PhonePe crosses 50 million merchants, expands digital payments and financial services footprint across India

Digital payments platform PhonePe has crossed 50 million registered merchants on its platform as of April 28, 2026, marking a key milestone in its push to deepen financial inclusion and digitisation across India, according to a statement released by the company.

The company said its merchant network now spans over 98% of the country’s postal codes, reflecting its expansion beyond payments into a full-stack suite of financial and business solutions. What began with QR code-based payment acceptance has evolved into a broader ecosystem offering services such as loans, SmartSpeakers and point-of-sale (POS) devices to small businesses.

PhonePe attributed the growth to its sustained focus on lowering entry barriers for small merchants, particularly in non-metro markets. Through its business app, local language support and an extensive on-ground sales and partner network, the platform has enabled kirana stores and small enterprises to transition from cash-based operations to digital systems.


“Reaching 50 million merchants is a significant milestone in our effort to make financial services more accessible,” said Yuvraj Singh Shekhawat, Chief Business Officer, Merchant Business at PhonePe. “For many, the journey began with a QR code, but digital payments are now a gateway to a wider range of formal services, including credit.”

The company said its expanding suite of merchant solutions is aimed at addressing both payment and working capital needs, helping businesses scale while integrating them more deeply into the formal economy.