Researchers from Indian Institute of Technology, Madras, (IIT-M) will collaborate with members of the Mobile Payment Forum of India (MPFI) to develop voice-based solutions, especially in multiple vernacular languages, for digital money transactions.
There are more than 100 million active UPI users every month in India as per the Centre’s statistics, and the MPFI aims to bring 500 million active users onto UPI payment platforms by 2025.
The Centre had allocated Rs 1,500 crore in the Budget to help drive the adoption of digital payments. MPFI is working to identify innovations on three levels: human behaviour and adoption, technology (design and safeguards), and policy (a data-centric view).
Gaurav Raina, faculty, department of electrical engineering, IIT-M, and chairman of MPFI, said, “Digital and mobile payments, and in particular contactless payments, are important not just from an efficiency point of view, but also to mitigate risk against Covid-19.”
MPFI is a joint initiative of the Institute for Development and Research in Banking Technology, Hyderabad, and Rural Technology Business Incubator, IIT Madras. Taken up in 2006, MPFI’s mission is to enable mobile payments and mobile financial services by everyone.
Raina said, “This is the perfect time to build research collaborations to work towards solutions which will be cutting edge and will also be truly impactful at scale within India. Such research-based solutions can help India lead the way globally in the delivery of mobile-based financial services.”
Key technical areas in which IIT-M researchers will be working on include machine learning and artificial intelligence as applied to the digital payments space.