PhonePe 2025: The Year at a Glance

2025 was a year of big milestones and meaningful expansions – tapping into new user segments, launching products & features that truly matter, and deepening our commitment to financial inclusion. Here are our key milestones and moments from the year.

600 Million Strong

This year, PhonePe crossed 600 million active users. Each user represents a trust we’ve earned and a responsibility we carry forward.

Smarter, Safer Payments

Making UPI Work for Everyone: We launched UPI Circle, enabling users to make payments on behalf of family, friends, or trusted contacts. We also acquired Gupshup’s GSPay technology stack to start building UPI payments for feature phones, extending digital finance to millions using basic devices.

Security First: The launch of PhonePe Protect, a security framework designed to safeguard users from fraudulent transactions, reinforces our commitment to the safety and security of our users.

Expanding Payment Infrastructure:

• We introduced Device Tokenization – allowing users to save their card on PhonePe and use it securely across all participating online merchants, eliminating the need to repeatedly enter card details.
• PhonePe received RBI authorization as a payment aggregator, accelerating financial inclusion for underserved businesses, particularly SMEs.

New Ways to Pay, and Access Credit

• Launched Tap, Pay and Go with Mastercard for secure, frictionless NFC payments at retail outlets
• Collaborated with OpenAI to bring ChatGPT features to the PhonePe platform
• Partnered with HDFC and SBI to launch four co-branded credit cards
• Introduced the Wish Credit Card with Utkarsh Small Finance Bank, backed by a Fixed Deposit, for users new to credit

Empowering Merchants

We launched the Made-in-India SmartSpeaker, driving financial inclusion for merchants nationwide while fostering domestic innovation. Our second launch – the SmartPOD, is a next-generation device that combines the best features of the SmartSpeaker and traditional POS devices into a single, cost-effective solution that accepts both cards and QR codes.

Through Udyam Assist, in partnership with SIDBI, we became one of the first institutions to deliver complete digital-first integration with the Udyam Assist Platform. Our end-to-end digital solution unlocks access to government schemes, credit facilities, and benefits for MSMEs.

Beyond Payments

Insurance
We partnered with HDFC ERGO to launch affordable Health Insurance for the ‘Missing Middle‘ – which allows individuals from the unorganized sector to access quality healthcare without high premiums. We also introduced comprehensive Home Insurance, empowering homeowners to protect their most cherished asset with coverage that’s digitally accessible in minutes.

Lending
We launched LAMF (Loan Against Mutual Funds), transforming how Mutual Fund investors access liquidity. By pledging funds as collateral, users get instant funds while their portfolio stays invested and SIPs continue uninterrupted.

Indus Appstore
Indus Appstore announced OEM partnerships with Xiaomi, Alcatel, and Motorola, integrating a localized, feature-rich app marketplace onto these devices – to drive innovation and accessibility for millions of users across the country.

The app store also hit the 10-crore user milestone – an important step in our journey of building a horizontal app store for India.

Share.Market
Introduced CRISP, a unique tool designed to help investors make more informed Mutual Fund decisions through research and technology-driven solutions.

A Decade of Payments and More

2025 marked ten years since PhonePe began. A decade of growth, learning, and building for India.

From our first transaction to our 600 millionth user. From smartphone payments to feature phone UPI. From P2P transfers to insurance, lending, and wealth management. Each step has been guided by one belief: financial inclusion for every user and merchant.

Wishing all our readers a very Happy New Year!