Chennai: Researchers at the Indian Institute of Technology-Madras (IIT-M) 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, a release from IIT-M said.
At present, there are more than 100 million active UPI users every month in India, as per the Union government’s statistics.
The release said these initiatives are being taken up by MPFI towards bringing 500 million active users on to the UPI payment platforms by
2025.
The Union government 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.