PhonePe Hits 700 Million Users: A Digital Milestone in India's Payments Landscape

PhonePe has announced that it has surpassed the 700 million registered user mark, as of April 29, 2026, underscoring its substantial reach within India's payments and financial services sector. This milestone reflects PhonePe's robust growth trajectory, fueled by consumer trust and a strong distribution network.

The company's accelerated growth is evident in the decreasing time taken to acquire the next million users – initially 136 days, now down to 6 days – as it achieved a consistent compound annual growth rate of 56.25% from FY 2023 to FY 2025. PhonePe attributes its rapid expansion to its seamless, secure ecosystem and commitment to user-friendly services in a digitizing India.

Founder and CEO Sameer Nigam highlighted this milestone, stating it symbolizes user trust and the growing importance of digital payments. The company plans to further expand its offerings, continuing investment in digital platforms to support India's evolving economy.

(With inputs from agencies.)