The National Payments Corporation of India (NPCI) has set up a wholly owned subsidiary, NPCI Tech Solutions (NTSL), to build technologies beyond its primary payments mandate.
The payments authority formed the new unit as a new technology and innovation arm of the group.
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Its remit includes developing technological capabilities, with work focused on artificial intelligence, blockchain, digital financial infrastructure, and global capability centre services.
The subsidiary will also provide technology services for eKYC Setu, the Unified Ticketing Platform (UTP), and other Digital Public Infrastructure (DPI) programmes. These services form part of NPCI Group’s broader technology initiatives.
The company has appointed Vishal Kanvaty as managing director and CEO of NTSL.
NPCI managing director and CEO Dilip Asbe said: “Technology has been at the core of NPCI’s journey and its contribution to India’s digital transformation. As we look ahead, advancements in AI and other emerging technologies are creating new possibilities across digital infrastructure and financial services.
“NTSL has been established to focus on these opportunities and further strengthen the NPCI Group’s technology capabilities. We are pleased to have Vishal lead NTSL and are confident that his experience and leadership will guide its growth and future direction.”
NTSL is NPCI’s fourth wholly owned subsidiary. The other subsidiaries are NPCI International Payments (NIPL), NPCI Bharat BillPay (NBBL), and NPCI BHIM Services (NBSL).
NPCI operates the Unified Payments Interface (UPI), India’s instant retail payment system.
Earlier this year, NPCI announced plans to introduce a 0.4% merchant discount rate (MDR) on UPI transactions exceeding Rs2,000 ($20.8) from 15 October. The plan was, however, postponed.
