NPCI Sets Up New Technology and Innovation Unit
Published
The National Payments Corporation of India (NPCI), the organisation that runs many of the country's digital payment systems, has set up a new technology and innovation arm. The unit will focus on areas such as artificial intelligence (AI) and blockchain, which are technologies that are becoming more common in banking and finance.
The NPCI is well known in India because it operates the Unified Payments Interface (UPI), a system that allows people to send and receive money quickly using their mobile phones. By creating a dedicated team for new technology, the organisation aims to explore how tools like AI and blockchain can help make payments faster, safer, and easier to use. Blockchain is a type of digital record-keeping system that is shared across many computers, and it is often discussed as a way to improve security and transparency in financial transactions.
The move shows how Indian payment systems are preparing for the future as digital transactions continue to grow across the country. Further details about the unit's specific projects and staff have not yet been made public. The new arm is expected to work on research and development, although its exact plans will likely become clearer in the coming months.
Sources: Finextra Research
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