Indian Institute of Technology - IIT Madras Faculty-led ‘Mobile Payment Forum of India’ popularly known as MPFI is taking up an initiative to develop a multilingual payment application, grievance redressal and customer support for mobile which, is expected to extend the reach of digital payments in the interior parts of the country. This is expected to be a subject as not all the official languages are supported in the Unified Payment Interface, popularly known as UPI introduced by the government in 2017.
MPFI is the key player of introducing the UPI service in India depending on which, Apps like Bhim, Phonepe, Google Pay started operations and revolutionised the instant bank transfers in Inda. The IITM Faculty-led organisation is also responsible for security and interoperability standards for Immediate Payment Service (IMPS) which was highly popular for instant fund transfers before the inception of UPI.
In a report on Deepening of Digital Payments, submitted to Nandan Nilekani, the current Chairman of Reserve Bank of India (RBI) committee, IIT Madras has spoken about the new initiative.
IIT Madras faculty Dr Gaurav Raina was elected as the MPFI Chairman, which is a joint initiative of the Rural Technology Business Incubator (RTBI) and Institute for Development and Research in Banking Technology (IDRBT), IIT Madras. Established in 2006, the MPFI aims to introduce mobile payments service for all personal and professional causes at every level of society in India.
Professor Gaurav Raina, who is the chairman of MPFI and the faculty of Electrical Engineering in IIT Madras has said that the MPFI has put light on three broad aspects of the project for strengthening the hold of Digital Mobile Payments system in India and build the consumers’ trust on the technology. The three sectors are, User and Merchant perspective; Regulation, methods and processes and Standards for transactions, via channels like SMS.
He also informed that most of the members of the MPFI organisation have felt a dire need of increasing awareness within both merchant and consumer ends about the different digital payment options and the practices to ensure user security. MPFI plans to roll out videos on digital payment awareness in different official languages and educate all the stakeholders who are a part of the ecosystem.
The institute feels that there is a need to bring more women users on board and broadcast multilingual advertisements on the internet and social media.
Major Development Proposal in the Mobile Digital Payments System
The IIT Madras has proposed that voice-based operations should play a key role in the next improvements. Voice Recognition will be beneficial to reduce transaction time and increase stability. Shifting the User Interface from Text to Voice for navigation will solve the issues many Indians face while making payment in e-commerce websites.
the voice activated payment applications would be lightweight and fast as it will reduce data flow and bring down the application sizes minimising the use of text and graphics. The MPFI has directed the stakeholders of the technology to design an ecosystem that fosters the Digital Payments for resolving many issues in Point of Sale (POS) and Book Keeping with open source software.
Most important Key Resolutions for Digital Payments suggested by MPFI of IIT Madras
- The data which is generated with the increased use of digital payment should be handled carefully. The stakeholders should have clear data sharing guidelines to promote the trust of users in the system.
- An agency should be enforced to certify and monitor the websites and services which function with digital payment services
- Use of artificial intelligence technology should be promoted and increased in the digital payment systems across the country. The AI will be helpful to increase awareness about the system and it will also be helpful for financial inclusion.
- The UPI usage will increase if the stakeholders introduce recurring payments in the platform.
- For the protection, storage and transmission of data, all necessary enforcement and amendments should be done timely to the IT Act.
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