Few inputs from my understanding.
Yes. that’s the split, and TPAP/evok/PPaaS was about 40-50% at end of Q423. So clearly this piece is playing a bigger role in the incremental growth and that is what mgmt. envisaged from their early con calls.
I think for NPST the revenue comes from payment aggregators/clients. Who, in turn might be using the revenue pool of MDRs they receive for their payment services from all kind of payments including CC/DC/Online Banking. So there might be some cross subsidization and some part may be aided by govt. of India support (not sure how that get’s distributed to the payment aggregators.
Yes, seems like the gaming players are a good part of their revenue, they didn’t give the exact numbers when asked in Q424 call. From what i heard from industry sources the gaming players do give a MDR even on UPI transactions. GMV for the evok business itself has moved from 5k cr. to 10k cr. between Q324 to Q125 !!
I think, overall we should see MDR getting reintroduced some time in future. The payment system is moving towards UPI and it’s becoming more feature rich. It’s hard to reverse this value migration. only natural conclusion is, it won’t be free or subsidized for ever by Govt.
There is lowering of cost for the entire ecosystem from the adoption of UPI like like in ATM/Cheque/Cash printing etc…so someone will own the bill for this tech adoption. NPCI has done it’s part, now the ecosystem is blooming.
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