NPCI Creates New Subsidiary to Focus on AI and Blockchain
Published
The National Payments Corporation of India (NPCI), the organisation that runs the Unified Payments Interface (UPI), has set up a new company called NPCI Tech Solutions. The company is a wholly owned subsidiary, which means NPCI controls it completely. Its main work will be in artificial intelligence (AI), blockchain technology, digital financial infrastructure and other technology services.
The new subsidiary will focus on building and supporting the technology that powers digital payments in India. NPCI has played a major role in making digital payments popular across the country, and UPI now handles a very large number of transactions every month. By creating a separate unit for new technologies, NPCI aims to develop new tools and services that can work alongside its existing payment systems.
AI and blockchain are technologies that are being used in many areas of banking and finance. AI can help detect fraud and analyse large amounts of data, while blockchain can make records more secure and transparent. The creation of NPCI Tech Solutions shows how India's payment system is looking for ways to use these technologies in its future services.
For people in India, the move may lead to new digital products and services in the coming years. However, the details of the company's specific projects and timelines have not been fully announced in the available reports.
Sources: TNGlobal
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