India's payments authority NPCI forms unit to push into AI, blockchain tech

MUMBAI, Nov 4 : The National Payments Corporation of India (NPCI) said on Wednesday it had set up a wholly owned technology subsidiary called NPCI Tech Solutions Limited (NTSL) as its technology and innovation arm.

The unit will focus on areas such as AI, blockchain, digital financial infrastructure and global capability centre services, NPCI said.

• The payments authority's chief technology officer Vishal Kanvaty, who has been associated with NPCI for nearly a decade, has been appointed the managing director and CEO of NTSL, it said

• The NPCI is an umbrella entity responsible for operating retail payments and settlement systems including the popular Unified Payments Interface (UPI)

• The move comes as India increasingly looks to advance its AI research and development, especially in its banking and financial services sector

• NTSL will be the group's technology and innovation arm and will build capabilities beyond NPCI's core payments mandate as well as provide tech services for several of India's digital public infrastructure programmes, NPCI said in its statement

• "Advancements in AI and other emerging technologies are creating new possibilities across digital infrastructure and financial services," NPCI CEO Dilip Asbe said

• NTSL is NPCI's fourth wholly owned subsidiary, after NPCI International Payments, NPCI Bharat BillPay and NPCI BHIM Services.