Payments Authority NPCI Sets Up Technology Subsidiary to Expand AI, Blockchain Capabilities

New Delhi, Nov 5 (KNN) The National Payments Corporation of India (NPCI) has established a wholly owned technology subsidiary, NPCI Tech Solutions Limited (NTSL), to strengthen its capabilities in artificial intelligence (AI), blockchain and digital financial infrastructure.

The new entity will serve as NPCI's technology and innovation arm, developing capabilities beyond its core payments operations and providing technology services for India's digital public infrastructure programmes, Reuters reported.

NPCI Chief Technology Officer Vishal Kanvaty, who has been associated with the organisation for nearly a decade, has been appointed managing director and CEO of NTSL.

NPCI CEO Dilip Asbe said advancements in AI and other emerging technologies were creating new opportunities across digital infrastructure and financial services.

NPCI operates India's retail payments and settlement systems, including the Unified Payments Interface (UPI).

NTSL will focus on emerging technologies, digital financial infrastructure and global capability centre services, supporting NPCI's efforts to expand its technology capabilities, particularly in banking and financial services.

For MSMEs, the development could create opportunities to access more efficient digital payment systems, technology-enabled financial services and solutions built around emerging technologies. Greater availability of such infrastructure could help small businesses reduce transaction friction, improve digital operations and participate more easily in formal digital markets. 

However, the extent of these benefits will depend on the solutions developed and their accessibility and affordability for smaller enterprises.

(KNN Bureau)