The National Payments Corporation of India’s (NPCI) flagship payment platform, Unified Payments Interface (UPI), made up for 10 per cent of overall retail payments in FY21 (excluding RTGS), growing at a compounded annual growth rate (CAGR) of 400 per cent between FY17 and FY21, a report by Macquarie Research said.
Until a few years ago, UPI’s share in overall retail payments was only 2 per cent. Launched in 2016, UPI, although a late entrant in the retail payments space, saw its FY21 annual throughput value at Rs 41 trillion, almost 2.8x that of credit and debit card at ...
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