How PhonePe Makes Money: Understanding the Business Behind India's Largest UPI App
Introduction
PhonePe has become one of India's most widely used digital payments platforms, processing billions of transactions every month through the Unified Payments Interface (UPI). While millions of consumers use the app to send money without paying transaction fees, many wonder how the company generates revenue.
The answer lies in a diversified fintech business model that extends far beyond peer-to-peer payments. PhonePe has expanded into merchant solutions, financial services, lending, insurance, wealth products, and digital platforms, allowing it to monetize its large user base without charging cons
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