PhonePe holds 80% of India's active prepaid wallets, but RBI data shows smaller issuers lead in transaction volumes. According to RBI’s entity-wise prepaid payment instrument (PPI) statistics, India had 186.60 crore outstanding prepaid wallets at September-end, with 97.65 crore classified as active. Approximately 52.3% of outstanding wallets met the RBI’s criteria for active status. In September, prepaid wallets processed 63.45 crore purchases of goods and services totaling Rs 14,482.53 crore, and 10.