IIT Madras will collaborate with MPFI to boost digital money transactions in India

Chenai: Madras researchers from the Indian Institute of Technology (IIT) will collaborate with members of the Mobile Payment Forum of India (MPFI) to develop voice solutions in multiple vernaculars to enable wider adoption of digital money transactions in the country .

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

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

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

The role of IIT Madras will also be to provide thought leadership to take digital payments in India to the next level. Among the key technical areas that IIT Madras researchers will work in are machine learning and artificial intelligence, applied to the digital payments space.

“The Government of India, in the last budget, allocated 1,500 crores 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 policy (a data-centric vision), to propel India into the next decade,” the statement continued.

Everyone in the ecosystem, from the private sector to government, should be excited and working towards these goals, Raina added.

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