StartupsInc42about 3 hours ago
How PhonePe Makes Money: UPI, Loans, Merchants & More
10 min read
PhonePe generates revenue through merchant interchange fees, subscription services for QR codes and soundboxes, and commissions from lending and insurance. The payments business contributed 86% of H1 FY26 operating revenue of ₹3,918.5 Cr. Financial services revenue surged from ₹28 Cr in FY23 to ₹452.8 Cr in H1 FY26.
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