With UPI & IMPS services, NPCI leads retail payments space growth in FY19

The RBI, in January, put out a policy paper that pondered the need for more retail payment system operators since NPCI is the sole umbrella organisation for most retail payments currently

The National Payments Corporation of India (NPCI) is leading the retail payments growth in the country with its offerings like United Payments Interface (UPI) and Immediate Payment Service (IMPS). While the central bank manages the largest share of payments in terms of value, NPCI holds most of the payments volume and increasingly so.

UPI saw a growth of 349 per cent in volume and 452 per cent in value during FY18-19 reaching a volume of nearly 800 million and value of over Rs 1.3 lakh crore in March 2019, as per NPCI data.

Wallets saw a growth of 43 per