NPST, a leading Indian fintech firm specializing in banking and payment technology, has announced a significant multi-year contract with the Central Bank of India. The collaboration will see NPST deploying its flagship Qynx platform, a Payment Platform-as-a-Service (PPaaS), to expand offline payment acceptance throughout the country.
The Central Bank of India, with its extensive network of over 4,600 branches, selected NPST after a rigorous evaluation process. NPST secured a substantial 40% share of a nationwide initiative focused on enhancing India’s offline digital payments infrastructure. While, NPST operates as both a Technology Service Provider (TSP) and a Payment Platform as a Service Provider (PPaaS), offering solutions across the financial value chain, including online and offline transaction processing, banking super apps, fraud prevention, dispute management, and compliance technology. The company supports over 100 customers, processing more than 60 million transactions daily. In FY24, NPST reported total revenues of ₹130.08 Cr with 216% YoY growth.
This project aims to boost payment acceptance in semi-urban and rural areas, which are experiencing rapid growth in digital transactions. The collaboration also supports the bank’s objectives of mobilizing accounts and increasing CASA penetration through digitized merchant engagement.
As part of the contract, NPST will deploy QR-integrated SoundBox devices powered by its Qynx Merchant Switch. This backend engine facilitates real-time transaction processing, automated reconciliation, payment reporting, and centralized management of merchants, devices, and operations. NPST was chosen due to its domain expertise, track record in large-scale payment infrastructure deployments, robust compliance frameworks, and operational capabilities, supported by a nationwide service network and partnerships with leading SoundBox OEMs.
Deepak Chand Thakur, Co-Founder and CEO of NPST, expressed pride in being selected by the Central Bank of India, stating, “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.”
Thakur added, “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.”
Beyond hardware, the Qynx platform delivers a comprehensive PPaaS solution that includes merchant onboarding, device management, field servicing, and a mobile engagement layer to drive merchant activation and retention. The platform also provides enterprise-grade reconciliation, settlement, reporting, and compliance support, enabling the bank to scale with regulatory alignment.
