NPST secures multi-year contract from Central Bank of India to scale offline payment acceptance

NPST, a banking and fee expertise options supplier, on Tuesday stated it has secured a multi-year contract from the Central Bank of India to deploy its Qynx platform, a Payment Platform-as-a-Service (PPaaS) providing designed to scale offline payment acceptance throughout the nation. The Mumbai-based public sector financial institution, with over 4,600 branches awarded NPST a 40 per cent share of the nationwide initiative aimed toward increasing offline digital payments infrastructure, NPST stated in an announcement.

The rollout will considerably improve NPST’s fee stack for banks, boosting fee acceptance density in semi-urban and rural areas, areas which are quickly rising as high-potential hubs for digital transaction progress, it stated.

Moreover, it stated the initiative helps the financial institution’s broader goals of mobilising wholesome accounts and deepening CASA (Present Account and Financial savings Account) penetration by means of digitised service provider engagement.

As a part of the engagement, NPST will deploy QR-integrated SoundBox units powered by its proprietary, white-labelled Qynx Service provider Swap, a backend engine that powers real-time transaction processing, automated reconciliation, fee reporting, and centralised administration of retailers, units, and operations, it stated.