NPST Wins Multi-Year Contract From Central Bank of India For Improving Offline Payments Infrastructure

Network People Services Technologies NPST, one of India's finest banking and payment technology solutions providers, has clinched a multi-year strategic deal with the Central Bank of India (CBI) for implementing its flagship Qynx platform, a leading Payment Platform as a Service (PPaaS) solution that seeks to improve the acceptance of offline digital payments across the country.

NPST won the initiative with a leading share of 40% in the CBI-sponsored nationwide rollout campaign after going through a stringent competitive selection process.

During this period, NPST is set to integrate QR-enabled SoundBox devices with its white-labeled Qynx Merchant Switch that features real-time transaction processing, intelligent reconciliation, centralized merchant and device management, and advanced reporting-all in a single secure, scalable, hosted platform.

The project is designed to boost the use of digital payments in semi-urban and rural areas, which are target markets for offline payment solutions. It also aligns with the bank's overarching approach to deepen CASA (current account and savings account) penetration and mobilize active accounts with merchants through smooth, digitized interactions.

Deepak Chand Thakur, Co-Founder and CEO of NPST, commented on the development: "As a trusted technology partner for the Central Bank of India in this transformative journey, we appreciate the selection. In fulfilling the requirements of this partnership, we are witnessing the efficiency of our scalable, last-mile-ready digital payment systems that further the goals of India's digital economy. The sheer volume of offline payments, which is nearly three times that of online transactions, constitutes incredible growth potential. This victory propels NPST into the center of India's next digital transformation."

Along with the hardware deployment, the Qynx platform features merchant onboarding, inventory and logistics management, field servicing, mobile-first merchant engagement, enterprise-grade reconciliation and settlement, and compliance-all enabling regulatory-aligned scaling trust with banks.

NPST's selection was driven by its proven track record in implementing payment infrastructure, domain knowledge in banking technology, compliance, extensive OEM vendor relationships, and servicing network.

NPST, incorporated in 2013, became a publicly listed company on the NSE SME platform. The Company operates as a Technology Service Provider (TSP) and as a Payment Platform-as-a-Service (PPaaS) provider with specialisation over UPI payments, digital banking, transaction processing (online/offline), and compliance technology. Its comprehensive capabilities fuel super apps, and fraud prevention, dispute automation management, and more.

NPST supports more than 100 enterprise clients and processes over 60 million transactions on a daily basis. For FY24, NPST reported a total revenue of Rs 130.08 crore (216% growth from the previous year), EBITDA of Rs 43.70 crore (253% YoY growth), and net profit of Rs 26.71 crore (310% YoY growth), an indication of strong operational and financial performance.

As NPST continues to empower banks and fintechs alongside businesses with advanced technology, India is working towards more integral financial inclusion and digital adoption. NPST empowers economic advancement as trust dimming spreads across the digital divide value chain.