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28 Apr 2026
Digital payments platform PhonePe has crossed a significant milestone of 50 million lifetime registered merchants on its platform as of Tuesday, April 28. The development comes at a crucial time as the company moves closer to its planned initial public offering (IPO).
The fintech player has already filed an updated draft red herring prospectus (UDRHP) with SEBI, subject to regulatory approvals and market conditions.
The platform now spans more than 98% of India’s postal codes, reflecting its deep penetration across urban and semi-urban markets. PhonePe currently has over 65 crore registered users and a merchant acceptance network of over 5 crore outlets.
Beyond Payments
Founded in 2016, PhonePe began with QR-based payment solutions aimed at simplifying digital adoption for small businesses. Over time, it has expanded into a broader merchant ecosystem, offering services such as loans, SmartSpeakers, and POS devices.
This expansion has been supported by its on-ground sales network, channel partners, and local language support, helping the company strengthen its presence in smaller towns and semi-urban regions. According to the company, this has enabled millions of kirana stores and small retailers to transition from cash-based operations to the formal digital economy.
What the Company Said
Yuvraj Singh Shekhawat, Chief Business Officer, Merchant Business, PhonePe said, “Reaching 50 million merchants is a significant milestone in our effort to make financial services more accessible to merchants across India. For many of our partners, the journey began with a simple QR code, but that relationship has since matured.”
He further added that digital payments today act as an entry point to broader financial services, including credit access. He emphasized that the company remains focused on building infrastructure that enables financial inclusion for smaller merchants and supports their participation in India’s digital growth story.
Merchant Ecosystem Expansion
PhonePe said its merchant ecosystem is being strengthened through offerings such as SmartSpeakers, POS terminals, and lending solutions, which address both payment acceptance and working capital needs. These services aim to reduce friction in digital adoption while enabling business expansion for small and medium merchants across India.
