Kerala Gramin Bank & Karnataka Gramin Bank Pick Partner For Digital Transformation
Dated: June 26, 2024

Network People Services Technologies Limited (NPST), a digital banking and Unified Payments Interface (UPI) payments technology provider listed on the NSE SME exchange secured orders from two regional banks — Kerala Gramin Bank and Karnataka Gramin Bank — for its banking SuperApp on Wednesday.

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.

India’s digital banking ecosystem has undergone a remarkable transformation, driven by the government’s ambitious Digital India initiative and the increasing penetration of smartphones, with more than 600 million users. These shifts present a significant opportunity for regional banks to modernise their services and meet the evolving digital needs of their customers.

Established in 2013, NPST has emerged as one of India’s leading fintech firms, with a listing on the NSE Small and Medium Exchange. With a primary focus on UPI payments and digital banking solutions, NPST operates as a Technology Service Provider (TSP) and a Payment-Platform-as-a-Service Provider (PPaaS), serving stakeholders across the financial value chain, including banks, payment aggregators, merchants, and consumers.

Currently, with over 100 customers and processing over 60 million transactions daily, NPST aims to bridge the gap between banks and FinTechs and promote the overall growth of the digital payments ecosystem.

The NPST Banking SuperApp is designed to capitalise on these trends, delivering banking experiences to customers, especially in tier two and tier three cities. It integrates a wide array of services, including onboarding, everyday banking and payment transactions, credit products, as well as backend consumer servicing and engagement.

The Banking SuperApp accelerates innovation, enabling banks to quickly build and deploy differentiated services through a broad suite of Open APIs powered by the NPST API Hub and a robust ecosystem of partner innovations. Its advanced micro-services-based, high-availability architecture helps banks scale seamlessly to keep up with the rapidly increasing digital interactions, the statement said.

Customers can access these services in their regional language, enhancing convenience. Going beyond transactional capabilities, NPST Banking SuperApp helps banks foster deeper, more engaging connections with their customers.

Deepak Chand Thakur, Co-Founder, and CEO of NPST, commented on the win, stating that 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,” he added.

In April, NPST announced strong fourth-quarter and full-year results for FY 2024. Boosted by favourable growth in digital payments, as well as its innovative technology solutions and expanding customer base, NPST reported significant increases in both revenue and net profit.

The consolidated FY 2024 annual revenue surged by 216% to ₹130.08 crore, up from ₹41.13 crore in FY 2023. Additionally, net profit increased by 310% to ₹26.71 crore, a substantial rise from ₹6.52 crore in the previous fiscal year.

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