UPI apps, wallets, payment gateways, card and QR terminals, and the credit they cross-sell (PhonePe, Paytm, MobiKwik, Pine Labs, Razorpay).
One 97 Communications (Paytm)Operator · HighListed
PhonePeOperator · HighUnlisted
Pine LabsOperator · HighListed
One MobiKwik SystemsOperator · HighListed
RazorpayOperator · HighUnlisted
FlipkartEmerging entrant · LowUnlisted
PhonePe
Unlisted, Walmart-owned No. 1 UPI app by volume, plus merchant QR, insurance, lending and Indus Appstore
Strengths
Largest share of UPI transactions; scale advantage on merchant acceptance
Risks
Unlisted; UPI market-share cap debate targets it directly
Monetisation outside UPI is still building
Background
Filed an updated DRHP (pure offer for sale) in Jan 2026; paused in Mar 2026; targeting a listing by Mar 2027 per reports
Compiled from public reporting — not exchange-listed.
Where it fits
Moves money for every order: consumer UPI apps, payment gateways for online merchants, and QR codes, soundboxes and card machines for shops. Because UPI and RuPay debit have carried no merchant fee (a 0.4% fee on merchant payments above ₹2,000 starts after Diwali 2026), these companies earn mostly from device rentals, card and EMI fees, and by distributing loans and insurance for banks and NBFCs.
Why it matters
UPI processed ~24 billion transactions in September 2026 (+23%, NPCI), so payments is the widest pipe in the app economy - but also a low-margin one. The 0.4% fee on merchant payments above ₹2,000 (announced 15 Sep 2026, capped at ₹300, small merchants and consumers exempt) is the first UPI revenue for payment companies; when it starts and how it is shared is the biggest swing factor for the listed names.
Where the value pool sits
Payment processing itself earns little; the profit pool sits in lending distribution, merchant devices and subscriptions, and online gateways for large merchants. Paytm's EBITDA margin crossed 10% in Q2 FY27. PhonePe leads UPI by volume but is unlisted.
Key drivers
UPI volume growth and credit on UPI (credit lines, RuPay credit cards)
Merchant soundboxes and card machines in small towns
Loan and insurance distribution
The 0.4% MDR on merchant UPI payments above ₹2,000, due after Diwali 2026
Potential bottlenecks
No MDR on most UPI and RuPay debit payments (the new fee covers only merchant payments above ₹2,000); the FY27 incentive budget is ₹2,000 Cr
NPCI's market-share cap discussion for large UPI apps
RBI rules on payment aggregators and digital lending