National Payments Corporation of India (NPCI): Overview of Innovations and Growth


  • Mitali Baj   Department of Technology Management, MPSTME, Narsee Monjee Institute of Management Studies, Mumbai
  • Yashika Rane   Department of Technology Management, MPSTME, Narsee Monjee Institute of Management Studies, Mumbai
  • Ishwari Shinde   Department of Technology Management, MPSTME, Narsee Monjee Institute of Management Studies, Mumbai


Corporate Social Innovation (CSI), UPI, Digital Payments, Financial inclusion, FASTag


National Payments Corporation of India (NPCI) has been at the forefront of innovation in the Indian financial system. It has introduced numerous influential products like UPI, with the aim of cash-less economy and financial inclusion for the population. In this paper, we provide an overview of NPCI’s most innovative products and their performance over the years. We discuss the impacts of these innovations on all kinds of stakeholders ranging from customers, merchants, banks and the overall economy. We discuss major developments towards internationalization of the products, the competitions they face and disruptions brought in the market. We analyse the growth of NPCI, with reference of data from official website and annual reports. We finally derive a deeper conclusion from the analysis, that a company’s growth is assured to be humongous when it brings about innovations for the masses of the country. We support this finding with the help of literature present for Corporate Social Innovation (CSI) theoretical framework. The paper also contributes to this framework research with NPCI as a case study. The main focus of challenges and future research scope are discussed, being the assurance of NPCI’s commercial viability when it comes out of the protection of government support.


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How to Cite

Baj, M., Rane, Y., & Shinde, I. (2023). National Payments Corporation of India (NPCI): Overview of Innovations and Growth. Journal of Applied Management- Jidnyasa, 15(2), 23–36. Retrieved from



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