New Delhi, Feb. 18 -- The upcoming IPO of PhonePe, with a valuation estimated between $13 and $15 billion, is emerging as a pivotal event in India's fintech landscape, likely to create significant impacts throughout the sector-particularly for competitor Paytm, according to global brokerage Macquarie Equity Research.

In a recent report from Macquarie, it was suggested that PhonePe's public offering might lead to a reassessment of Paytm's value, as investors compare the two digital payment platforms' valuations.

Currently, PhonePe holds more than a 45% share of UPI transactions as a third-party application provider, bolstered by a vast user and merchant network.

By September 2025, the platform boasted over 657 million registered users a...