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PhonePe is small company if compared with Gpay (because Gpay is owned by Google a 3 trillion dollar company) so it's not about revenue model it's all about strategy and long-term vison. What both the companies are trying to achieve in the long run has an impact on both these companies revenue model. But there are some common things that all fintech companies are doing right now to generate revenue. 1. Mobile recharge 2. Bill payments. 3. Bike and Car Insurance 4. Health insurance 5. Advertisement 6. 2% commission from business who use their Payment Gateway. 7. Merchant account charges. And many more.... Note: The UPI is regulated by the State, these platforms are just an enabler.

If you closely observe then they are charging commisions and offering lots of third party service even show's ads also giving loans and etc

That’s a good question because I don’t think the thing that happens at scale which is transaction has any commissions. I think they charge commissions from business and merchant accounts and other b2b areas.