platforms, positioning itself as a full-stack financial services player.

In January this year, the company filed its updated DRHP with the Securities and Exchange Board of India, but later put its IPO plans on hold amid volatility triggered by the Iran-Israel-US conflict, which rattled public markets.