iServeUa leading provider of digital payment solutions to banks and financial institutions in India, Southeast Asia, the Middle East and Africa, 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 the India, MENA and Southeast Asia markets. The two companies signed a memorandum of understanding at the Singapore Fintech Festival 2024 to launch this product and invest in R&D to develop new products and solutions aimed at increasing financial inclusion and adoption of digital payments.

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 payments orchestration platform, is used by leading Indian banks such as Kotak Mahindra Bank, NSDL Payments Bank, India Post Payments Bank, UCO Bank, etc.

Soundbox technology has gained popularity in India over the past few years, mainly due to the increasing adoption of UPI as a payment method. The convenience and security brought by Soundboxes with instant audio confirmation, vernacular language support, low maintenance and zero dependency on smartphones have improved the overall customer experience. As other countries strive to replicate the success of the UPI, the demand for innovative sounding board solutions is poised to increase.

The all-in-one soundbox terminal comes with a host of features designed to meet diverse business needs. This includes a 3-in-1 payment solution that supports QR code, Chip and Tap payments; dual interface for the merchant and the customer to guarantee security and confidentiality; built-in sound box for instant audio transaction confirmation notifications; and its price is one-third that of standard POS terminals, making it ideal for large, micro and small merchants in various segments.

iServeU 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 suppliers of sound box solutions in India having served renowned clients such as Canara Bank, SBI Payments, J&K Grameen Bank, CSC E-Governance Services Limited, etc. and this partnership allowed us to enrich our portfolio with an innovative product for merchants.

Sanjeev Sandhu, CEO of PAX Technology India, a subsidiary of PAX Technology Limited Hong Kong, added: “At PAX, we always strive 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 South East Asia.

Tashwinder Singh, Managing Director and CEO of Niyogin Fintech Limited, the parent company of iServeU Technology, said: “This partnership marks an important step towards realizing our vision to lead the soundboard and POS market. . By investing in cutting-edge payment solutions, we’re ready to meet the changing needs of merchants and consumers.

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 providing the best payments technology, transforming transactions around the world with secure and efficient solutions.

About iServeU Technology Pvt. Ltd.

iServeU Technology Pvt. Ltd. is a leading Fintech company committed to providing banks, NBFCs and Fintech entities with innovative banking solutions. Operating in more than five countries, iServeU’s robust, distributed platform, powered by more than 1,200 microservices, handles approximately 2,500 transactions per second. This infrastructure supports iServeU’s mission to redefine digital banking experiences and become an industry leader in the Fintech space.

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