NPST secures deal with Central Bank of India to power offline payments

By Gloria Methri

NPST, a banking and payment technology provider, has signed a multi-year agreement with the Central Bank of India to implement its Qynx platform. The platform aims to expand offline digital payment acceptance across the country.

After a competitive selection process, NPST was awarded a 40% share in a nationwide initiative led by the Central Bank of India, which has a network of over 4,600 branches. The initiative focuses on strengthening the offline payments network, especially in semi-urban and rural areas where digital transactions are growing steadily.

The rollout will help improve NPST’s offerings for banks and contribute to increasing digital payment points in less urbanised regions. It also aligns with the bank’s goal of encouraging the use of digital payments among merchants while promoting the growth of current and savings accounts (CASA).

As part of the project, NPST will supply QR-integrated SoundBox devices using its Qynx Merchant Switch. This system supports real-time transaction processing, automated reconciliation, payment tracking, and centralised management of merchant operations and devices.

NPST was chosen for its experience in handling large-scale payment deployments, compliance standards, operational infrastructure, and partnerships with SoundBox device manufacturers.

Commenting on the win, Deepak Chand Thakur, Co-Founder and CEO of 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 decisive 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, NPST’s Qynx platform offers a complete Payment Platform-as-a-Service (PPaaS) solution. It covers merchant onboarding, device inventory and logistics, field servicing, and a mobile-first interface to help activate and retain merchants.

The platform also includes tools for reconciliation, settlement, detailed reporting, and compliance support. These features are designed to help the Central Bank of India manage operations efficiently and expand its payment network in line with regulatory requirements.