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NPST and Central Bank of India: Offline UPI Push

10 April 20251 min read
BANKING & FINANCENPST and CentralBank of India:Offline UPI Push10 April 2025safalsetu.com

Why in the news

NPST agreed a multi-year deal with Central Bank of India to widen offline digital payments, using its Qynx platform.

Key facts

  • Vendor: NPST (Network People Services Technologies); bank: Central Bank of India; platform: Qynx, a Payment Platform-as-a-Service (PPaaS).
  • Focus on semi-urban and rural areas with weak or no internet, supporting a less-cash economy.
  • QR-based SoundBox devices link to the Qynx Merchant Switch for real-time UPI and automated reconciliation.
  • NPST won a 40% share of a national offline-UPI project.

Why it matters

  • Digitising merchant acceptance should lift CASA penetration for the bank.

Scale

  • Designed for 100+ clients and 60+ million transactions daily.
  • Central Bank’s 4,600+ branches will serve as support hubs.
  • NPST FY24 revenue: ₹130.08 crore, up 216%.

Exam angle

  • Platform: Qynx (PPaaS).

Test yourself

1. What is the name of NPST's Payment Platform-as-a-Service used for Central Bank of India's offline payments?

NPST deploys Qynx as the technology base.

2. What share of the national offline UPI scaling project did NPST secure?

NPST secured a 40% market share in the project.

3. Which devices help Central Bank of India merchants accept offline UPI payments in the NPST tie-up?

QR-based SoundBox devices integrate with Qynx Merchant Switch.

This topic is part of Daily Current Affairs 10 April 2025 (24 topics).

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