The Indian Institute of Technology (IIT) Madras and the Mobile Payment Forum of India (MPFI) will jointly develop voice-based solutions for digital money transactions in the country.
The voice-based solutions will be developed in multiple vernacular languages. According to the statistics given by the Government of India, more than 100 million active users visit Unified Payment Interface (UPI) for digital transactions every month in India. The MPFI aims to increase the number of active UPI users to 500 million by 2025.
In the last budget, an outlay of 1,500 crores was allocated for the adoption of digital payments in the country.
The MPFI is working on Human behavior and adoption, Technology (design and safeguards), and policy (a data-centric view) to propel the country over the next decade.
“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. It provides a great opportunity to help yourself and also the ecosystem,” Dr Gaurav Raina, Faculty, Department of Electrical Engineering, IIT Madras, and Chairman, MPFI, 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,” he added, talking about how IIT Madras will help other stakeholders with its expertise.