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Cashfree Payments Elects Abhaya Hota as Independent Director to its Board

CIO Insider Team | Wednesday, 5 June, 2024
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Bangalore-based payments aggregator, Cashfree Payments elected former managing director and chief executive of National Payments Corporation of India (NPCI) Abhaya Hota, as an independent director to its board.

Hota comes with three decades of experience from the Reserve Bank of India who served as a chief general manager, a seasoned veteran of the Indian banking and payments sectors.

At NPCI was the chief executive officer, known for his work in the creation, development, and execution of India's payment systems and regulations during his tenure as managing director and CEO of the NPCI.

He was also essential in introducing RuPay credit cards, India's own card initiative, and the use of MICR technology in check clearing.

August 2017 marked his retirement from the company

Additionally, Hota held independent directorships at RBI Innovation Hub, Federal Bank, NSE Clearing, and Protean e-Gov Technologies.

“His wealth of experience at the highest levels of banking and finance in the country will be of great value to us, especially from a governance and strategic policies point of view,” said Akash Sinha, cofounder and chief executive, Cashfree Payments.

In India, Cashfree Payments is a payment service provider and aggregator with an RBI license that handles more than $80 billion in transactions a year.

Hota comes with three decades of experience from the Reserve Bank of India who served as a chief general manager, a seasoned veteran of the Indian banking and payments sectors.

For digital payment solutions, more than 6,000 000 enterprises rely on it.

The company has onboarded thousands of major, medium, and small-scale merchants since obtaining the PA license in December 2023, facilitating smooth transactions and growth.

The company saw a nearly 30 percent increase in transaction volume after obtaining the PA license.

The company has released several first-to-market products in the previous several months, including FlowWise, KYC Link, Risk Shield, and others.

Through Telr, the partner it bought, Cashfree Payments is growing its reach outside of India in the United Arab Emirates.

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