HT Bureau
GUWAHATI, May 2: PhonePe has surpassed 50 million lifetime registered merchants on its platform as of April 28, 2026, marking a significant milestone in the digitisation of India’s economy.
The company said its merchant network now covers more than 98 per cent of India’s postal codes, reflecting its expansion beyond payment solutions into a broader suite of business services tailored for merchants.
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PhonePe attributed this growth to its sustained efforts to simplify digital adoption for small businesses, particularly through QR code-based payment systems that reduce entry barriers and costs.
The PhonePe Business app has enabled merchants to manage transactions efficiently while also accessing additional services such as loans, SmartSpeakers and Point-of-Sale (POS) devices.
Over the years, the platform has scaled rapidly through a combination of on-ground sales networks, channel partners and local language support, helping it penetrate deep into smaller towns and rural markets.
This has enabled millions of small traders and kirana store owners to transition from cash-based transactions to digital payments.
Yuvraj Singh Shekhawat, Chief Business Officer, Merchant Business at PhonePe, said the milestone reflects the platform’s commitment to financial inclusion.
“For many merchants, the journey began with a simple QR code, but it has evolved into access to a wider range of formal financial services, including credit. We remain focused on building infrastructure that enables even the smallest businesses to participate in India’s digital growth,” he said. The company added that its expanding suite of merchant-focused solutions—including payment devices and working capital support—continues to address key challenges faced by small businesses, further accelerating their integration into the formal digital economy.
