PhonePe Nears 10 Billion Monthly UPI Transactions Ahead of IPO

• IPO-bound PhonePe processed 9.8 billion UPI transactions in December, capturing over 45% market share.
• The Bengaluru-based company recorded transactions worth Rs 13.6 lakh crore in December.
• PhonePe, owned by Walmart, has over 20 crore active UPI users.
• The company has filed draft papers with Sebi for an IPO to raise around Rs 12,000 crore ($1.35 bn).
• UPI reached 21.6 billion transactions and Rs 28 lakh crore in a single month, becoming India's default retail payment rail.

Why It Matters: PhonePe dominates UPI transactions as it prepares for a mega IPO, highlighting UPI's massive growth.