NPST's innovative technology
underscores its commitment to advancing digital payment adoption to
meet diverse user needs, and its strategic adaptability establishes
it as a pivotal player in India's
financial ecosystem.
SAN
ANTONIO, Jan. 15, 2025 /PRNewswire/ -- Frost
& Sullivan recently researched the payment technology industry
and, based on its findings, recognizes Network People Services
Technologies Ltd. (NPST) with the 2024 Indian Company of the Year
Award.
Its core mission is to provide cutting-edge digital technology
to all entities in the financial value chain, ensuring robust
support at every stage of the payment process. The company provides
banking solutions and payment processing infrastructure that
interconnect financial entities within the broader banking and
fintech sectors.
Listed on the National Stock Exchange (NSE) SME platform, NPST
has significantly shaped India's
digital payments landscape. Its solutions span digital banking,
payment switching and processing, merchant acquiring, and RegTech
offerings, catering to banks, payment aggregators, merchants, and
TPAPs.
With a forward-looking vision encapsulated in its NPST 2.0
strategy—Innovate, Transform, and Grow—the company is driving
technological advancements in areas like fraud detection, real-time
lending, and embedded payments, enabling transactions through ERP
and smart devices such as vehicles, smartwatches, and
meters.
NPST is making significant investments in artificial
intelligence (AI) and machine learning (ML) to enhance its payment
solutions. NPST's Risk Intelligence Decisioning Platform, a
cutting-edge AI-driven operations engine, is supported by a
comprehensive data lake that consolidates transaction data. This
advanced system allows for the real-time identification of
high-risk transactions and merchants. It includes tools designed to
enhance compliance and mitigate fraud, such as a merchant trust
score, a customer transaction score, and chargeback fraud
prevention.
Additionally, the company's flagship EVOK 3.0 Payments Platform
as a Service provides a comprehensive solution for aggregators,
gateway providers, and merchants. Covering the entire payment life
cycle—from transaction processing to risk management—EVOK 3.0
integrates AI and ML to offer advanced capabilities like multi-bank
intelligent routing and predictive fraud intelligence, ensuring
efficient management of high transaction volumes.
Other groundbreaking innovations include:
- PayJoy: Seamless access to real-time UPI credit in
a country with low credit card penetration.
- Bill Direct: Bill Aggregation engine for deeper
penetration in payment collections.
- TimePay Cash: Enabling cash withdrawals using QR
codes at local stores.
- UPI Circle: Expanded digital payment access
through shared accounts.
- Contextual Payments: Enhanced customer checkout
experience.
- UPI Lite Auto-Top Up: Automatically replenishing UPI
Lite accounts, ensuring users have sufficient transaction
funds.
Rahul Agarwal, Associate director
for growth advisory at Frost & Sullivan, observed, "NPST's
achievements, including pioneering online merchant dispute
resolution in India and expanding
its platform to offer value-added services like AI-powered fraud
detection and real-time lending, set it apart in the industry. Its
diversification into non-banking financial companies and
third-party application providers highlights a well-rounded growth
strategy.
NPST consistently prioritizes customer experience, fostering
long-term relationships and demonstrating its commitment to client
satisfaction and growth. The company's focus on exceptional service
is reflected in the loyalty of some of its clients, with critical
partnerships spanning over a decade.
The company is also working to improve payment acceptance
infrastructure via access to affordable devices, (QR and
SoundBoxes) while integrating AI and ML capabilities to enhance,
efficiency, and scalability. These investments support growing
transaction volumes and help NPST maintain its competitive edge in
facilitating wider digital payment adoption. The company's emphasis
on client relationships, digital literacy, and social
responsibility underscores its role as a payment technology leader
and its commitment to broader economic and social
contributions.
The company's financial performance reflects strong growth, with
revenues increasing from INR 41 crore
in fiscal year (FY) 2023 to INR 130
crore in FY 2024, and EBITDA rising from INR 12 crore to INR 43
crore during the same period. NPST's strategic adaptability
establishes it as a pivotal player in India's financial ecosystem, drives economic
growth, and promotes financial inclusion across the
country.
"NPST's advances towards international expansion and
transitions to the National Stock Exchange of India main board with emphasis on
transparency, governance, and continual innovation, cementing its
position as a leader in the global payment technology industry. The
company's exceptional performance, forward-thinking strategies, and
commitment to customers and societal impact make it a deserving
recipient in India's payment
technology sector," added Norazah Bachok, best practices
research analyst at Frost & Sullivan. With its strong overall
performance, NPST earns Frost & Sullivan's 2024 India Company
of the Year Award in the payment technology
industry."
Each year, Frost & Sullivan presents a Company of the Year
award to the organization that demonstrates excellence in terms of
growth strategy and implementation in its field. The award
recognizes a high degree of innovation with products and
technologies, and the resulting leadership in terms of customer
value and market penetration.
Frost & Sullivan Best Practices awards recognize companies
in various regional and global markets for demonstrating
outstanding achievement and superior performance in leadership,
technological innovation, customer service, and strategic product
development. Industry analysts compare market participants and
measure performance through in-depth interviews, analyses, and
extensive secondary research to identify best practices in the
industry.
About Frost & Sullivan
For six decades, Frost & Sullivan has been world-renowned
for its role in helping investors, corporate leaders, and
governments navigate economic changes and identify disruptive
technologies, megatrends, new business models, and companies to
action, resulting in a continuous flow of growth opportunities to
drive future success. Contact us: Start the discussion. Contact us:
Start the discussion.
Contact: Tarini Singh
E: tarini.singh@frost.com
About NPST
Founded in 2013, NPST is a PayTech
firm listed on the NSE Small and Medium Exchange. A leader in
digital banking and payment processing solutions, NPST is dedicated
to advancing the digital payments ecosystem by delivering
cutting-edge technology solutions to banks, fintechs, and other
industry players. The company's offerings include online and
offline transaction processing, banking super apps, fraud
prevention, dispute management, and compliance technology.
NPST's mission is to drive the growth of businesses,
individuals, communities, and economies. With over 100 clients and
processing more than 60 million transactions daily, NPST continues
to make a significant impact on the digital payments ecosystem. To
learn more about NPST and its award-winning solutions, please visit
www.npstx.com
Contact: Vanita
D'souza
E: vanita.dsouza@npstx.com
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