NPCI Launches Technology Subsidiary for AI and Blockchain Development

The National Payments Corporation of India (NPCI) has launched a wholly owned subsidiary, NPCI Tech Solutions Ltd (NTSL), to spearhead development in emerging technologies such as artificial intelligence and blockchain. The new entity will operate as the group's dedicated technology and innovation arm, moving beyond its traditional mandate of retail payment processing.

Vishal Kanvaty, a long-term veteran of the organization, has been appointed as the managing director and CEO of NTSL. The subsidiary is tasked with providing technology services for various digital public infrastructure initiatives, including eKYC Setu and the Unified Ticketing Platform, while also managing global capability centre services.

This move follows a series of recent technological initiatives by the parent organization, including the launch of AI-focused platforms AiNxt and AtOM. The corporation has not yet disclosed financial details, specific revenue targets, or an operational timeline for the new entity.

The establishment of NTSL expands the group's subsidiary portfolio to four, joining units focused on international payments, bill payments, and BHIM services. The organization continues to oversee the Unified Payments Interface (UPI), which recently processed a record 25.47 billion transactions in a single month.