UPI forms 10% of overall retail payments in FY21, says Macquarie report

UPI saw its FY21 annual throughput value at Rs 41 trillion, almost 2.8x that of credit and debit card at Point of Sale combined, and almost 20x that of prepaid payment instruments.

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 Point of