NPCI elevates Vishal Kanvaty to CTO

National Payments Corporation of India (NPCI) has announced the appointment of Vishal Anand Kanvaty as its chief technology officer (CTO).  In his new role, Kanvaty will be taking care of the new-age technology and shall be responsible for the transformational journey of NPCI.

Kanvaty joined the organisation in 2017, and worked across product and innovations profiles at NPCI. Most recently, he was managing the portfolio of chief market innovation at the organisation. 

With over two decades of professional experience in the industry, Kanvaty has demonstrated thought leadership in new applications of technology to business process automation and has experience in launching various credit card, e-Commerce, and mobile banking products with operational exposure, the company said in a statement.  

Kanvaty also has experience in Financial Inclusion and has spearheaded the strategy and implementation of various products including mobile point of sales and mobile wallet. 

Commenting on the appointment, Dilip Asbe, managing director and chief executive officer at NPCI, said, “Kanvaty has been an invaluable member of our team for six years and we are thrilled to see him assume this new and important role. As our new CTO, he brings with him a wealth of knowledge, expertise, and experience in the field of technology and innovation. His leadership, vision, and commitment to excellence will be instrumental in driving the company’s growth journey.”

Kanvaty is a bachelor’s of technology (B.Tech) graduate from Jawaharlal Nehru Technological University (JNTU), Hyderabad and is an alumnus of IIM Ahmedabad. 

Meanwhile, the number of transactions done through the Unified Payments Interface (UPI) rose 15% to 858.5 crore in March compared to February, according to a data released by the NPCI this month. Compared to March 2022, volume of UPI transactions rose 47% in March 2023. The total value of UPI transactions rose 14% to ₹14.1 lakh crore in March, compared to ₹12.35 lakh crore in February, it said. 

NPCI has also clarified in an Instagram post published on March 30 that ‘starting from April 1, all UPI transactions more than ₹2,000 to be charged 1.1%. The post is being widely shared.