The Centre had allocated Rs 1,500 crore in the Budget to aid drive the adoption of digital payments. MPFI is working to determine innovations on 3 levels: human behaviour and adoption, technologies (style and safeguards), and policy (a information-centric view).
Gaurav Raina, faculty, division of electrical engineering, IIT-M, and chairman of MPFI, mentioned, “Digital and mobile payments, and in particular contactless payments, are important not just from an efficiency point of view, but also to mitigate risk against Covid-19.”
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MPFI is a joint initiative of the Institute for Development and Research in Banking Technology, Hyderabad, and Rural Technology Business Incubator, IIT Madras. Taken up in 2006, MPFI’s mission is to allow mobile payments and mobile monetary services by everybody.
Raina mentioned, “This is the perfect time to build research collaborations to work towards solutions which will be cutting edge and will also be truly impactful at scale within India. Such research-based solutions can help India lead the way globally in the delivery of mobile-based financial services.”
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Key technical regions in which IIT-M researchers will be working on incorporate machine finding out and artificial intelligence as applied to the digital payments space.