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National Payments Corporation of India (NPCI) reports 37% growth in consolidated net profit to Rs 1,134 crore in FY24.
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UPI transactions drive growth, with 45% yearly increase and 35% growth in transaction value to Rs 20.64 lakh crore.
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NPCI’s revenue rises to Rs 2,876 crore from Rs 2,064 crore in FY23, primarily from operating retail payment systems.
The National Payments Corporation of India (NPCI) has reported a significant 37% growth in consolidated net profit to Rs 1,134 crore in the financial year ending March 2024. This growth is primarily driven by the increasing adoption of digital payments, particularly through the Unified Payments Interface (UPI).
UPI transactions have seen a remarkable 45% yearly growth, with the value of transactions increasing by 35% to Rs 20.64 lakh crore. This marks the third consecutive month where total transactions have exceeded Rs 20 lakh crore. The growth in UPI transactions has contributed significantly to NPCI’s revenue, which has risen to Rs 2,876 crore from Rs 2,064 crore in FY23.
NPCI’s payment systems, including UPI, RuPay Cards, and IMPS, have played a crucial role in promoting financial inclusion and digital payments in India. The Reserve Bank of India (RBI) has reported a 10-fold increase in UPI transactions over the last four years, accounting for 80% of total digital payment volumes.
