PhonePe today announced that it has crossed 50 million lifetime registered merchants on its platform, marking a significant milestone in India’s digital payments journey. With a presence across over 98% of the country’s postal codes, the company continues to play a pivotal role in enabling last-mile financial inclusion.
This milestone reflects PhonePe’s evolution from a payments-focused platform to a comprehensive provider of financial solutions for merchants. What began with simple QR-based payment acceptance has expanded into a full-stack ecosystem that includes lending, SmartSpeakers, and POS devices—helping businesses streamline operations and access formal financial services.
The company attributes its growth to sustained efforts in simplifying digital adoption for small businesses. By removing cost barriers and offering intuitive tools like the PhonePe Business app, it has enabled millions of kirana stores and small merchants to transition from cash-only operations to digital transactions. Its extensive on-ground sales network, channel partnerships, and local language support have further accelerated adoption across Bharat.
Commenting on the achievement, Yuvraj Singh Shekhawat, Chief Business Officer, Merchant Business, said, “Reaching 50 million merchants is a significant milestone in our effort to make financial services more accessible across India. What started with QR codes has evolved into deeper partnerships, where digital payments now act as a gateway to services like credit. We remain committed to building inclusive infrastructure that empowers even the smallest merchants to participate in India’s digital growth.”
PhonePe’s expanding suite of merchant solutions continues to address both payment and working capital needs, reinforcing its commitment to supporting business growth in an increasingly digital economy.
