NPST launches AI-powered digital payment solutions at GFF 2024

By Gloria Methri

NPST, a digital banking and payments technology provider, has launched a suite of AI-powered digital payment solutions at the Global Fintech Fest (GFF) 2024 in Mumbai.

As India accounts for one in two digital payment transactions globally, the payment landscape is continuously evolving with the introduction of innovative technologies and new market players. NPST, a key player in this dynamic market, processes approximately 6% of UPI transactions and is a technology partner to over 100 customers.

UPI rails are a key force behind the exponential growth of India’s FinTech sector. These solutions are designed to empower banks and payment aggregators to capitalise on this ongoing momentum by leveraging cutting-edge technologies such as artificial intelligence (AI) and machine learning (ML).

The solutions include:

Risk Intelligence Decisioning Platform

Leveraging the power of  AI and ML, the Risk Intelligence Decisioning Platform synthesises intelligence from multiple data sources to learn and analyse transaction patterns. By predicting and preventing emerging risks, the platform enables merchant acquirers to effectively forecast and pre-empt fraud, creating a robust security framework for person-to-merchant transactions. The critical use cases include Merchant Trust Score, Customer Transaction Score, and Chargeback Fraud Prevention, which will help enhance compliance, strengthen security, and minimise the financial impact of fraud on merchant acquirers and aggregators.

EVOK 3.0 Payments Platform as a Service (PPaaS)

EVOK 3.0 is an advanced iteration of the EvoK platform, delivering a comprehensive payment solution tailored for payment aggregators, payment gateway service providers, and merchants. This full-stack solution covers every aspect of the payment lifecycle, from end-to-end transaction processing to risk and fraud management, reconciliation, dispute and chargeback management, and analytics.

EVOK 3.0 includes advanced transaction processing capabilities such as multi-bank intelligent routing and shadow ledger capabilities designed to offload transaction authorisation from Core Banking Systems. The platform provides predictive fraud intelligence and seamless processing, enabling businesses to manage high transaction volumes efficiently while ensuring security and accuracy.

Innovative Overlays

NPST has introduced a series of innovative overlays designed to help banks and payment aggregators further monetise payment rails.

• PayJoy: An instant credit line solution seamlessly embedded into the customer’s transactional journey.
• UPI Circle: Designed to expand digital payment access across India, UPI Circle enables primary account holders to authorise secondary users to make UPI payments using their accounts.
•  Contextual Payments: Enhance the customer checkout experience by delivering personalised discounts and offers, boosting the average order value of transactions and driving increased loyalty.
• TimePay Cash: Allows customers to withdraw cash using QR codes at nearby Kirana stores, creating a cost-efficient hyperlocal network that provides easy access to cash.
• UPI Lite Auto-Top Up: Enables customers to automatically replenish UPI Lite accounts promoting active usage and reducing the number of dormant accounts.

Deepak Chand Thakur, Co-founder and CEO of NPST, said, “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 monetisation opportunities.”