PhonePe Nears 10 Billion UPI Transactions Ahead of Mega IPO

Record Transaction Volumes

India’s largest Unified Payments Interface (UPI) app, PhonePe, is on the verge of crossing 10 billion monthly transactions, underscoring its dominance in the country’s digital payments ecosystem. According to data from the National Payments Corporation of India (NPCI), PhonePe processed 9.8 billion transactions in December 2025, accounting for more than 45 percent of all UPI payments nationwide.

The Bengaluru‑based company also recorded transaction values worth ₹13.6 lakh crore during the month, highlighting the scale at which UPI has become integral to India’s financial infrastructure.

Massive User Base

PhonePe, which is majority‑owned by Walmart, has built a strong foothold with more than 20 crore active UPI users. Its widespread adoption across urban and rural India has made it the go‑to platform for peer‑to‑peer transfers, merchant payments, and utility transactions.

IPO Plans

As it celebrates this milestone, PhonePe is preparing for a mega Initial Public Offering (IPO) later this month. The company has filed draft papers with market regulator Securities and Exchange Board of India (SEBI) via the confidential pre‑filing route. PhonePe aims to raise around ₹12,000 crore ($1.35 billion), making it one of the largest fintech IPOs in India’s history.

Strategic Significance

The IPO will provide PhonePe with fresh capital to:

• Expand its financial services offerings, including insurance and wealth management.
• Strengthen its merchant ecosystem and offline payment infrastructure.
• Invest in new technologies to maintain leadership in India’s competitive digital payments market.

Outlook

PhonePe’s near‑10 billion transaction milestone reflects both the explosive growth of UPI and the company’s commanding position in the sector. With its IPO on the horizon, PhonePe is poised to further consolidate its role as a cornerstone of India’s digital economy, while offering investors exposure to one of the fastest‑growing fintech markets in the world.