UPI apps, wallets, payment gateways, card and QR terminals, and the credit they cross-sell (PhonePe, Paytm, MobiKwik, Pine Labs, Razorpay).
Unlisted leading online payment gateway for internet businesses and SMEs, plus payroll and banking software
Compiled from public reporting — not exchange-listed.
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.
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.
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.