Odisha: The Central Bank of India has awarded a five-year, $10 million contract to iServeU, a leading modern banking infrastructure provider, to power its merchant acquiring operations nationwide.Â
This move is part of the bank’s larger strategy to strengthen digital payment adoption, particularly in underserved regions.
Details of the contract
The contract includes the deployment and management of UPI-enabled soundboxes, a multilingual merchant app with advanced UPI features, a robust soundbox platform, a back-office portal, and complete merchant support services.
The solution also ensures a smooth transition from the previous service provider, ensuring uninterrupted services to merchants across the country.
Scalable and future-ready deployment
As per the agreement, iServeU will annually supply over 60,000 soundboxes, including QR-based and Tap & Pay devices with pin-pad options. The deployment will also extend to the Central Bank’s subsidiaries, Regional Rural Banks (RRBs), and future merged entities, ensuring long-term technological alignment.
Supporting financial inclusion in underserved regions
This strategic partnership directly supports the Government of India’s push for digital payment inclusion, particularly in rural areas, the Northeast, and Jammu & Kashmir. By strengthening its digital presence, the Bank aims to better serve high-potential but underserved markets.
Also Read
IPPB Launches Aadhaar-Based Face Authentication Nationwide to Boost Inclusive Banking
Discussion about this post