Driving Financial Inclusion: NPST's Role in India's Digital Revolution The digital ecosystem in India, especially in Finance has seen growth due to various factors. The government's push towards mass digitalization, increase in internet penetration, and digital transformation enablers help integrate these technologies.
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The digital ecosystem in India, especially in Finance has seen growth due to various factors. The government's push towards mass digitalization, increase in internet penetration, and digital transformation enablers help integrate these technologies.
According to a report by the Internet and Mobile Association of India, the number of Internet users reached close to 800 million by the end of 2023. This increased banks and financial institutions in today's world to increase efforts in leveraging this reach of technology to provide cutting-edge services to the end user.
One such company is Network People Services Technologies Limited (NPST), which provides technology integration services to banks, fintechs, and other merchants. The company supplies services such as Merchant Payment Service Provider (TPAP), a digital platform supporting transactions for large, medium, and micro merchants to transact and operate.
Current Fintech Service Climate
NPST operates in a fierce market, with top players such as Comviva, Blend, Zeta, and Fiserv. The company claims a 7 percent market share in a sector where financial technology providers have attracted over USD 5.33 billion in funding according to data by Tracxn.
Rajasthan Venture Capital funded NPST during its initial years before the provider of mobile banking and payments solutions went public on the National Stock Exchange (NSE) and recorded a 7900 per cent growth according to its financial records.
Another important facet of NPST's service portfolio is being a Technology Service Provider (TSP). It services banks and other financial institutions by integrating digital solutions such as mobile banking, IMPS, Bhim UPI, and the Wallet platform.
Enabling the Regional Banking Sector
A recent announcement by NPST revealed two secured orders from regional banks such as Kerala Gramin Bank and Karnataka Gramin Bank for its banking 'SuperApp'.
According to a statement released by the company, NPST Superapp will enable banks to accelerate digital transformation by providing engaging, new-age banking and transactional experiences tailored to the demands of customers in rural and semi-urban areas.
Deepak Chand Thakur, Co-Founder, and CEO of NPST, said the provider will collaborate with Karnataka Gramin Bank and Kerala Gramin Bank to support their ongoing digital transformation and long-term growth in a scalable manner.
"By providing a comprehensive, integrated, and future-ready digital engagement platform, NPST is enhancing the experiences banks can offer to previously underserved populations and gaining a competitive edge in the fast-growing digital-first payments economy," Deepak added.
NPST was established in 2013, at an age of fintech infancy in the country. The company was listed in the Small and Medium Enterprises Initial Public Offering (SME IPO) in August 2021 and company sources say NPST is soon going to be listed on the Mainboard IPO.
The fintech enabler holds over 100 customers with processes of over 60 million transactions every day. According to its FY Q1 results, NPST achieved a quarterly revenue of INR 60 crore and achieved 46 per cent of the previous FY's total income in the first quarter. The company's net profit recorded a 202.96 per cent growth while also recording the highest quarterly performance since its listing on NSE with a market cap of INR 5,420.33 crore.
Deepak Chand Thakur stated that the company sees substantial growth opportunities across PPaaS and Technology Service Provider business segments.
