IIT Madras and MPFI Collaborate to Boost Digital Money Transactions in India

Researchers at the Indian Institute of Technology (IIT) in Madras announced Monday that they will work with members of the Mobile Payment Forum of India (MPFI) to develop voice solutions in several vernacular languages ​​to enable wider adoption of digital money transactions in the country.

“At present, there are over 100 million active Unified Payment Interface (UPI) users every month in India, according to Indian government statistics. These initiatives are being taken by MPFI to attract 500 million of active users by 2025, “an official statement said.

He added that the collaboration between researchers at IIT Madras and MPFI “will provide a phenomenal platform not only for the increased adoption of digital payments in India, but also for research opportunities.”

Explaining the importance of digital transactions during this pandemic, Dr Gaurav Raina, Professor, Department of Electrical Engineering, IIT Madras and Chairman of MPFI, said: “Digital and mobile payments, and especially contactless payments, are important not only from the point of view of efficiency. of sight, but also to mitigate the risks against COVID-19. This is a great opportunity to help you and the ecosystem. “

Among the key technical areas in which researchers at IIT Madras will work will be machine learning and artificial intelligence, applied to the digital payments space.

“The Indian government, in the last budget, allocated ??1,500 crore to help drive the adoption of digital payments in the country. The MPFI works to identify innovation at three levels; Human behavior and adoption, technology (design and protections) and politics (a data-centric view), to propel India into the next decade, ”the statement said.

Meanwhile, digital transactions through BHIM UPI in April this year fell 2.2% from a month ago to ??4.94 lakh crore, NPCI data showed on Saturday.

There were transactions worth ??5.05 lakh crore in March 2021.

The total number of transactions stood at 2.64 billion in the month, down 3.3% from 2.73 billion in March.

The National Payments Corporation of India (NPCI) is an umbrella organization for all retail payment systems in the country.

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