ETtech Explainer: Why PhonePe's UPI lead lags Paytm's profits

PhonePe remains India’s largest payments platform, but Paytm is ahead on profits. In FY26, PhonePe’s revenue rose 11% to Rs 7,920 crore, but its loss widened 62% to Rs 2,792 crore. Meanwhile, Paytm grew revenue 22% to Rs 8,437 crore and posted a Rs 552-crore profit through better cost management.