Competitor Profile: PhonePe 2025

PhonePe is one of the most widely adopted mobile wallets in India, with over 600 million users. The company was founded as a fintech startup in late 2015; by April 2016, PhonePe was operating as a subsidiary of ecommerce platform, Flipkart. With heavy financial backing from Flipkart, the mobile wallet service flourished. In 2020, US retail giant Walmart (the owner of Flipkart) decided to spin off PhonePe to operate as a separate entity (a process that was completed in December 2022). This move was designed to help PhonePe access more capital from the market to stimulate further growth.

PhonePe offers online and in-store payments as well as P2P transfers, with its product offerings growing to include insurance and wealth products. PhonePe covers virtually all merchant categories, ranging from local grocery stores and street vendors to large retail brands such as Best Price and Pantaloons, in addition to online travel agencies such as EaseMyTrip.

PhonePe is now focusing on expanding its range of services. In February 2024, PhonePe introduced the Indus Appstore mobile app store to complete with the likes of Google Play Store. Indus Appstore enables consumers in India to access more than 200,000 mobile apps and games across 45 categories in 12 languages.

The report provides information and insights into PhonePe including:

• Detailed insight into its business
• Comprehensive coverage of its products and services
• Comparative assessment with key alternative payment solutions
• Information on its revenue model and performance highlights
• The company's important events and milestones

Key Highlights

• In December 2015, PhonePe is founded.
• In January 2020, Flipkart’s Pay Later credit option is made available via PhonePe.
• In June 2021, PhonePe launches a new Wallet Auto Top-up feature using UPI e-mandates.
• In May 2024, Launched lending platform offering loans across six categories, including mutual fund loans, gold loans, vehicle loans, home loans, loans against property, and education loans, in partnership with banks, NBFCs, and fintechs.
• In April 2025, Launched UPI Circle, which enables users to create payment circles and authorize transactions on behalf of family, friends, or trusted contacts, even if they do not have a linked bank account.

Scope

• Learn about company's business proposition, and important achievements regarding product launches, partnerships, mergers, and acquisitions.
• Examine the company’s operational and financial performance and benchmark it against its competitors.
• Detailed insight into company's current products and services mix.

Reasons to Buy

• Gain insights into PhonePe's business operations and key events.
• Gain insights into its product portfolio and revenue model.
• Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.