PhonePe nears 10B monthly UPI transactions ahead of IPO

Business Jan 09, 2026

PhonePe is nearing a huge milestone—10 billion UPI transactions in a single month.
In December, it handled 9.8 billion payments, making up nearly half of all UPI activity in India.
This surge comes just as the company gears up for its big IPO.

How PhonePe stacks up and what's next

Backed by Walmart, PhonePe plans to raise ₹12,000 crore (about $1.35 billion) through its IPO.
With over 20 crore active users and December's transaction value topping ₹13.6 lakh crore, it's leading the digital payments race—well ahead of Google Pay and Paytm.
For now, new apps like Navi and Flipkart's super.money have gained market share in this fast-moving space.