Indian Institute of Technology Madras (IIT-M) has announced its collaboration with the members of Mobile Payment Forum of India (MPFI). The focus is to develop user friendly voice based solution in vernacular languages for promoting more and more digital money transactions all over India especially in rural and remote areas. Institute for Development and Research in Banking Technology, Hyderabad and Rural Technology Business Incubator, IIT Madras have come together to serve the purpose. The objective of MPFI is to achieve over 500 million active users by the year 2025. At present Unified Payment Interface (UPI) claims to have more than 100 million users per month and this collaboration tends to motivate increase in digital payment users and explore new opportunities in the field of digital transactions. Also MPFI had initially taken initiatives for standardization of message formats of SMS banking across various banks and this recent announcement of collaboration can be seen as a step ahead in the field of convenient digital services for all. This time the objective is to enable voice based authentication and introduction of vernacular languages for people belonging to different regions across India.
Considering the target the roles have been divided as:
Roles of IIT-M
It would be dealing with key technical aspects. Researchers will be working for technical support such as machine learning and artificial intelligence which can be applied in digital payment space. The focus would be on creating user friendly interface keeping into consideration versatility of languages which will be made available on digital transaction platforms.
Roles of MPFI
The major role of MPFI is to make alteration in three levels:
>human behaviour and adoption- where the masses would be urged to understand and adapt to the innovations brought in digital payment platforms
>technology- which is convenient and ease to access keeping into consideration the needs of users of all kinds and data privacy and security
The Central Government has allocated an amount of Rs 1500 crore to initiate the drive and encourage adoption of digital payment platforms across the country.