Results · Financial Services

PhonePe becomes first app to cross 10 billion monthly UPI transactions

By Startup Enthusiast · 22 April 2026

What they do

Walmart-backed digital payments platform offering UPI, investments, and insurance services

March 2026 volume reached 10.50 billion transactions with a 49.1% value share of the total market

IPO plans are postponed due to West Asia conflict while regulators consider market share caps

PhonePe became the first UPI app to cross the 10.50 billion monthly transactions milestone.
The company processed 10.50 billion UPI transactions in March 2026.
This volume represented approximately 46.4% of the total UPI transaction volume.
PhonePe held a ~49.1% share of the total UPI transaction value.
The total transaction value for March 2026 was Rs 14.48 lakh crore.
February 2026 volume was 9.28 billion transactions, showing consistent growth.
Total UPI volume across all apps reached 22.64 billion transactions in March 2026.
Google Pay ranked second with 7.53 billion transactions and a 33.3% volume share.

NPCI has a target to cap single app market share below 30%.
This limit is not yet enforced despite the regulatory goal.
RBI issued a draft framework for prepaid payment instruments (PPIs) to regulate fintech startups.
The milestone highlights PhonePe's dominance in the Indian digital payments landscape.

PhonePe operates as a Walmart-backed digital payments platform.
Core services include UPI payments, investments, and insurance products.
Users can access lending, recharges, DTH, cable TV, and FASTag services.
The platform offers travel booking, mutual funds, gold, and NPS options.
It operates internationally in Singapore, UAE, Nepal, Sri Lanka, Bhutan, and Mauritius.
The business model relies on high-volume transaction fees and financial product commissions.
It competes directly with Google Pay and Paytm in the UPI space.
The platform serves millions of users across India and select international markets.
Growth is driven by increasing adoption of digital payments in tier-2 and tier-3 cities.