iServeU, a leading digital payment solutions provider to banks and financial institutions in India, South East Asia, Middle East and Africa regions, and PAX Technology, a global leader in electronic payment terminals, have announced a strategic partnership to launch an all-in-one soundbox terminal capable of accepting QR-based payments, NFC, and EMV Dip transactions. This collaboration aims to drive the next generation of digital payments in India, MENA and Southeast Asia markets. Both companies have signed a MoU at the Singapore Fintech Festival 2024 to launch this product and invest in R&D for developing new products and solutions aimed at increasing financial inclusion and digital payment adoption.
As part of the partnership, iServeU will integrate its proprietary platforms, OCTAHub and iSwara, with PAX to enable the all-in-one soundbox terminal to accept digital payments and play audio notifications. OCTAHub, iServeU’s flagship payment orchestration platform, is used by leading banks in India such as Kotak Mahindra Bank, NSDL Payments Bank, India Post Payments Bank, UCO Bank, etc.
Soundbox technology has gained significant traction in India in the last few years, primarily driven by the increasing adoption of UPI as a payment method. The convenience and security brought by sound boxes with instant audio confirmation, vernacular language support, low maintenance, and zero dependency on smartphones have enhanced the overall customer experience. As other countries strive to replicate the success of UPI, the demand for innovative soundbox solutions is poised to increase.
The all-in-one soundbox terminal is equipped with a multitude of features designed to meet the diverse needs of businesses. This includes a 3-in-1 payment solution that supports QR Code, Chip, and Tap payments; dual interface for merchant and customer to keep security and privacy; built-in sound box for instant audio notifications of transaction confirmation; and Priced at a third of standard POS terminals making it ideal for large, micro, and small merchants across various segments.
iServeU’s CEO, Debiprasad Sarangi, shared his thoughts on the partnership, “We are excited to collaborate with PAX Technology to bring a powerful solution to the Indian and Southeast Asian markets. Today we are one of the leading providers of soundbox solutions in India having served marquee clients such as Canara Bank, SBI Payments, J&K Grameen Bank, CSC E-Governance Services Limited, etc., and this partnership has allowed us to enhance our portfolio with an innovative product for merchants.”
Sanjeev Sandhu, CEO at PAX Technology India, subsidiary of PAX Technology Limited Hong Kong, added, “At PAX, we are always striving to innovate and simplify payment acceptance. This partnership with iServeU aligns perfectly with our vision of creating seamless payment experiences. We are confident that our all-in-one soundbox terminal, equipped with UPI, NFC, and EMV capabilities, will significantly contribute to the growth of cashless transactions in India and Southeast Asia.”
Tashwinder Singh, MD & CEO of Niyogin Fintech Limited, the parent company of iServeU Technology, said, “This partnership marks a significant step towards realizing our vision of leading the soundbox and POS market. By investing in cutting-edge payment solutions, we’re poised to meet the evolving needs of merchants and consumers.”
About PAX Technology
PAX Technology is a global leader in the development of payment terminals and devices. With a reputation for quality and reliability, PAX is committed to delivering the best in payment technology, transforming transactions worldwide with secure, efficient solutions.
About iServeU Technology Pvt. Ltd.
iServeU Technology Pvt. Ltd. is a leading fintech company committed to empowering banks, NBFCs, and fintech entities with innovative banking solutions. Operating in over five countries, iServeU’s robust, distributed platform, powered by over 1,200 micro services, handles approximately 2,500 transactions per second. This infrastructure supports iServeU’s mission to redefine digital banking experiences and to be an industry leader in fintech innovation.
