PhonePe crossed 700 million registered users on April 29, 2026, and according to NPCI, it now settles 47.07% of every UPI payment in India. These PhonePe statistics show how the Bengaluru-based platform has turned a decade of free peer-to-peer transfers into a payments network that touches nearly half the country’s digital rupees.
The numbers below cover user growth, UPI market share, daily transactions, merchant reach, and FY25 financials, each traced to PhonePe press releases, the company’s Registrar of Companies filings, and National Payments Corporation of India (NPCI) data.
Key Takeaways
- PhonePe reached 700 million registered users as of April 29, 2026, up from the 600 million it reported in March 2025.
- According to NPCI, the platform holds a 47.07% UPI market share by volume, the largest of any app in India.
- PhonePe and Google Pay together handle more than 80% of all UPI transactions, a duopoly that has drawn regulatory attention.
- Per Registrar of Companies filings, FY25 revenue from operations rose to Rs 7,115 crore from Rs 5,064 crore the prior year.
- The company posted an adjusted profit of Rs 630 crore excluding ESOP costs, even as its net loss stayed at Rs 1,727 crore.
- PhonePe’s merchant network spans 50 million registered merchants across more than 98% of India’s postal codes.
- Daily active users reached 140 million ahead of the company’s planned public listing.
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- According to NPCI, PhonePe processed 1,033 crore UPI transactions worth Rs 14.31 lakh crore in April 2026.
- The platform reached 50 million lifetime registered merchants as of April 28, 2026, per PhonePe.
- According to PhonePe, the platform handles over 330+ million transactions every day.
- Its annualized Total Payment Value runs over Rs 150 lakh crore, per PhonePe.
- Revenue grew at a 56.25% compound annual rate from FY23 to FY25.
- Adjusted EBITDA excluding ESOPs stood at Rs 1,477 crore in FY25.
Recent Developments
- Per NPCI, PhonePe’s UPI share rose to 47.07% in April 2026, up from 46.70% the prior month.
- PhonePe surpassed 700 million registered users on April 29, 2026.
- The platform crossed 50 million registered merchants on April 28, 2026, according to PhonePe.
- NPCI reported UPI hit an all-time high of 21.7 billion transactions in January 2026, worth Rs 28.33 lakh crore.
- In Registrar of Companies filings, PhonePe reported FY25 revenue of Rs 7,115 crore, ahead of a planned listing.
- Payment services contributed 88.55% of total operating revenue in FY25.
How Many Users Does PhonePe Have in 2026
PhonePe reached 700 million lifetime-to-date registered users on April 29, 2026. That milestone arrived just over a year after the company announced over 600 million users in March 2025, the point at which it approached its tenth anniversary.
| Metric | Value |
|---|---|
| Registered users (April 2026) | 700 million |
| Change | +100 million since March 2025 |
Source: PhonePe press releases
- PhonePe counts 700 million registered users as of April 2026.
- The platform added over 100 million users in the 16 months before reaching 600 million.
- It took PhonePe 136 days to reach its first million users, a pace now matched every 6 days.
- The user base spans more than 98% of India’s postal codes through its acceptance network.
PhonePe User Growth Timeline
PhonePe’s user-add cadence has compressed sharply. The first million users took 136 days, while the platform now adds a million every 6 days. The jump from 600 million to 700 million users spanned roughly 13 months.
- The platform crossed over 600 million users on March 11, 2025.
- It reached 700 million users on April 29, 2026.
- PhonePe added over 100 million users in the 16 months to its 600 million mark.
PhonePe’s growth tracks the broader rise of UPI, the rails that carry most of its volume.
PhonePe Daily Active Users and Engagement
PhonePe reported 140 million daily active users as it prepared for a public listing. Combined with over 330+ million daily transactions, the figure shows engagement well beyond passive registrations. Daily active users measure how many people open and transact on the app each day, a sharper signal of usage than total downloads.
- Daily active users reached 140 million as the company prepared to list.
- PhonePe processes over 330+ million transactions per day.
- The platform’s annualized Total Payment Value runs over Rs 150 lakh crore.
PhonePe UPI Market Share
PhonePe led India’s UPI market with a 47.07% share by transaction volume in April 2026, up from 46.70% the prior month. It processed 1,033 crore transactions worth Rs 14.31 lakh crore that month.
- PhonePe held 47.07% of UPI volume in April 2026.
- Google Pay followed with a 33.54% share on 735.9 crore transactions.
- The Paytm shows 8.10% share on 177.8 crore transactions.
- The two leaders together cleared more than 80% of all UPI transactions.
Why it matters: PhonePe and Google Pay together processed more than 80% of all UPI transactions in April 2026, according to NPCI data. That concentration sits against a market-share cap NPCI has repeatedly deferred, leaving the duopoly’s dominance unchecked for now.
PhonePe vs Google Pay vs Paytm UPI Comparison
The UPI app market is a near-duopoly. PhonePe and Google Pay together cleared over 80% of transactions in April 2026, leaving Paytm a distant third at 8.10%.
- PhonePe’s 47.07% share leads Google Pay’s 33.54% by nearly 14 points.
- PhonePe processed roughly 5.8 times as many UPI transactions as Paytm in April 2026.
- NPCI’s wider network handled 21.7 billion transactions in January 2026, its highest single month.
The third-place gap matters because UPI’s scale makes even a single point of share worth hundreds of millions of transactions a month.
PhonePe Daily Transactions and Payment Value
PhonePe processes over 330+ million transactions per day, according to company figures. On an annualized basis, that throughput carries a Total Payment Value of over Rs 150 lakh crore. The bulk of these flows run over UPI, where PhonePe holds the largest volume share of any app.
- Daily transactions exceed 330+ million.
- Annualized Total Payment Value runs over Rs 150 lakh crore.
- In April 2026 alone, UPI transactions on PhonePe were worth Rs 14.31 lakh crore.
PhonePe’s reach extends across India’s digital payments backbone, from peer transfers to merchant checkouts.
PhonePe Revenue and Financials in FY25
PhonePe reported revenue from operations of Rs 7,115 crore in FY25, up from Rs 5,064 crore in FY24, per its consolidated filings with the Registrar of Companies. Payment services made up 88.55% of that revenue. The figures cover the fiscal year ended March 31, 2025.
- Revenue from operations reached Rs 7,115 crore in FY25.
- Net loss narrowed to Rs 1,727 crore, from Rs 1,996 crore in FY24.
- Payment services contributed 88.55% of total operating revenue.
- Adjusted EBITDA excluding ESOPs stood at Rs 1,477 crore.
PhonePe Profitability and Path to IPO
PhonePe sits at a profitability inflection. It posted an adjusted profit of Rs 630 crore excluding ESOP costs, even as its reported net loss stayed at Rs 1,727 crore. The gap between the two figures is almost entirely non-cash employee stock compensation.
- Adjusted PAT excluding ESOP costs was Rs 630 crore in FY25.
- Reported net loss was Rs 1,727 crore, down from Rs 1,996 crore a year earlier.
- Adjusted EBITDA excluding ESOPs reached Rs 1,477 crore.
- Daily active users hit 140 million as the company readied a listing.
Key finding: Excluding ESOP costs, PhonePe would have posted a profit of Rs 630 crore in FY25, per its RoC filings. The reported net loss of Rs 1,727 crore reflects non-cash stock compensation, the headline difference that shapes how investors read the pre-listing numbers.
Is PhonePe profitable?
On a reported basis, PhonePe posted a net loss of Rs 1,727 crore in FY25. On an adjusted basis excluding ESOP costs, it would have earned a profit of Rs 630 crore. The difference is largely non-cash employee stock compensation, which inflates the reported loss while adjusted EBITDA stayed positive at Rs 1,477 crore.
PhonePe Merchant Network Statistics
PhonePe surpassed 50 million lifetime registered merchants as of April 28, 2026, with acceptance across more than 98% of India’s postal codes. The merchant base is a growth engine distinct from the consumer app.
- PhonePe reached 50 million registered merchants in April 2026.
- Coverage spans over 98% of India’s postal codes.
- The network grew from over 40+ million merchants reported in March 2025.
How many merchants are registered on PhonePe?
PhonePe surpassed 50 million lifetime registered merchants as of April 28, 2026, according to the company. The acceptance network reaches more than 98% of India’s postal codes. The merchant base grew from over 40+ million reported in March 2025, expanding through a feet-on-street sales network and local-language support for small shopkeepers.
PhonePe’s Share of India’s UPI Payments
PhonePe’s scale mirrors UPI’s own. The network hit an all-time high of 21.7 billion transactions worth Rs 28.33 lakh crore in January 2026. As the largest UPI app, PhonePe captures a wide slice of that flow.
- UPI recorded 21.7 billion transactions in January 2026.
- PhonePe’s 47.07% volume share makes it the single largest contributor.
- The platform’s 50 million merchants anchor merchant-side acceptance.
PhonePe’s trajectory shows how deeply UPI has reshaped payments in India, with one app now touching close to half of all transactions. The same shift is visible across Amazon Pay, where UPI’s rails are beginning to extend.
When is the PhonePe IPO?
PhonePe has signaled a public listing and reported 140 million daily active users as it prepared the filing. The company’s adjusted profit of Rs 630 crore in FY25, against a reported net loss of Rs 1,727 crore, frames the financials investors are weighing ahead of the listing.
How does PhonePe make money?
Payment services contributed 88.55% of PhonePe’s total operating revenue in FY25, per its RoC filings. That category covers transaction processing fees, platform fees, subscription charges for payment and smart-speaker devices, and advertising, on revenue of Rs 7,115 crore.
Conclusion
PhonePe enters 2026 with 700 million registered users and 47.07% of UPI volume, the largest position in India’s payments market. Its FY25 revenue of Rs 7,115 crore and adjusted profit of Rs 630 crore show a platform approaching sustainable economics even as a reported net loss persists.
With a duopoly that clears over 80% of UPI volume and a public listing in view, PhonePe’s next chapter will test how far a single app can scale before regulators move on the market-share cap they have so far deferred.
