NPCI sees record surplus of Rs 1,134.31 Cr in FY24

National Payments Corporation of India (NPCI) has reported strong financial results for the fiscal year, with an after-tax surplus of Rs 1,134.31 crore for FY24.

As a non-profit organisation, NPCI refers to its profit as a surplus, which saw a 37% increase from Rs 828.04 crore in FY23.

Revenue from operations also increased in FY24 and stood at Rs 2,876.46 crore, a 39.30% increase compared to Rs 2,064.88 crore in FY23. Other income also surged by 63.18% to Rs 402.2 crore, taking the total income for FY24 to Rs 3,278.66 crore.

NPCI has four revenue streams, of which the biggest contributor is income from payment services, which surged by 36.23% to Rs 2,693.42 crore.

Marketing expenses, which recorded the highest growth among all categories, jumped 75.53% to Rs 781.83 crore from Rs 445.40 crore in the previous year.

The increase was primarily driven by upfront incentives paid to banks for RuPay cards and various cashback campaigns aimed at promoting digital transactions. Marketing costs also included spending on RuPay media, advertisement and publicity campaigns, B2B initiatives, and sponsorships.

Employee benefits expenses rose by 33.88% to Rs 323.65 crore in FY24, compared with Rs 241.73 crore in FY23. Overall, total expenses for FY24 were Rs 1,739.53 crore, a 46.99% increase from Rs 1,183.39 crore in FY23.

NPCI was established in 2008 to facilitate digital payments in India. It was founded to create a robust payment and settlement infrastructure, promoting financial inclusion and cashless transactions.

Its key operations include the development and management of the Unified Payments Interface (UPI), National Electronic Funds Transfer (NEFT), and the Immediate Payment Service (IMPS).