New Delhi, April 29 -- PhonePe surpasses 50 million registered merchants on its platform as of April 28, 2026, marking a key milestone in its effort to deepen digital payments adoption and expand financial services for small businesses across India the company said in a statement.

The fintech company said its merchant network now spans more than 98% of India's postal codes, reflecting its growing reach into smaller towns and rural markets. The expansion highlights PhonePe's transition from a payments-focused platform to a broader financial services provider catering to merchant needs.

PhonePe attributed its growth to a multi-year strategy focused on simplifying digital onboarding for small merchants. The rollout of QR codes helped reduc...