The digital payments story in India just achieved yet another feat, and PhonePe sits squarely at its epicenter.

In an update issued by the fintech giant on Tuesday, it was revealed that the number of merchants that have registered on their platform has touched the milestone of 50 million users since the day they were formed. Not only does it show the scale of success that the company has achieved, but also highlights the revolution that has happened within the domain of small business owners within the country.

The key ingredient behind such an impressive growth trajectory has been its simplicity. With PhonePe, small-time shopkeepers and kirana store owners did not have to worry about complex onboarding processes or having to deal with paperwork and technicality. For many, all it took was to place a QR code on the exterior wall of their shops, and from there, the journey was unstoppable.

Today, PhonePe boasts of an ecosystem which includes capital loans, POS terminals, and Smart Speakers for real-time payment alerts. They have made it possible not only for the merchants to receive payments but also help them in handling cash flow, credit, and managing their business. According to Yuvraj Singh Shekhawat, Chief Business Officer for Merchant Business, digital payments have paved the way for providing credit and other financial services to those millions who were left out before.

PhonePe has been able to create its merchant network across 98% of all postcodes in India. In doing so, it has managed to create an ecosystem which penetrates deeply into tier-2, tier-3 cities and even the rural areas.

Being home to more than 65 crore registered customers, PhonePe’s ecosystem keeps expanding at a rapid pace. The firm has already submitted its red herring draft prospectus for its highly anticipated initial public offering (IPO).

But the real significance of PhonePe’s success is in the millions of small businesses that have been integrated into the digital world through PhonePe’s service. Not only are the transactions facilitated; the whole future of commerce in the country will be changed forever.