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Case Study: PhonePe – India's UPI Leader Founded in 2015, PhonePe dominates India's digital payments landscape. Stats: Users: 350M+ registered Market Share: 40%+ of UPI transactions Business Model: Transactions, financial services, advertising. R

How about yearly Net Profit / Loss ? UPI business is difficult to monetize.

Upi is not a business but a service in my opinion. That “enables “ Business happen. Most of their revenue would be from insurance, credit, platform ads, and service promotions. Soon with their indus App Store too.