NPST Wins Strategic Contract from Central Bank of India to Deploy Qynx Platform Nationwide Under this engagement, NPST will deploy QR-integrated SoundBox devices powered by its proprietary Qynx Merchant Switch—an intelligent engine enabling real-time transaction processing, reconciliation, merchant management, and payment reporting.
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NPST, a leading banking and payment technology solutions provider, has secured a strategic multi-year contract from the Central Bank of India to deploy its flagship Qynx platform. The Payment Platform-as-a-Service (PPaaS) offering is designed to boost offline payment acceptance across the country, marking a major milestone in NPST's expansion journey.
Following a highly competitive bidding process, the Central Bank of India—one of the country's oldest nationalised banks with over 4,600 branches—awarded NPST a substantial 40% share in a national initiative to expand offline digital payments infrastructure. This rollout strengthens NPST's presence in semi-urban and rural regions, where the adoption of digital transactions is rapidly accelerating.
Under this engagement, NPST will deploy QR-integrated SoundBox devices powered by its proprietary Qynx Merchant Switch—an intelligent engine enabling real-time transaction processing, reconciliation, merchant management, and payment reporting. The move not only empowers merchants with seamless payment experiences but also supports the bank's broader CASA mobilization goals through digitized merchant engagement.
NPST's selection is rooted in its proven expertise in deploying large-scale payment solutions, a robust nationwide service network, strong compliance capabilities, and established partnerships with leading SoundBox OEMs. The Qynx platform goes beyond hardware, offering a full-stack digital commerce suite including merchant onboarding, inventory management, field service support, and mobile-first engagement features that enhance merchant activation and retention.
Deepak Chand Thakur, Co-founder and CEO of NPST, said, "We are proud to be selected by the Central Bank of India to help bring digital payments closer to the heart of Bharat. This engagement is a strong endorsement of NPST's ability to deliver last-mile-ready offline payment solutions at scale."
He added, "Offline payment acceptance, which is nearly three times the size of online, is a powerful growth lever. This win positions NPST at the forefront of India's next digital payments evolution, aligned with our vision of building inclusive digital commerce across the country."
Founded in 2013, NPST is listed on the NSE SME exchange and supports over 100 clients, processing more than 60 million transactions daily. With FY24 revenues of INR 130.08 Cr and 310% YoY profit growth, NPST continues to cement its position as a key enabler of India's fintech revolution.
