#India #San Antonio #Digital Payments #Network People Services #Fintech Solutions

NPST Recognized for Pioneering Payment Technology

Recently, Frost & Sullivan acknowledged Network People Services Technologies (NPST) with the prestigious 2024 Indian Company of the Year Award for its remarkable contributions to the payment technology sector. This award marks a significant recognition of NPST's commitment to innovation and excellence in the digital payments landscape.

Meeting Diverse User Needs

NPST’s core mission focuses on advancing digital payment adoption across various entities involved in the financial value chain. By providing top-notch digital technologies, the company ensures robust support at each stage of the payment process. NPST’s extensive offerings include banking solutions and payment processing infrastructure that interconnect financial institutions within India’s expansive banking and fintech sectors.

Comprehensive Solutions Impacting the Market

Listed on the National Stock Exchange’s SME platform, NPST has transformed India’s digital payments arena. The breadth of its solutions includes digital banking, payment switching, merchant acquiring, and Regulatory Technology (RegTech) solutions, catering to a diverse clientele that encompasses banks, payment aggregators, merchants, and other third-party application providers.

A Vision for Future Growth

Utilizing the NPST 2.0 strategy, which emphasizes innovation, transformation, and growth, NPST is at the forefront of driving technological progress in critical areas such as fraud detection and real-time lending. Their commitment extends to enabling transactions via smart devices like vehicles and smartwatches, ensuring convenience and efficiency.

Investments in artificial intelligence (AI) and machine learning (ML) strengthen NPST’s capabilities. The company's Risk Intelligence Decisioning Platform features an advanced AI-driven operation system that consolidates transaction data, facilitating real-time identification of high-risk transactions and merchants. Tools such as merchant trust scores and chargeback fraud prevention enhance compliance and mitigate fraud risks.

Innovative Product Offerings

NPST continually introduces groundbreaking innovations to meet market demands. Highlights include:

• - PayJoy: Offering seamless access to real-time UPI credit in a country with low credit card usage.
• - Bill Direct: A bill aggregation engine to enhance payment collection.
• - TimePay Cash: Enabling cash withdrawals using QR codes at local stores.
• - UPI Circle: Promoting shared accounts to expand digital payment access.
• - Contextual Payments: Enhancing the customer checkout experience.
• - UPI Lite Auto-Top Up: Automatically replenishing UPI Lite accounts to ensure users have sufficient funds.

Recognition for Exceptional Achievements

According to Rahul Agarwal, Associate Director for Growth Advisory at Frost & Sullivan, NPST’s pioneering features such as online merchant dispute resolution, AI-driven fraud detection, and real-time lending significantly differentiate it in the industry. Their strategic diversification into non-banking financial companies and third-party application providers underline a well-rounded growth strategy that truly stands out.

Customer experience remains NPST’s prime focus, fostering enduring relationships and showcasing a commitment to client satisfaction. With many partnerships spanning over ten years, NPST is dedicated to improving the payment acceptance infrastructure. They've taken significant steps to make payment devices like QR codes and SoundBoxes more accessible and affordable, integrating AI and ML for enhanced efficiency.

The company’s financial results testify to its strong growth, with revenues jumping from INR 41 crore in FY 2023 to INR 130 crore in FY 2024, and a rise in EBITDA from INR 12 crore to INR 43 crore during the same period. This trajectory underscores NPST’s pivotal role in India's financial ecosystem, facilitating economic growth and promoting financial inclusion nationwide.

Path to Global Leadership

NPST is also scaling its horizons with plans for international expansion and transitioning to the main board of the National Stock Exchange of India. With a strong emphasis on transparency, governance, and continuous innovation, NPST reaffirms its status as a leader in the global payment technology space.

Norazah Bachok, a best practices research analyst at Frost & Sullivan, highlighted NPST’s remarkable achievements and unwavering commitment to customer-centric strategies, contributing positively to the societal landscape. Therefore, Frost & Sullivan’s recognition of NPST as the 2024 India Company of the Year in payment technology is well-deserved.

The Company of the Year Award by Frost & Sullivan honors organizations that exhibit exceptional growth strategies and implementation excellence, fostering innovation and leadership in their industry.

About NPST

Founded in 2013, NPST has emerged as a key player in the PayTech sector. With a commitment to enriching the digital banking and payment processing ecosystem, NPST provides innovative solutions, processing over 60 million transactions daily and serving more than 100 clients.

For more information about NPST and its innovative offerings, please visit www.npstx.com.