NPCI posts Rs 3,270 crore revenue and Rs 1,552 crore profits in FY25:
NPCI, which is registered as a not-for-profit organisation, mentions net profit as surplus in its FY 25 annual financial statement
The National Payments Corporation of India, which runs the popular UPI payments, has seen a 42 percent growth in standalone net profits that crossed Rs 1,500 crore during the financial year ending March 2025, data from rating agency ICRA shows.
NPCI, which manages most digital payment settlements in the country, reported a net profit of Rs 1,552 crore in FY 25 on a standalone basis, ICRA noted in its credit report. During FY 24, NPCI reported Rs 1,095 crore net profit.
These numbers are unaudited and provisional figures, and the financials will be made public after the audit by the Comptroller and Auditor General of India. NPCI has not yet published any financial information for FY 25.
During the financial year ending March 2025, NPCI reported a standalone revenue of Rs 3,270 crore, compared with Rs 2,749 crore in FY 24, a growth of 19 percent.
The backbone of digital payments
NPCI was established under the aegis of the banking regulator, Reserve Bank of India (RBI) and is registered as a not-for-profit organisation. Hence, NPCI mentions net profit as surplus in the annual financial statement.
NPCI is owned by a consortium of banks. It also acts as the settlement house for IMPS, NACH and Aadhaar-based AePS.
NPCI also has two subsidiaries, NIPL (NPCI International Payments Limited) and NBBL (NPCI Bharat Billpay Limited). NBBL aggregates all the utility bill payments online, connecting all the billers and customers on third-party payment apps. NIPL works to expand the reach of NPCI internationally through commercial arrangements with foreign financial institutions.
NPCI’s profitability is striking, given that the largest payments platforms are not able to monetise transactions due to zero MDR (merchant discount rate), a fee banks charge merchants for processing digital transactions. This fee stood at 1-3%, but in January 2020, the government waived MDR on UPI and RuPay to boost digital adoption.
Cash pile: As of March 2025, NPCI had cash and equivalents of Rs 2,288 crore with no repayment obligations, according to ICRA. It also has access to Rs 13,667 crore in lines of credit, which is being increased to Rs 15,000 crore to ensure robust liquidity for clearing operations.
NPCI, which is registered as a not-for-profit organisation, mentions net profit as surplus in its FY 25 annual financial statement
The National Payments Corporation of India, which runs the popular UPI payments, has seen a 42 percent growth in standalone net profits that crossed Rs 1,500 crore during the financial year ending March 2025, data from rating agency ICRA shows.
NPCI, which manages most digital payment settlements in the country, reported a net profit of Rs 1,552 crore in FY 25 on a standalone basis, ICRA noted in its credit report. During FY 24, NPCI reported Rs 1,095 crore net profit.
These numbers are unaudited and provisional figures, and the financials will be made public after the audit by the Comptroller and Auditor General of India. NPCI has not yet published any financial information for FY 25.
During the financial year ending March 2025, NPCI reported a standalone revenue of Rs 3,270 crore, compared with Rs 2,749 crore in FY 24, a growth of 19 percent.
The backbone of digital payments
NPCI was established under the aegis of the banking regulator, Reserve Bank of India (RBI) and is registered as a not-for-profit organisation. Hence, NPCI mentions net profit as surplus in the annual financial statement.
NPCI is owned by a consortium of banks. It also acts as the settlement house for IMPS, NACH and Aadhaar-based AePS.
NPCI also has two subsidiaries, NIPL (NPCI International Payments Limited) and NBBL (NPCI Bharat Billpay Limited). NBBL aggregates all the utility bill payments online, connecting all the billers and customers on third-party payment apps. NIPL works to expand the reach of NPCI internationally through commercial arrangements with foreign financial institutions.
NPCI’s profitability is striking, given that the largest payments platforms are not able to monetise transactions due to zero MDR (merchant discount rate), a fee banks charge merchants for processing digital transactions. This fee stood at 1-3%, but in January 2020, the government waived MDR on UPI and RuPay to boost digital adoption.
Cash pile: As of March 2025, NPCI had cash and equivalents of Rs 2,288 crore with no repayment obligations, according to ICRA. It also has access to Rs 13,667 crore in lines of credit, which is being increased to Rs 15,000 crore to ensure robust liquidity for clearing operations.
