Researchers at the Indian Institute of Technology (IIT-Madras) are working on voice solutions in regional languages to boost digital money transactions.
Researchers are collaborating with the Mobile Payment Forum of India (MPFI) to develop such solutions in several regional languages.
The forum aims to identify innovation in human behavior and adoption; design and safeguard technology; and a policy that would provide a data-centric view.
Gaurav Raina, professor in the Department of Electrical Engineering, said digital and mobile payments are efficient and mitigate the risk of COVID-19 infection. Researchers will offer their expertise in machine learning and artificial intelligence applied to the digital payment space by making the back-end technology more robust and secure and by creating a useful digital data history and footprint.
Machine learning and AI will help deliver personalized financial solutions and value-added services, Raina said.
The forum recommended that funds allocated by the government be used to educate users about mobile payment; develop a multilingual ecosystem for payments in the country. A voice-based solution would be a step towards hands-free transaction. The government could develop a data-centric understanding of economic behavior and money flow patterns. This could be used for tax planning.
According to the Union government, there are over 100 million active users of UPI (Unified Payment Interface Applications) in the country. MPFI’s goal is to increase it to 500 million active users by 2025. Mr. Rana is the chairman of MPFI, a joint initiative of the Institute for Research and Development in Banking Technology, Hyderabad and the rural technology business incubator, IIT Madras.
The Union government allocated 1,500 crores in last year’s budget to promote digital payments.