New Delhi [India]Jan 17 (ANI/SRV): NPST (Network People Services Technologies Ltd), a leading fintech solutions provider to banks, financial institutions and merchants, announced to increase its headcount by 50 percent. With the growing demand in the fintech industry, NPST strategically adapted its business expansion plan by creating 100 new vacancies across various engineering functions in the first half of 2023.
“We have aggressive delivery demands from existing and new customers on our scalable technology stack which has led to the growth in technical portfolio in NPST that we have seen now. We have plans to deploy this workforce across all our products/domains namely Banking – Super App, UPI, IMPS, TimePay Merchant PSP, Timepay Evok – UPI API engine, Timepay Qynx – Merchant acquiring, Timepay Bizz – Merchant app and more payment products Our goal is to consistently invest in developing new products that can help customers in their growth. This additional workforce will help NPST bring more innovation into the FinTech space” Rajiv Beri, Chief Technology Officer – NPST.
Due to new technologies, changing cultural trends and a favorable regulatory landscape, FinTech has grown beyond borders. To drive market expansion and revolutionize the enablement and delivery of financial products and services, NPST has expanded its operations and generated new revenue streams in both Merchant PSP (Payment Solution Provider) and TSP (Technical Service Provider) segments. This creates a positive trend in the recruitment of tech employees in the FinTech industry.
With the increased traction of NPST in the industry and approved investment forecast in new technologies like UPI AutoPay, UPI for credit cards and Prepaid Payment Instruments (PPI), the demand to expand the workforce has increased significantly.
NPST contributes approx. 8% of total UPI volumes as TSP (Technical Service Providers) for banks. More than $7.82 billion per month of transactions were done in the UPI segment and $3 billion per month of transactions in the P2M(Person to Merchant) segment by 2022. Moreover, the 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 an estimated transaction value of $153 billion in 2023, up from $133 billion in 2022
“Our vision to provide a seamless digital payment platform to all segments of the financial value chain has been the key factor in our growth story. Capacity building and resource planning is the beginning of building a larger organization to meet industry demand. We believe that 2023 will be a transformational year once the total 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 the TSP and Merchant PSP segments with growing business demand and incremental order book from existing accounts. The current practice of capacity building will provide better customer service and the ability to deliver products and services according to market demand. The company is increasing its presence in Bangalore and setting up a new delivery hub in the city after Noida. Bangalore will not only serve as a land-based delivery hub for banks in southern states, but contribute to new product development and innovation in payments as we see more applications of new start-ups innovating in the city. The opportunity is enormous 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..) offers digital payment solutions to banks, financial institutions and merchants. NPST is an authorized merchant payment service provider, approved by NPCI, which acquires merchants and offers payment applications to users across various segments. They also act as Fintech partners to banks and financial institutions operating as Technology Service Providers (TSPs), offering a certified solution for digital payments that includes Mobile Banking, IMPS, Bhim UPI and the Wallet platform. For more information, visit npstx.com/about-us/.
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