Paytm vs PhonePe
Paytm: India's OG super-app wallet; payments bank wound down, wallet + UPI live on.
PhonePe: India's UPI giant — 600M+ registered; wallets, deposits marketplace, insurance.
Side by side
| Paytm | PhonePe | |
|---|---|---|
| Category | traditional | traditional |
| Audience | general | general |
| HQ | Noida, IN | Bengaluru, IN |
| Founded | 2010 | 2015 |
| Custody | Custodial | Custodial |
| Regulation | Partner-bank model | E-money institution |
| Licence detail | UPI TPAP riding on partner banks (Axis, Yes Bank, SBI, HDFC); wallet wound down with bank unit | RBI PPI wallet (e-money issuer) + payment aggregator licence (2025); IRDAI insurance broking |
| Card | RuPay · Wallet + UPI | RuPay/UPI · UPI + cards |
| Cashback | Cashback offers | Rewards |
| Yield | — | — |
| Stablecoins | No | No |
| KYC | Yes | Yes |
| Regions | Asia | Asia |
| Reported users | — | 200M MAU (2025) |
go deeperFull profiles: Paytm · PhonePe — or run your own comparison of up to four in the directory.
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.