PhonePe, one of India’s leading fintech companies, has achieved a remarkable milestone by crossing 600 million registered users on its platform as of March 2025. This achievement marks a significant step in PhonePe’s journey, which began in August 2016 with the launch of its digital payments app. The company’s consistent growth reflects its success in providing reliable, fast, and personalized transaction experiences to millions of users across India.
PhonePe‘s journey to reaching 600 million users has been rapid and impressive. By November 2023, the company had already surpassed 500 million registered users, making it the first Indian Internet company to achieve this scale globally. This growth can be attributed to PhonePe’s strategic focus on enhancing its product offerings and expanding its merchant network, which now spans over 40 million merchants across India.
PhonePe’s success is not limited to its user base. The platform processes over 330 million transactions daily, with an Annualized Total Payment Value (TPV) exceeding INR 150 lakh crore. Additionally, PhonePe holds a significant market share in India’s Unified Payments Interface (UPI) transactions, leading the market with a share of approximately 48.4% as of January 2025.
PhonePe’s widespread adoption is driven by its comprehensive digital payments ecosystem. The platform offers a range of services, including money transfer, insurance, investment, and shopping tools for consumers. For merchants, it provides payment acceptance, lending, and advertising solutions, making it a vital tool for businesses across India.
PhonePe’s growth contributes significantly to India’s digital transformation. The company has helped over 30 million small businesses transition to digital payments, facilitating faster and more secure transactions. Its presence in Tier II and III cities has been particularly impactful, with a significant portion of transactions originating from these regions.
As PhonePe continues to expand, it faces both opportunities and challenges. The company is expected to launch a $1 billion IPO, which will further fuel its growth ambitions. However, maintaining operational efficiency and achieving profitability remain key objectives. CEO Sameer Nigam has expressed optimism about achieving operational profit by 2025.
PhonePe’s achievement of crossing 600 million registered users is a testament to its innovative approach to digital payments and its commitment to building an inclusive financial ecosystem. As the company moves forward, its role in shaping India’s digital payments landscape will continue to grow.
Key Highlights:
- PhonePe has crossed 600 million registered users, marking a significant milestone in its growth journey.
- The company processes over 330 million transactions daily with an Annualized Total Payment Value exceeding INR 150 lakh crore.
- PhonePe holds a substantial market share in India’s UPI transactions and has helped millions of small businesses go digital.
- The company is set to launch a $1 billion IPO and aims to achieve operational profit by 2025.
- Tags: PhonePe, Digital Payments, Fintech, UPI Transactions, Financial Inclusion