Banking technology provider Network People Services Technology (NPST) has availed a registration for the third-party application provider (TPAP) from the National Payments Corporation of India (NPCI) for its TimePay solution.
TPAPs are third-party providers that roll out a distinct Unified Payments Interface (UPI) handle for their customers.
NPST aims to put the recently received registration to use by picking cooperative housing societies and merchants in lieu of giving them an application stack that will consist of accounting solutions, invoicing and also payment collections.
These merchants and societies will be particularly targeted from smaller cities and the application will be specifically customized for them by building an enterprise resource program for their ecosystems.
Moreover, this registration will also allow the NPST to integrate a unique QR code for each bill that the customers can pay through scanning. Accordingly, the smaller cooperative housing societies will have a billing capability of large utilities.
“Wherever there is a current account we should be able to digitise it and create a revenue model and generate income for banks. We already have an order book from Cosmos Bank to digitise the current account of their 130 branches across the country,” NPST Chairman and MD Deepak Thakur was quoted in a report by the Times of India.
The company is also looking to raise around Rs 13 crore through its planned initial public offering (IPO), which will further boost its valuation to more than 50 crore and possibly assist it in expanding its operations to about 25 additional non-metro cities.
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