Context:
- Partnership Announcement:
- NPST (Network People Services Technologies) has signed a multi-year contract with Central Bank of India to expand and enhance offline digital payments across the country.
- Platform Involved:
- Deployment of Qynx, NPST’s Payment Platform-as-a-Service (PPaaS), as the technological foundation for this expansion.
Key Objectives and Benefits
- Boost Offline Digital Transactions:
- Focus on semi-urban and rural areas with limited or no internet access
- Promotes financial inclusion and supports the Reserve Bank of India’s vision of a less-cash economy
- Use of QR-Based SoundBox Devices:
- Integration with Qynx Merchant Switch
- Facilitates real-time UPI payments, automated reconciliation, and centralized merchant management
- CASA Growth Strategy:
- Supports Current Account and Savings Account (CASA) penetration by digitizing merchant payment acceptance
Nationwide Initiative & Market Share
- Selection Through Evaluation:
NPST secured a 40% market share in a national project to scale offline UPI payments- Recognized for its technical strength, compliance framework, and past performance
- Merchant-Focused Tools:
- Offers mobile onboarding, device tracking, and 24/7 merchant support
- Aims to improve merchant activation, retention, and transaction engagement
Impact and Scale
- Operational Capacity:
- System designed to serve 100+ clients
- Processes 60+ million transactions daily
- Central Bank of India’s Reach:
- Over 4,600 branches to serve as deployment and support centers for the solution
NPST’s Financial & Operational Performance
- FY24 Revenue: ₹130.08 crore
- Growth Rate: 216% YoY increase, showcasing robust business expansion and operational success
