Odisha,7th August’25: iServeU, one of India’s leading modern banking infrastructure providers, has secured a five-year contract worth over $10 million with the Central Bank of India. Awarded after a competitive bidding process, the deal marks a major win for iServeU on both technology strength and commercial competitiveness.
As part of the agreement, iServeU will power the Bank’s merchant acquiring operations end-to-end. This includes deploying and managing UPI-enabled soundboxes across the country, along with delivering a comprehensive technology stack that features a merchant app with advanced UPI capabilities, a powerful soundbox platform, a back-office portal, and full-scale merchant support—including seamless migration from the previous service provider.
The contract, which also includes an option for extension, secures predictable recurring revenues for iServeU and includes the annual supply of over 60,000 soundboxes. These will include QR-based and Tap & Pay devices with pin-pad options. The agreement also allows for a 25% increase in order volumes each year. In addition, iServeU will serve the Bank’s subsidiaries, sponsored Regional Rural Banks (RRBs), and any future merged entities—enabling long-term scalability.
This partnership supports the Government of India’s push for digital payment adoption in underserved regions including rural India, the North-East, and Jammu & Kashmir helping banks extend their reach into high-potential markets.
“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. This long-term engagement not only highlights the strength of our technology but also expands our market presence meaningfully. We’re committed to helping banks accelerate financial inclusion and digital payments, while creating long-term value for our investors.”
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. Our focus is on providing smooth, secure, and innovative experiences that help banks deepen their reach—especially in areas that have historically been underserved. Our team is fully committed to delivering best-in-class service and tech support to the Bank and its customers.”
This partnership follows iServeU’s recent empanelment as a Technology Service Provider (TSP) for the Central Bank of India’s Bharat Connect platform, further strengthening the relationship and positioning iServeU as a preferred partner for delivering a wider range of digital financial services.