Mumbai, Feb 28 – The National Payments Corporation of India (NPCI) is set to establish a massive 5 lakh square feet office space in Mumbai’s Bandra Kurla Complex (BKC), a prime business district, as part of its expansion and consolidation efforts. The facility, expected to be completed in three years, will accommodate approximately 5,000 employees, according to NPCI’s Chief Executive Officer Dilip Asbe.
Currently, NPCI operates out of a rented headquarters in BKC along with two additional offices in suburban Jogeshwari and Goregaon. The new headquarters will serve as a hub to consolidate staff, particularly its Mumbai-based workforce, which accounts for around 1,000 employees out of its total strength of over 2,000.
AI and UPI Growth Drive Expansion
Asbe highlighted the increasing importance of artificial intelligence (AI) in NPCI's operations, stating that the expansion will enable the organization to enhance its AI-driven innovations. The additional workspace is expected to facilitate the growing technological advancements and workforce requirements in India's rapidly evolving digital payments landscape.Strategic Location in Mumbai’s Financial Hub
BKC, a key financial district, already houses major institutions such as the Securities and Exchange Board of India (SEBI), State Bank of India (SBI), ICICI Bank, and Citibank. The Mumbai Metropolitan Region Development Authority (MMRDA) had allotted a commercial plot in the area to NPCI in October last year, paving the way for this significant infrastructure development.Surging Growth in UPI Credit Transactions
On the payments front, Asbe noted the rapid expansion of credit transactions through the Unified Payments Interface (UPI). He revealed that UPI-based credit spending now accounts for about 8% of overall credit card transactions. Additionally, RuPay’s gateway contributes to 16% of total credit card spending, with half of these transactions occurring via the UPI platform.With its upcoming headquarters and continued advancements in the digital payments sector, NPCI is poised to reinforce its position as a leader in India's financial technology ecosystem.
