New Delhi [India], January 17 (ANI/SRV): NPST (Network People Services Technologies Ltd) a leading fintech solution provider to banks, financial institutions & merchants, announced to increase in their employee headcount by 50 per cent. With the growing demand in the fintech industry, NPST strategically aligned the business expansion plan by creating 100 new job openings across different engineering functions in the first half of 2023.
"We have aggressive delivery requirement from existing and new clients on our scalable technology stack which has led to the growth in technical portfolio in NPST as witnessed now. We have plans to deploy this manpower across all our products/domain namely Banking - Super App, UPI, IMPS, TimePay Merchant PSP, Timepay Evok - UPI API engine, Timepay Qynx - Merchant acquiring, Timepay Bizz - Merchant app and few more payment products. Our aim is to consistently invest in developing new products that can help customers in their growth. This additional manpower will help NPST in bringing more innovation into the FinTech space" Rajiv Beri, Chief Technology Officer - NPST.
Due to emerging technologies, changing cultural trends, and a favourable regulatory landscape, FinTech has been growing beyond boundaries. To propel the market expansion and revolutionize the enablement and delivery of financial products and services, NPST has been expanding its operations and generating new revenue streams in both Merchant PSP (Payment solution provider) & TSP(Technical service providers) segments. Thus, creating a positive trend in the recruitment of tech employees in the FinTech industry.
With the increased traction of NPST in the industry & approved investment projection in new technologies such as UPI AutoPay, UPI for credit cards, and Prepaid Payment Instruments (PPI), the demand to expand manpower has increased significantly.
NPST contributes approx 8% of total UPI volumes as TSP(Technical service providers) for banks. More than $7.82Bn per month of transactions were made in the UPI segment and $3Bn per month of transactions in the P2M(Person to Merchant) segment in 2022. Moreover, TPAP(third-party payment application) segment has shown a growth rate of 200% in FY22 Q3.
According to Statista, the value of digital payments is expected to increase significantly in the coming years, reaching a projected value transaction of $153 billion in 2023, up from $133 billion in 2022
"Our vision to provide seamless digital payment platform to all the segments in the financial value chain, has been the key factor of our growth story. Capacity building and resource planning is the beginning of building a larger organisation to meet industry demand. We believe that 2023 will be a transformational year once the overall capacity is built and we don't want to stop at this number" Deepak Chand Thakur, Co-founder - NPST
NPST aims to increase its market share in both TSP and Merchant PSP segment with growing business demand and incremental order book from existing accounts. The current exercise of capacity building will provide better customer service and ability to deliver product and services as per market demand. The company is growing its presence in Bangalore and setting a new delivery hub in the city after Noida. Bangalore will not only serve as a near shore delivery centre for banks in southern states but contribute to new products development and innovation in payment, as we see several use cases by new start-ups being innovated in the city. The opportunity is immense for the engineers associated with the new growth hub of NPST.
Network People Services Technologies Limited (formerly known as Network People Services Technologies Pvt Ltd..) is in the business of providing Digital Payments solutions to banks, financial institutions, and Merchants. NPST is an authorized Merchant Payment Service Provider, approved by NPCI, acquiring merchants, and providing payment applications to users across various segments. They also serve as Fintech partners to banks and financial institutes operating as Technology Service Providers (TSP), providing a certified solution for digital payments which includes Mobile Banking, IMPS, Bhim UPI, and Wallet platform. For more information, visit npstx.com/about-us/.
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