IIT Madras To Provide Technical Expertise To Boost Digital Money Transactions
Researchers will work on voice-based solutions, especially in vernacular languages, which will drive contactless digital payments that can also prevent the spread of COVID-19 by avoiding physical contact.
Indian Institute of Technology Madras researchers 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.
At present, there are more than 100 million active UPI users every month in India, as per the Government of India’s statistics. These initiatives are being taken up by MPFI towards bringing 500 million active users on to the UPI payment platforms by 2025.
The Government of India, 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.
The role of IIT Madras will also be to provide thought leadership in driving digital payments in India to the next level. Among the key technical areas in which IIT Madras researchers will be working will be machine learning and artificial intelligence, as applied to the digital payments space.
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