NPST Secures Central Bank of India Deal for Digital Payment Expansion

NPST, a banking technology provider, has won a multi-year contract with the Central Bank of India to implement its Qynx platform. This initiative aims to expand offline payment networks, particularly in semi-urban and rural areas, supporting the bank's goal for increased digital engagement and account mobilization.

NPST, a significant player in banking and payment technology, has announced a multi-year contract with the Central Bank of India to implement its Qynx platform nationwide. This strategic move is aimed at enhancing offline payment acceptance across various sectors, especially in underbanked regions, according to the company's latest statement.

The Mumbai-based public sector bank, with an extensive network of over 4,600 branches, has awarded NPST a pivotal 40 percent share in this nationwide initiative. This project underscores the bank's commitment to expanding its offline digital payments infrastructure, prioritizing semi-urban and rural areas that are increasingly becoming hotspots for digital growth.

This initiative not only enhances NPST's offerings but also aligns with the Central Bank of India's broader objectives, such as increasing current and savings account penetration. The deployment will include QR-integrated SoundBox devices powered by NPST's proprietary Qynx Merchant Switch, centralizing management for efficient merchant engagement and transaction processing.

(With inputs from agencies.)