Posted by Bhubaneswar, Odisha: Banking infrastructure platform provider iServeU has announced a five-year contract with the Central Bank of India valued at over $10 million. The agreement will see iServeU manage the bank’s merchant acquiring operations across the country, marking a major win for the banking technology provider.
The deal includes the annual supply of more than 60,000 UPI-enabled soundboxes, with a provision to increase order volumes by 25% each year. These devices will feature QR and Tap and Pay options, including pin-pad variants, aimed at making digital payments more accessible and secure for merchants.
Under the agreement, iServeU will also provide a complete technology stack including a merchant app with UPI capabilities, a robust soundbox platform, a back-office portal, and full merchant support. The company will oversee a smooth transition from the bank’s previous service provider.
The scope of the contract extends beyond the bank itself to include Central Bank of India’s subsidiaries, sponsored Regional Rural Banks, and any future merged entities, ensuring long-term scalability and reach.
“We’re truly excited about this milestone partnership with the Central Bank of India,” said Tashwinder Singh, Vice Chairman of iServeU. “Our soundbox platform is built to deliver a simple, multilingual, and trustworthy experience for merchants, encouraging them to embrace cashless payments.”
Debiprasad Sarangi, CEO of iServeU, added, “It’s a proud moment for us to collaborate with the Central Bank of India to take digital payment solutions to merchants across the country.”
The partnership builds on iServeU’s recent empanelment as a Technology Service Provider for the bank’s Bharat Connect platform, solidifying its role as a trusted provider of digital financial services.