Network People Services Technologies (NPST) introduced a suite of AI-powered solutions for digital payments at the Global Fintech Fest (GFF) 2024 in Mumbai.
The digital banking and payments technology provider NPST which focuses on UPI payments and digital banking solutions designed new services and tools to empower banks and payment aggregators with cutting-edge technologies: artificial intelligence (AI) and machine learning (ML).
The suite of new AI payment solutions includes:
- Risk Intelligence Decisioning Platform – uses multiple data sources to learn and analyze transaction patterns and predict emerging risks. The tool can be used for Merchant Trust Score, Customer Transaction Score, and Chargeback Fraud Prevention;
- EVOK 3.0 Payments Platform as a Service (PPaaS) – a comprehensive payment solution that covers every aspect of the payment lifecycle tailored for payment aggregators, payment gateway service providers, and merchants;
- PayJoy – a seamlessly embedded instant credit line solution;
- UPI Circle for delegated payments;
- Contextual payments with personalised offers and discounts;
- QR-based cash withdrawals at local Kirana stores;
- UPI Lite Auto-Top Up.
“NPST’s vision is to bring digital payment technology to every entity in the financial value chain, driving the next decade of innovation in the payments industry. With UPI’s unstoppable growth, it has evolved from a simple transaction mechanism into a comprehensive ecosystem, enabling a range of consumer-centric use cases. Our expanded payment portfolio, now enhanced with cutting-edge AI capabilities, aligns with NPCI’s vision, empowering banks and payment aggregators to stay ahead of this evolution with relevant solutions while unlocking new monetization opportunities.”
Deepak Chand Thakur, Co-founder and CEO of NPST
NPST is one of the key players in India’s dynamic digital payment market. It processes approximately 6% of UPI transactions conducted by India’s 424 million UPI users and is a trusted technology partner to over 100 customers.
The United Payments Interface (UPI) allows every Indian citizen to have a formal smartphone-enabled bank account. It also establishes a level playing field for all members of a digital ecosystem, enhancing interoperability between money custodians, payment rails and front-end payment applications. It is one of the largest payment networks by volume globally.
Deepak Chand Thakur believes that the future of payments in India will be connected to AI technology. Next to all the benefits, it. creates the need to address new challenges related to risk and data privacy as well as the diverse requirements of India’s market segments.
