NPST – Technology Provider for UPI Tech

joined the call. Didn’t get a chance to raise the 2 questions i had noted.

1. My question is with regard to evok/ppas segment. Kindly explain in layman terms, how the revenue flows to NPST for this segment. Like who pays to NPST, and one level up the chain, who pays to the ‘payer to NPST’ and so on. This question comes from concerns around 2 topics. a. Govt. reducing incentives for digital payments ( are we a big beneficiary of that?) b. Reports around merchants not willing to pay MDR to for upi payments.
2. My understanding so far is, the evok transaction volume are a subset of cosmos payee PSP nos. and mgmt. had also hinted the same in earlier calls. But we see that comsos payee PSP nos. as reported by NPCI website have seen a sharp decline in last 2 months. In fact cosmos has gone from being in Top 10 to out of Top 15 rankings in psp volumes. But as of Q225 we don’t see this impact evok nos. significantly. Has anything changed on ground which investors should worry about? How would you define the relation between cosmos payee PSP nos. vs evok transaction volume.

Call recording is already available on youtube. Apart from normal updates around product development, one significant update is, Mgmt spoke about on-boarding 2 more sponsor banks in addition to cosmos. Could this be already in action and hence we see the impact on cosmos nos. ?