PhonePe announced on 11 March 2025 that it had crossed 600 million registered users — equivalent to 60 crore — on its digital payments platform in India.
The platform's merchant network has expanded to more than 40 million merchants across the country.
TRANSACTION VOLUMES
PhonePe processes more than 330 million transactions daily.
On an annualised basis, the total payment value flowing through the PhonePe network exceeds INR 150 lakh crore.
UPI AND COMPETITION
The interoperability of UPI means that PhonePe users can pay to and receive from any other UPI participant regardless of which application the counterparty uses.
In the Indian digital payments market, PhonePe competes with Google Pay, Paytm and a range of bank-owned UPI applications.