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

Researchers from the Indian Institute of Technology (IIT) Madras would collaborate with representatives of the Mobile Payment Forum of India (MPFI) to build voice-based applications in multiple vernacular languages to boost the country’s adoption of digital money transactions.

According to Indian government estimates, there are > 100 million active Unified Payments Interface (UPI) users per month. MPFI is undertaking these programmes in order to reach 500 million active users by 2025.

The partnership between IIT Madras researchers and MPFI is expected to provide an incredible forum not only for increased digital payment adoption in India, but also for research opportunities.

Dr. Gaurav Raina, Faculty, Department of Electrical Engineering, IIT Madras, and MPFI Chairman, said, “Digital and mobile payments, especially contactless payments, are significant for operation efficiency and also for mitigating the risk of COVID-19. It is a fantastic way to support yourself as well as the environment.”

IIT Madras’ role would also be to provide thought leadership in pushing India’s digital payments to the next stage. Machine learning and artificial intelligence, as applied to the digital payments area, will be among the main technological areas on which IIT Madras researchers will be researching.

According to the release, “In the last Budget, the Indian government set aside Rs. 1,500 crore (US$ 204.53 million) to assist in the adoption of digital payments in the country. To push India over the next decade, the MPFI is working to establish innovation at three levels: human behaviour and adoption, policy (a data-centric view) and technology (design and safeguards).