I am not sure of the co-relation that everyone sees. For eg. in quarter ending Dec 2023, Cosmos PSP payee volumes grew by 73%, but NPST revenues grew by 12%. Then in Mar 2024, PSP volumes grew by 73%, and NPST revenue grew by 39%. Post this, in June 2024, PSP volumes grew almost by 200%, but revenue growth dropped to 35%. If Cosmos payee PSP volume growth was such a big factor, June 2024 should have reported blockbuster growth.
Also, Volume number for quarter ending Sept 2024 still remains quite high, assuming 0 for the last month.
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