iServeU Secures $10M Banking Contract to Transform Merchant Acquiring Operations in India

iServeU has inked a five-year contract over $10 million with the Central Bank of India to enhance merchant acquiring operations. The deal involves deploying UPI-enabled soundboxes and a comprehensive technology stack, ensuring predictable revenues and scalability for iServeU, while supporting the bank's subsidiaries and Regional Rural Banks.

iServeU, a leading provider of banking infrastructure, announced on Wednesday that it has signed a significant five-year contract with the Central Bank of India, valued at over USD 10 million (approximately Rs 86 crore).

Under this agreement, iServeU will be responsible for powering the bank's merchant acquiring operations across the nation. This includes the deployment and management of UPI-enabled soundboxes, alongside delivering an advanced technology stack comprising a merchant app, a robust soundbox platform, and a comprehensive back-office portal with full-scale merchant support.

The contract guarantees iServeU predictable recurring revenue, with an annual provision of over 60,000 soundboxes. Furthermore, the company will extend its services to the bank's subsidiaries, sponsored Regional Rural Banks (RRBs), and any future merged entities, broadening its reach and scalability.

(With inputs from agencies.)