PhonePe’s IPO play vs Paytm’s profit turnaround — Who’s winning India’s fintech war?
Indian digital payments market is led by Paytm and PhonePe, with Paytm already listed and profitable while PhonePe, backed by Walmart, is preparing for a public listing. Both offer consumer and merchant payments, and financial services through Unified Payments Interface. As of September 2025, PhonePe processed the largest share of UPI transaction value, followed by Paytm.