About
PhonePe is an Indian payments app built mainly on UPI, the instant-payment system run by NPCI (National Payments Corporation of India). Users link a bank account to the app and pay by scanning a merchant's UPI QR code or by entering a UPI ID or mobile number, so the money moves straight from their bank account rather than from a stored balance. The app went live in 2016, the year Flipkart acquired PhonePe, and the company is now Walmart-backed. Its IPO filing cited more than 650 million registered users, and in January 2026 PhonePe processed nearly 10 billion of UPI's 21.7 billion transactions.
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