Fintech firm Cashfree Payments appoints Abhaya Hota as an Independent Director

Fintech firm Cashfree Payments has announced the appointment of Abhaya Hota as an Independent Director.

Hota is a seasoned professional in the Indian banking and payments industry, with nearly three decades of experience at the Reserve Bank of India (RBI).

He also served as the Managing Director and CEO of the National Payments Corporation of India (NPCI), where he was instrumental in developing key payment systems and policies, including the introduction of MICR technology for cheque clearing, the Unified Payments Interface (UPI), and the RuPay card scheme.

What are his contributions to the banking and payments industry?

Hota's extensive career includes significant contributions to the Indian banking and payments sectors.

At NPCI, he played a crucial role in launching UPI and RuPay credit cards, which are now widely used across India. His efforts in implementing MICR technology revolutionized cheque-clearing processes. 

In addition to his tenure at NPCI, Hota holds independent directorships at Federal Bank, NSE Clearing, Protean e-Gov Technologies, and the RBI Innovation Hub. His academic background includes a Bachelor of Arts in Economics, Political Science, and English Literature and a Master of Arts in Literature.

What does his appointment mean for Cashfree Payments?

The appointment of Abhaya Hota to the board of Cashfree Payments is seen as a strategic move to leverage his vast experience in banking and finance. Akash Sinha, Co-founder and CEO of Cashfree Payments emphasized the significant value Hota's expertise will bring, particularly in governance and strategic policy development.

"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 Sinha.

Hota himself expressed enthusiasm about joining Cashfree Payments, stating, "I am happy to join Cashfree Payments India Pvt. Ltd.’s board as an Independent Director and look forward to supporting them as they grow and scale India’s digital payments ecosystem."

Receiving PA license

Cashfree Payments, established in 2015 by Reeju Datta and Akash Sinha, has been at the forefront of digital payments innovation in India. The company received a PA license in December 2023 and has since onboarded thousands of merchants, ranging from large enterprises to small businesses.

Cashfree Payments offers a comprehensive suite of digital payment solutions, including API banking options, to facilitate seamless transactions for businesses. Recently, the company introduced products like FlowWise, KYC Link, and Risk Shield to enhance its service offerings.

Moreover, Cashfree Payments is expanding its presence internationally, particularly in the UAE, through its acquired partner, Telr.

Recent appointments 

In addition to Hota's appointment, Cashfree Payments has made several strategic hires to strengthen its leadership team. Last week, the company appointed Harsh Gupta, former senior vice president at Razorpay, as its new Chief Revenue Officer (CRO).

Earlier in May, Arun Tikoo was named the Chief Business Officer (CBO), with a focus on leading the international business.

Additionally, Ramkumar Venkatesan was appointed as the Chief Technology Officer (CTO). These appointments are part of Cashfree Payments' strategy to bolster its leadership and drive growth in the digital payments ecosystem.