The Contract Is to Scale Offline Payment Acceptance Network
FinTech BizNews Service
Mumbai, April 8, 2025: NPST, India’s leading provider of banking and payment technology solutions, has secured a strategic multi-year contract from the Central Bank of India to deploy its flagship Qynx platform—an industry-leading Payment Platform-as-a-Service (PPaaS) offering designed to scale offline payment acceptance across the country.
Following a rigorous and competitive selection process, the Central Bank of India — one of the country’s oldest and most prominent nationalized banks, with over 4,600 branches — awarded NPST a significant 40% share of the nationwide initiative aimed at expanding India’s offline digital payments infrastructure.
The rollout will significantly enhance NPST’s payment stack for banks, boosting payment acceptance density in semi-urban and rural regions — areas that are rapidly emerging as high-potential hubs for digital transaction growth. Additionally, the initiative supports the bank’s broader objectives of mobilizing healthy accounts and deepening CASA (Current Account and Savings Account) penetration through digitized merchant engagement.
As part of the engagement, NPST will deploy QR-integrated SoundBox devices powered by its proprietary, white-labelled Qynx Merchant Switch, an intelligent backend engine that powers real-time transaction processing, automated reconciliation, payment reporting, and centralized management of merchants, devices, and operations.
NPST was selected as a preferred vendor based on its domain expertise, demonstrated success in executing large-scale payment infrastructure rollouts, robust compliance and risk frameworks, and proven operational capabilities backed by a nationwide service network and long-standing partnerships with leading SoundBox OEMs.
Commenting on the win, Deepak Chand Thakur, Co-Founder and CEO, NPST stated, “We are proud to be selected by the Central Bank of India as a trusted technology service provider to bring digital payments closer to the heart of Bharat. This engagement is a strong vote of confidence in NPST’s capabilities to deliver scalable, last-mile-ready solutions for offline payments. “The offline payments acceptance market, nearly three times the size of online, represents a significant strategic growth lever for us. The win positions NPST at the forefront of the next phase of India’s digital payments evolution and aligns with our long-term strategic vision of building inclusive, nationwide digital commerce”, he added.
Beyond hardware, the Qynx platform delivers a comprehensive, full-stack PPaaS solution—incorporating merchant onboarding, device inventory and logistics management, field servicing, and a mobile-first engagement layer to drive merchant activation and retention. The platform also ensures enterprise-grade reconciliation, settlement, advanced reporting capabilities, and built-in compliance support, enabling the bank to scale confidently with built-in regulatory alignment.
