UPI Operator NPCI's Profit Zooms To Over Rs 1,100 Crore In FY24

NPCI's revenue primarily comes from operating retail payment systems in India. It operates various systems such as ATM network National Financial Switch, UPI payments, Bharat Bill Pay, RuPay Cards, BHIM, FASTag, NACH, Immediate Payment Service or IMPS, among many others.

It provides these services to its member banks and promoter banks, some of which are State Bank of India, Punjab National Bank, Canara Bank, ICICI Bank Ltd., HDFC Bank Ltd., Citibank, and HSBC. In 2016, the NPCI's shareholding expanded to 56 member banks, and in 2020, new entities such as payment service operators, payment banks, and small finance banks gained shareholding in the NPCI.

As more and more payments started to go online, after events such as demonetisation and the Covid-19 pandemic, NPCI's ambit to provide more avenues for online transactions also grew, and its revenue followed.

As of fiscal 2024, there are 65 shareholders comprising 11 public sector banks, 18 private banks, five foreign banks, 10 co-operative banks, six regional rural banks, four small finance banks, one payments bank, and 10 payment system operators holding shares in NPCI.

In 2020, the company incorporated two subsidiaries, NPCI International Payments Ltd. and NPCI Bharat BillPay Ltd. While NIPL's task is to take all of NPCI's products and services to other countries, NBBL's ambit is to operate the Bharat Bill Payment System, which offers bill payment services to consumers.