Researchers at the Indian Institute of Technology (IIT) Madras are working on payments solution which will work on voice command. This new payment model will recognize voice commands not only in English but also in multiple vernacular languages, claims the IIT.
The researchers from IIT will collaborate with members of the Mobile Payment Forum of India (MPFI) to develop voice-based solutions.
“At present, there are more than 100 million active UPI users every month in India. These initiatives are being taken up by MPFI towards bringing 500 million active users on to the UPI payment platforms by 2025," the IIT said in an official statement.
Elaborating about the importance of digital transactions during this pandemic, Dr Raina said, “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. It provides a great opportunity to help yourself and also the ecosystem.”
Raina added, “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.”
For people using digital payments, it will create a useful digital data history and other value added services, which in turn will make it more attractive for more people to adopt digital modes of payments, it added.