NPST and Cosmos Bank Partner to Enable QR-Based UPI Merchant Acquiring for Co-operative Banks

Network People Services Technologies Ltd. (NPST) has announced a strategic partnership with Cosmos Cooperative Bank Ltd. to enhance the digital payment infrastructure for co-operative banks across India. The initiative aims to provide UPI-based payment acceptance solutions, such as QR codes and soundbox devices, to co-operative banks without the need for significant digital infrastructure investments. With more than 11,000 branches, co-operative banks serve as the first financial point of contact for small and micro businesses across the country. However, many of these institutions face barriers to digital payments due to legacy systems and the complexities involved in merchant acquiring.

Through this partnership, cooperative banks will be able to offer UPI QR code and soundbox-based payment acceptance to their merchants, allowing them to accept digital payments without requiring extensive backend infrastructure. Cosmos Bank will serve as the acquiring sponsor bank, extending its services to partner co-operative banks. NPST, through its offline ...