NPST Secures Contract to Expand Offline Payments in India

New Delhi, Apr 8 (PTI) NPST, a banking and payment technology solutions provider, on Tuesday said 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) offering designed to scale offline payment acceptance across the country.

The Mumbai-based public sector bank, with over 4,600 branches awarded NPST a 40 per cent share of the nationwide initiative aimed at expanding offline digital payments infrastructure, NPST said in a statement.

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, it said.

Additionally, it said the initiative supports the bank's broader objectives of mobilising healthy accounts and deepening CASA (Current Account and Savings Account) penetration through digitised merchant engagement.

As part of the engagement, NPST will deploy QR-integrated SoundBox devices powered by its proprietary, white-labelled Qynx Merchant Switch, a backend engine that powers real-time transaction processing, automated reconciliation, payment reporting, and centralised management of merchants, devices, and operations, it said.