Chennai, May 10 (UNI) Researchers at the 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 in the country.
This will provide a phenomenal platform not only for the increased
adoption of digital payments in India but for research opportunities
as well, a release from IIT-M said today.
At present, there are more than 100 million active UPI users every
month in India, as per the Union Government's statistics.
The release said these initiatives are being taken up by MPFI towards
bringing 500 million active users on to the UPI payment platforms by
2025.
The Union Government in the last budget, had allocated Rs.1,500 crore
to help drive the adoption of digital payments in the country.
The MPFI is working to identify innovation across three levels, Human
behaviour and adoption, Technology (design and safeguards), and policy
(a data-centric view), to propel India over the next decade.
Dr.Gaurav Raina, Faculty, Department of Electrical Engineering, IIT-M,
is the Chairman of MPFI, which 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, the MPFI’s mission is to enable mobile payments and
mobile financial services by everyone.
Elaborating about the importance of digital transactions during this pandemic
period, Dr Gaurav Raina said “digital and mobile payments, and in particular
contactless payments, are important not just from an efficiency point of view,
but also to mitigate the risk against COVID-19."
It provides a great opportunity to help yourself and also the ecosystem, he
added.
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