Network People Services Technologies Limited

What Network People Services Technologies Limited does

Network People Services Technologies Limited (NPST) is a publicly listed Indian digital banking and payments infrastructure company, founded in 2013 and headquartered in Thane, Maharashtra, with a secondary corporate office in Noida. The company operates as a Technology Service Provider (TSP) and Payment Platform-as-a-Service (PPaaS) provider, serving banks (PSU, private, and cooperative), payment aggregators, fintechs, and NBFCs through certified payment switching infrastructure including UPI Switch, IMPS Switch, Banking Connect (IBMB), and a Banking SuperApp offering 400+ financial services. Its platform processes 18+ billion transactions annually and 50+ million transactions daily across 100+ customers, with a regulated entity client base that has expanded from 6 banks post-IPO to more than 20 today.

NPST's product portfolio spans two platforms. The TSP platform provides core payment switching and digital banking infrastructure (UPI Switch, IMPS Switch, Mobile Banking, Banking SuperApp, Bill Direct, CLOU/Credit Line on UPI, UPI Circle, UPI 123Pay voice-based UPI for feature phones). The PPaaS platform, anchored by Evok, delivers managed payment services to fintechs and payment aggregators, supplemented by offline acquiring (NPST Qynx), UPI Plugin, Payouts, Merchant Bizz, TimePay Cash, and the newly launched Merchant Orchestration. The company's AI-powered Risk Intelligence Decisioning Platform (RIDP) provides merchant underwriting, fraud detection (90% reported accuracy), and KYC/KYB automation across online and POS channels. Recent platform launches include Bank-in-a-Box (December 2025) targeting 200+ small and cooperative banks, RIDP (April 2026), TSP International for global markets, and the TimePay Prepaid Card embedded into ERP systems via the Infinity Infoway partnership.

NPST generates revenue primarily through SaaS subscriptions and transaction-based fees under multi-year enterprise contracts. The TSP segment contributed 90-95% of revenue in FY26, with Bank-in-a-Box tenant subscriptions, RIDP managed services, and PPaaS transaction fees representing growth drivers. FY26 total income was ₹209.40 crore (up 15.93% YoY), with Q3 FY26 revenue up 146% YoY and Q4 FY26 up 135% YoY. Pricing models include unit pricing for cooperative banks (₹1.20/day for QR, ₹5/day for Soundbox), recurring SaaS subscriptions for enterprise clients, and transaction fees on payment processing volume. The company is founder-controlled (Deepak Chand Thakur as CMD, Ashish Aggarwal as Joint MD, Savita Vashist as Executive Director), raised ₹300 crore from Tata Mutual Fund in December 2025 at a ₹3,217 crore post-money valuation, and is targeting 70-80% annual growth with international expansion into Africa, the Middle East, and Southeast Asia.

Name

Network People Services Technologies Limited

Legal name

Network People Services Technologies Ltd.

Website

https://npstx.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

251–500 employees

Short description

NPST is an Indian fintech infrastructure company providing certified payment switching (UPI/IMPS), digital banking platforms, and AI-powered RegTech solutions to banks, payment aggregators, and fintechs, processing 18+ billion transactions annually across 100+ customers.

Ownership category

akta.pro rank

Product category

Digital Payments Infrastructure

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (5182)

SIC

Services-Computer Programming Services (7371)

akta.pro industry

PRIMARYFSAMAFAB

A2A Payment Initiation Service Providers (PISPs)

Financial & Insurance/Payments & Transaction Processing/Account-to-Account (A2A) & Open Banking Payments

SECONDARYFSAGACAJ

Recurring Payments & Variable Recurring Payments (VRP) Enablement

Financial & Insurance/Financial Technology (Fintech)/Open Banking & Data Aggregation

Keywords

• Digital payments infrastructure
• Payment platform as a service
• UPI switching technology
• Banking software solutions
• Merchant risk management

Headquarters

HQ city

Thane

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Technology Service Provider (TSP) Subscriptions: SaaS-based recurring subscription revenue from deploying payment switching infrastructure (UPI, IMPS, Banking Connect), Bank-in-a-Box, and related technology services to banks. TSP contributed 90-95% of revenue in FY26. Revenue is recurring per multi-year SaaS contracts with 6 tenants onboarded in FY26 under Bank-in-a-Box model targeting 200+ banks.
2. PPaaS (Payment Platform-as-a-Service): Platform licensing and transaction-based revenue from Evok and Qynx offerings serving payment aggregators, fintechs, and banks. Includes online merchant acceptance (Pay-in, Payout, Interoperable Autopay) and offline acceptance (QR, Soundbox). Re-architected for international markets with engagements signed in Middle East and Asia.
3. AI-Powered RegTech (RIDP): SaaS-based recurring revenue from AI-powered Risk Intelligence Decisioning Platform for merchant underwriting, fraud detection, and compliance monitoring. Delivered as fully managed model bundling technology, operations, and regulatory updates. First-mover advantage in merchant acquiring ecosystem with orders from PSU banks.
4. Consumer-Facing TimePay App: Revenue from consumer digital payment services through TimePay app. Enables everyday transactions for consumers, merchant services, and identity-linked prepaid card payments through ERP integration.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

NPST is a Technology Service Provider (TSP) and Payment Platform-as-a-Service (PPaaS) company that builds and sells cloud-native digital banking and payments infrastructure to banks, payment aggregators, and fintechs. Its core offerings include UPI/IMPS switching, Banking Connect (IBMB), AI-powered RegTech for merchant risk and fraud (RIDP), a Banking SuperApp with 400+ services, and the Bank-in-a-Box plug-and-play SaaS platform for small and cooperative banks, complemented by a consumer-facing TimePay payment app. NPST processes 18+ billion transactions annually across 100+ customers in India and is expanding into Africa, the Middle East, and Southeast Asia.

Product overview

NPST operates as a dual-vertical fintech infrastructure company offering an integrated suite of solutions across two main platforms: Technology Service Provider (TSP) and Payment Platform-as-a-Service (PPaaS), supplemented by a consumer app and a RegTech vertical. The TSP platform provides core payment switching infrastructure — UPI Switch, IMPS Switch, and Banking Connect (IBMB) — enabling banks to process digital payments at scale. These are complemented by digital banking products including Banking SuperApp (400+ services), Mobile Banking, Wallet, and BBPS-enabled Bill Direct. The PPaaS platform, anchored by Evok, provides managed payment services for fintechs and payment aggregators, supported by offline acquiring (NPST Qynx), QR/Soundbox merchant solutions, UPI Plugin, Payouts, Merchant Bizz, and TimePay Cash. NPST's RegTech vertical centers on the AI-powered Risk Intelligence Decisioning Platform (RIDP) for merchant underwriting and fraud detection, complemented by Anti Money Laundering and Business Monitoring solutions. For consumers, TimePay (including TimePay Prepaid Card) serves end users directly. Recent platform launches include Bank-in-a-Box (unified SaaS banking platform for small/cooperative banks), UPI 123Pay (voice-based UPI for feature phones), and CLOU (credit-on-UPI). NPST processes 18 billion+ transactions annually across 100+ customers and banks.

Differentiator

Problem solved

Functional benefit

Brands

• TimePay: Consumer-facing mobile payment application enabling digital payments, money transfers, and bill payments for everyday transactions.
• TimePay Cash
• Evok
• Qynx
• Bank-in-a-Box
• Risk Intelligence Decisioning Platform (RIDP)

Products and services

• UPI Switch Technology Service Provider switch enabling banks to process Unified Payments Interface transactions, supporting UPI payment rails for real-time fund transfers and merchant payments.
• IMPS Switch Payment switch for Immediate Payment Service, enabling instant interbank fund transfers through mobile and internet banking channels.
• Banking Connect (IBMB) Certified interoperable net and mobile banking platform enabling banks to offer internet and mobile banking services as a certified TSP solution.
• Banking SuperApp Omnichannel digital banking application offering 400+ banking and financial services including account management, credit management, bill payments, e-commerce, and ticketing, delivered through a unified mobile interface for banks.
• Mobile Banking Mobile banking application solution enabling banks to deliver digital banking services to customers via smartphones.
• Wallet Digital wallet solution for issuing and managing prepaid wallet accounts, enabling fund transfers, bill payments, and merchant transactions.
• Evok (PPaaS) Payment Platform-as-a-Service (PPaaS) solution providing end-to-end managed payment services for payment aggregators and fintechs, including online and offline transaction processing, compliance, risk management, chargebacks, and reconciliation. Evok 4.0 re-architected for international MDR/interchange-based markets.
• Risk Intelligence Decisioning Platform (RIDP) AI-powered cloud-native SaaS platform for merchant underwriting and risk monitoring. Automates KYC/KYB compliance, merchant risk scoring, fraud detection, and regulatory monitoring across online and POS channels from onboarding through full merchant lifecycle.
• Bank-in-a-Box Ready-to-deploy full-stack banking and payments platform delivered as a SaaS subscription. Covers UPI, IMPS, and IBMB processing, online and offline merchant acceptance (QR, Soundbox, Pay-in, Payout, Interoperable Autopay), AI-driven fraud monitoring, and omnichannel Banking SuperApp with 400+ services. Targets small, mid-sized, and cooperative banks.
• NPST Qynx Offline merchant acquiring platform handling QR and Soundbox payment acceptance, device shipment, logistics, monitoring, and field support. Generates additional revenue for banks and payment aggregators by enabling merchants to accept offline payments.
• TimePay (Consumer App) Consumer-facing UPI payment application enabling everyday transactions including money transfers, bill payments, and merchant payments. Trusted by millions of users across India. Also encompasses TimePay Prepaid Card for identity-linked digital payments.
• UPI 123Pay (Voice-Based UPI) Voice-based UPI solution enabling feature phone users and those with limited digital literacy to make digital payments through IVR-driven missed-call and callback mechanism, supporting twelve Indian languages and offline transactions.
• New UPI Innovations Suite of NPCI-aligned UPI innovations including UPI Lite Auto Top-up, Contextual Payments on UPI, UPI Help, UPI Circle My Device, Bio Authentication, and Face Authentication.
• CLOU (Credit Line on UPI) Embedded credit solution that allows banks to offer on-demand credit at the point of consumption through UPI, enabling buy-now-pay-later functionality to boost sales and conversions.
• UPI Circle UPI feature that allows customers to securely share their account with another user, enabling banks to cost-efficiently expand their digital payment reach to family members and trusted contacts.
• Bill Direct Bill payment platform enabling secure, simple, and rewarding bill payment experiences for bank customers, supporting BBPS integrations and recurring bill settlements.
• Interoperable Autopay Recurring payment solution enabling seamless autopay capabilities across financial institutions, marking NPST's entry into the NBFC segment for recurring payment collections.
• Merchant Orchestration Merchant management and orchestration product launched as part of PPaaS suite, enabling centralized management of merchant onboarding, monitoring, and operations across payment channels.
• Merchant Bizz Merchant-facing mobile application enabling merchants to accept digital payments, view transaction history, manage settlements, and access business analytics.
• TimePay Cash Cash withdrawal solution on UPI enabling hyperlocal cash withdrawal networks using QR codes, allowing users to withdraw cash from participating merchants.
• UPI Plugin Plugin solution enabling quick UPI integration for merchants and fintechs, providing seamless payment acceptance capabilities through a lightweight integration layer.
• Payouts Bulk and individual payment disbursement solution enabling banks and businesses to send funds to multiple recipients including merchants, employees, and customers.
• Anti Money Laundering Compliance and anti-money laundering solution supporting KYC and KYB verification, AML transaction monitoring, suspicious activity reporting, and regulatory compliance for banks and financial institutions.
• Business Monitoring Solution Business monitoring and analytics solution providing real-time visibility into payment transaction volumes, merchant performance, and operational metrics for banks and payment aggregators.
• In-Car Payments Vehicle-embedded payment solution enabling in-car transactions for fuel, parking, tolls, and other automotive services, transforming the vehicle into a payment device.
• TimePay Prepaid Card (Identity-Linked Payments) RuPay-backed prepaid card embedded into identity cards (student IDs, employee IDs, driver IDs) via ERP integration, enabling controlled digital payments within organizational policy boundaries. Settlement handled by NSDL Payment Bank.

Quantifiable outcome

• 18+ billion transactions processed annually across NPST platform
• +9 more outcomes

Named customers15 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability10 records

Feature11 records

Partnerships

Nine partnerships are on record, tiered supporting and core.

• NSDL Payment BanksupportingTechnology or Integration · 10 January 2026NSDL Payment Bank handles transaction settlement for the TimePay Prepaid Card embedded payments partnership with Infinity Infoway. This ensures regulatory-compliant payment settlement for the ERP-integrated digital payment platform targeting education, enterprise, and transport sectors.
• Infinity Infoway LtdcoreStrategic or Co-development Partner · 9 January 2026Strategic partnership to embed TimePay Prepaid Card into Infinity Infoway's ERP platforms, enabling student IDs, employee IDs, and driver IDs to function as prepaid payment credentials. NPST's payment layer is embedded into Infinity's operational framework, allowing transactions governed by organizational rules. NSDL Payment Bank handles transaction settlement. Solution rolled out pan-India in phases starting with educational institutions and enterprises, then transport and broader expansion.
• Cosmos Cooperative Bank LtdcoreChannel Partner/ Reseller/ Distributor · 20 November 2025Strategic partnership where Cosmos Bank acts as acquiring Sponsor Bank extending NPST's Qynx offline payment platform (QR, Soundbox) to partner cooperative banks. Cosmos Bank will serve over 11,000 cooperative bank branches across India. NPST manages the entire merchant lifecycle from device logistics and onboarding to field operations and compliance. Pricing starts at ₹1.20 per day for QR codes and ₹5 per day for soundbox devices.
• Indian Overseas Bank (IOB)coreStrategic or Co-development Partner · 6 November 2025IOB awarded NPST the mandate to implement UPI 123Pay, enabling voice-based UPI payments for feature phone users and non-tech-savvy smartphone users. NPST partnered with MissCallPay for this solution. The IVR-based system operates without mobile data/internet connectivity, available in twelve Indian languages. This addresses India's 400+ million feature phone users and supports financial inclusion goals for India's 850 million non-UPI users.
• MissCallPaysupportingTechnology or Integration · 6 November 2025MissCallPay provides the underlying IVR technology for voice-based UPI 123Pay payments, enabling offline UPI transactions through interactive voice response. Combined with NPST's platform, it enables IOB customers to make payments using simple voice or keypad inputs. The solution works without internet connectivity and supports multiple Indian languages.
• DCB BanksupportingChannel Partner/ Reseller/ Distributor · 22 February 2024Joining hands with DCB Bank for digital payment solutions and banking infrastructure services. Partnership enables NPST to provide digital payment infrastructure services to DCB Bank's customer base.
• Jupiter MoneysupportingChannel Partner/ Reseller/ Distributor · 6 September 2023Partnership with Jupiter Money for digital banking and payment solutions. Jupiter is a digital banking platform serving retail customers, and NPST provides underlying technology infrastructure.
• SBM BanksupportingChannel Partner/ Reseller/ Distributor · 31 August 2023Received purchase order from SBM Bank for digital payment infrastructure services. Nature of engagement involves NPST providing technology services to support SBM Bank's digital banking requirements.
• GRAMePAYsupportingStrategic or Co-development Partner · 1 January 2023GRAMePAY is a Digital Payments Platform partner for fostering growth across merchant networks. Strategic partnership aims to digitize over 4,000 credit cooperative societies through UPI payment solutions. Alliance focuses on expanding digital payment acceptance through cooperative banking networks.

Scale indicators14 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Razorpay: India's leading payment gateway and aggregator serving businesses and fintechs. Directly comparable as a payment infrastructure provider competing for the same PA/PG and bank partnerships, with overlapping product offerings in payment processing and merchant solutions.
• Paytm (One97 Communications): India's largest digital payments platform offering payment gateway, UPI, banking, and merchant services. Both compete in payment infrastructure, with overlapping target markets (banks, merchants, consumers) and similar product portfolio spanning payment processing and PPaaS offerings.
• Pine Labs: Merchant payment solutions provider offering POS, online, and omnichannel payment infrastructure. Comparable as enterprise payment infrastructure serving banks and merchants with similar B2B SaaS model and recurring revenue orientation.
• PayU India (BillDesk): Payment gateway and aggregator serving Indian merchants and fintechs. Comparable as PayU owns BillDesk, both compete with NPST for bank and merchant acquiring mandates, offering similar payment processing and platform services.
• CCAvenue: Established Indian payment gateway serving merchants and businesses. Comparable as payment infrastructure provider offering online payment processing, competing for merchant and fintech segments where NPST's PPaaS offerings operate.
• Mswipe Technologies: Indian payment solutions provider offering POS terminals, QR, Soundbox, and merchant acquiring. Directly comparable as both target banks and merchants with offline payment acceptance infrastructure and similar pricing models for SME-focused services.

Emerging players

• Setu (Open Financial Technologies): Indian fintech infrastructure provider offering account aggregator, payments, and lending APIs. Comparable as an API-first fintech infrastructure serving banks and fintechs with similar B2B SaaS approach, though smaller in scale.

Broad incumbents

• Worldline: Global payment processor offering acquiring, processing, and digital banking services. Comparable as a major payment infrastructure provider with banking and merchant services, though much larger and more diversified across geographies.
• Fiserv: Global financial technology and banking software provider offering core banking, payments, and processing solutions. Comparable as enterprise banking technology provider serving large financial institutions, with overlapping capability in payment processing infrastructure.
• Temenos: Global banking software provider offering core banking and digital banking platforms. Comparable as enterprise banking technology provider serving banks globally; both compete for bank digital transformation mandates with overlapping digital banking offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/NpstLtd
• YouTubeyoutube.com/@npstltd
• Facebookfacebook.com/NPSTLTD
• LinkedInlinkedin.com/company/npstx

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Network People Services Technologies Limited