The National Payments Corporation of India (NPCI) recently announced the incorporation of NPCI BHIM Services Ltd (NBSL) as a wholly owned subsidiary.
Previously known as Bharat Interface for Money (BHIM), the new entity was established to meet the growing demand for digital transactions in India.
Appointments of leaders
The newly formed NPCI BHIM Services Ltd will be led by experienced professionals in the financial sector.
Lalitha Nataraj has been appointed as Chief Executive Officer (CEO) and Rahul Handa as Chief Business Officer (CBO).
Nataraj has over two decades of banking experience in leading private sector banks, with expertise in data analytics, marketing technology, lending, mobile and internet banking, and payments.
Similarly, with two decades of experience, Handa brings a wealth of knowledge, having held important roles in leading financial institutions and consulting firms. Their combined experience will be instrumental in driving NBSL’s growth and strategic initiatives, the statement said.
Competition in the market
The creation of NBSL comes at a time when India’s digital payments market is witnessing intense competition, especially from foreign-owned fintech apps.
According to recent data, BHIM’s market share remains significantly lower than its competitors such as PhonePe and Google Pay. These two players dominate the Unified Payments Interface (UPI) ecosystem, with nearly two-thirds of the market share.
In response, NPCI’s decision to create a dedicated entity for BHIM is seen as an effort to boost the app’s presence in the market and challenge the dominance of foreign-owned fintech apps.
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