A working tracker of who owns mobile payments across fifteen Asian markets. Alipay and WeChat Pay in China, UPI in India, GCash in the Philippines, and a region-specific stack everywhere else.
PhonePe processes nearly half of all digital payments in India, and it’s not particularly close. As of December 2025, the Walmart-backed fintech held a 48.7% share of UPI transaction value … Read more
Paytm’s story is the most dramatic comeback arc in Asian fintech. The company — formally One97 Communications — went public in November 2021 at a $20 billion valuation, watched its … Read more
Southeast Asia’s digital payments market has crossed the $1 trillion threshold in total transaction value — and the infrastructure that makes it work looks nothing like what you’d find in … Read more
PhonePe handles about 45% of UPI transactions by volume and about 49% by value in India (December 2025). Paytm handles roughly 7.7% by volume. Two years ago, that gap was … Read more
India’s digital economy was about $402 billion (INR 31.64 lakh crore) in FY2022-23, or 11.74% of national income, according to MeitY (January 2025), which projects about one-fifth of national income … Read more
Everyone loves the UPI story. And why wouldn’t they? A country that had 190 million unbanked adults a decade ago now runs the world’s largest real-time payments network. The Unified … Read more
The DIA Briefing
Asia’s digital markets, every other week. Free.