The solutions developed by Mobile Payment Forum of India (MPFI) and IIT Madras will be in multiple vernacular languages.

Solutions by IIT Madras and MPFI would provide a phenomenal platform not only for the increased adoption of digital payments in India but for research opportunities as well.

MPFI is taking lot of initiatives towards adding more users to UPI payment platforms.

The aim of MPFI is to bring 500 million active users on to the UPI payment platforms by 2025.

Government of India in the last Budget had allocated Rs. 1,500 crore to help drive the adoption of digital payments in the country.

MPFI to collaborate with great IIT Madras for boosting transactions

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.

Dr. Gaurav Raina, Faculty, Department of Electrical Engineering, IIT Madras, is the Chairman of MPFI.

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, the MPFI’s mission is to enable mobile payments and mobile financial services by everyone.

Chairman of MPFI 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.

Chairman of MPFI further said 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, said Dr. Gaurav Raina of MPFI.

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The role of IIT Madras will also be to provide thought leadership in driving digital payments in India to the next level.

Among the key technical areas in which IIT Madras researchers will be working on will be machine learning and artificial intelligence, as applied to the digital payments space.

The role of IIT Madras will happen in two forms:

$ Making the technology backend more robust and secure.

$ At the front end, as more people use digital payments, it will create a useful digital data history and footprint.

Then using machine learning and artificial intelligence, one can aim to provide customized financial solutions, and other value added services, which in turn will make it more attractive for more people to adopt digital modes of payments.

Dr. Gaurav Raina the Chairman of MPFI is conducting discussions with startups, researchers and companies to set up working groups across the country to attract top researchers to this field.

Everyone in the ecosystem from the private sector to the government should be excited, and work towards these goals, MPFI chairman added.

The Unified Payments Interface (UPI) apps are already available in multiple languages.

The UPI is an instant real-time payment system developed by the National Payments Corporation of India (NPCI) to facilitate inter-bank transactions in the country.

Human behaviour and adoption
As per this recommendation of MPFI

A) The money allocated by the government should not be spent towards behaviour changing incentives / schemes, which are short term and induce only burst modes of desired behaviour.

The money should be spent towards educating users about mobile payments, and in particular helping them onboard and also conduct the first few transactions.

B) There is a need for developing a vibrant multilingual ecosystem for payments in India.

While payment solutions like UPI have picked up very rapidly in the country, there is still a long way to go before there is mass adoption of UPI.

In adopting a new payment technology, consumers have an additional sense of comfort and trust, if the language to conduct the transaction is in their native language.

Apart from comfort, consumers may also not be literate enough in other languages to conduct a payment transaction.

Further, communication with the user which is via SMS should also be in a local language, of their choice.

Technology, design and safeguards
As per this recommendation of MPFI

A) At the technology level, there is an opportunity to use voice as a means for authentication and conduct transactions across multiple local languages.

Today, to conduct a transaction quite a few steps need to be taken before one gets to the authentication part of the transaction.

B) Open-source designs for PoS (Point of Sale) solutions.

Such solutions can be standardised and certified for payments.

This will greatly reduce the price of PoS solutions, and one will also have an ecosystem that will develop around these solutions.

Policy, a data-centric view
As per this recommendation of MPFI

A) The government has the rare opportunity to develop a data-centric understanding of how the economy conducts itself and uses money, which can also be used to set taxes accordingly.

B) Flexibility and experimentation with Merchant Discount Rates (MRD) so that there are the necessary incentives to invest in digital infrastructure to reduce failure rates and enhance the quality of service.

Top IITs for Mechanical Engineering offer a comprehensive curriculum covering mechanical engineering fundamentals.

Top IITs for Mechanical Engineering are known for their innovative and entrepreneurial culture.

Top IITs for Mechanical Engineering offer various specializations within Mechanical Engineering.

Top IITs for Mechanical Engineering are a popular choice among students seeking a career in Mechanical Engineering.

Details about top IITs for Mechanical Engineering in India are mentioned below for the sake of the students:

IIT Bombay

IIT Bombay is one of the top IITs in India, offering a well-established Mechanical Engineering program.

The institute has a strong faculty and research opportunities, with a focus on innovation and entrepreneurship.

IIT Bombay has a comprehensive curriculum covering mechanical engineering fundamentals, with specializations in areas like Robotics and Automation.

The institute has strong industry connections, providing students with internship and placement opportunities.

IIT Bombay is known for its innovative and entrepreneurial culture, with many successful startups emerging from the institute.

The institute has a well-established incubation center, supporting startups and entrepreneurship. This is also among the top IITs for Mechanical Engineering.

IIT Madras

IIT Madras is a top choice for Mechanical Engineering students, with a well-established program and strong industry connections.

The institute offers various specializations within Mechanical Engineering, including Thermal Engineering and Design Engineering.

IIT Madras has a strong research focus, with faculty and students working on projects in areas like nanotechnology and biomechanics.

The institute has a well-established incubation center, supporting startups and entrepreneurship.

IIT Madras is known for its innovative and entrepreneurial culture, with many successful startups emerging from the institute.

The institute has a comprehensive curriculum covering mechanical engineering fundamentals. This is also among the top IITs for Mechanical Engineering.

IIT Delhi

IIT Delhi is a top IIT in India, offering a well-established Mechanical Engineering program. The institute has a strong faculty and research opportunities, with a focus on innovation and entrepreneurship.

IIT Delhi has a comprehensive curriculum covering mechanical engineering fundamentals, with specializations in areas like Robotics and Automation.

The institute has strong industry connections, providing students with internship and placement opportunities.

IIT Delhi is known for its innovative and entrepreneurial culture, with many successful startups emerging from the institute.

The institute has a well-established incubation center, supporting startups and entrepreneurship. This is also among the top IITs for Mechanical Engineering.

IIT Kanpur

IIT Kanpur is a top choice for Mechanical Engineering students, with a well-established program and strong industry connections.

The institute offers various specializations within Mechanical Engineering, including Thermal Engineering and Design Engineering.

IIT Kanpur has a strong research focus, with faculty and students working on projects in areas like nanotechnology and biomechanics.

The institute has a well-established incubation center, supporting startups and entrepreneurship. IIT Kanpur is known for its innovative and entrepreneurial culture, with many successful startups emerging from the institute.

The institute has a comprehensive curriculum covering mechanical engineering fundamentals. This is also among the top IITs for Mechanical Engineering.

IIT Kharagpur

IIT Kharagpur is a top IIT in India, offering a well-established Mechanical Engineering program.

The institute has a strong faculty and research opportunities, with a focus on innovation and entrepreneurship.

IIT Kharagpur has a comprehensive curriculum covering mechanical engineering fundamentals, with specializations in areas like Robotics and Automation.

The institute has strong industry connections, providing students with internship and placement opportunities.

IIT Kharagpur is known for its innovative and entrepreneurial culture, with many successful startups emerging from the institute.

The institute has a well-established incubation center, supporting startups and entrepreneurship. This is also among the top IITs for Mechanical Engineering.

IIT Roorkee

IIT Roorkee is a top choice for Mechanical Engineering students, with a well-established program and strong industry connections.

The institute offers various specializations within Mechanical Engineering, including Thermal Engineering and Design Engineering.

IIT Roorkee has a strong research focus, with faculty and students working on projects in areas like nanotechnology and biomechanics.

The institute has a well-established incubation center, supporting startups and entrepreneurship. IIT Roorkee is known for its innovative and entrepreneurial culture, with many successful startups emerging from the institute.

The institute has a comprehensive curriculum covering mechanical engineering fundamentals. This is also among the top IITs for Mechanical Engineering.

IIT BHU Varanasi

IIT BHU Varanasi offers a well-established Mechanical Engineering program with a strong faculty and research opportunities.

The institute has a comprehensive curriculum covering mechanical engineering fundamentals, with specializations in areas like Robotics and Automation.

IIT BHU Varanasi has strong industry connections, providing students with internship and placement opportunities.

The institute is known for its innovative and entrepreneurial culture, with many successful startups emerging from the institute.

IIT BHU Varanasi has a well-established incubation center, supporting startups and entrepreneurship.

The institute’s Mechanical Engineering program is accredited by the National Board of Accreditation (NBA). This is also among the top IITs for Mechanical Engineering.

IIT Guwahati

IIT Guwahati offers a well-established Mechanical Engineering program with a strong faculty and research opportunities.

The institute has a comprehensive curriculum covering mechanical engineering fundamentals, with specializations in areas like Thermal Engineering and Design Engineering.

IIT Guwahati has strong industry connections, providing students with internship and placement opportunities.

The institute is known for its innovative and entrepreneurial culture, with many successful startups emerging from the institute.

IIT Guwahati has a well-established incubation center, supporting startups and entrepreneurship.

The institute’s Mechanical Engineering program is designed to provide students with a strong foundation in engineering principles and practices. This is also among the top IITs for Mechanical Engineering.

IIT Patna

IIT Patna offers a well-established Mechanical Engineering program with a strong faculty and research opportunities.

The institute has a comprehensive curriculum covering mechanical engineering fundamentals, with specializations in areas like Robotics and Automation.

IIT Patna has strong industry connections, providing students with internship and placement opportunities.

The institute is known for its innovative and entrepreneurial culture, with many successful startups emerging from the institute.

IIT Patna has a well-established incubation center, supporting startups and entrepreneurship. The institute’s Mechanical Engineering program is accredited by the National Board of Accreditation (NBA). This is also among the top IITs for Mechanical Engineering.

IIT Indore

IIT Indore offers a well-established Mechanical Engineering program with a strong faculty and research opportunities.

The institute has a comprehensive curriculum covering mechanical engineering fundamentals, with specializations in areas like Thermal Engineering and Design Engineering.

IIT Indore has strong industry connections, providing students with internship and placement opportunities.

The institute is known for its innovative and entrepreneurial culture, with many successful startups emerging from the institute.

IIT Indore has a well-established incubation center, supporting startups and entrepreneurship. The institute’s Mechanical Engineering program is designed to provide students with a strong foundation in engineering principles and practices. This is also among the top IITs for Mechanical Engineering.

IIT Mandi

IIT Mandi offers a well-established Mechanical Engineering program with a strong faculty and research opportunities.

The institute has a comprehensive curriculum covering mechanical engineering fundamentals, with specializations in areas like Robotics and Automation.

IIT Mandi has strong industry connections, providing students with internship and placement opportunities.

The institute is known for its innovative and entrepreneurial culture, with many successful startups emerging from the institute.

IIT Mandi has a well-established incubation center, supporting startups and entrepreneurship. The institute’s Mechanical Engineering program is accredited by the National Board of Accreditation (NBA). This is also among the top IITs for Mechanical Engineering.

IIT Dharwad

IIT Dharwad offers a well-established Mechanical Engineering program with a strong faculty and research opportunities.

The institute has a comprehensive curriculum covering mechanical engineering fundamentals, with specializations in areas like Thermal Engineering and Design Engineering.

IIT Dharwad has strong industry connections, providing students with internship and placement opportunities.

The institute is known for its innovative and entrepreneurial culture, with many successful startups emerging from the institute.

IIT Dharwad has a well-established incubation center, supporting startups and entrepreneurship.

The institute’s Mechanical Engineering program is designed to provide students with a strong foundation in engineering principles and practices. This is also among the top IITs for Mechanical Engineering.

IIT Jammu

IIT Jammu offers a well-established Mechanical Engineering program with a strong faculty and research opportunities.

The institute has a comprehensive curriculum covering mechanical engineering fundamentals, with specializations in areas like Robotics and Automation.

IIT Jammu has strong industry connections, providing students with internship and placement opportunities.

The institute is known for its innovative and entrepreneurial culture, with many successful startups emerging from the institute.

IIT Jammu has a well-established incubation center, supporting startups and entrepreneurship. The institute’s Mechanical Engineering program is accredited by the National Board of Accreditation (NBA). This is also among the top IITs for Mechanical Engineering.

IIT (ISM) Dhanbad offers a well-established Mechanical Engineering program with a strong faculty and research opportunities.

The institute has a comprehensive curriculum covering mechanical engineering fundamentals, with specializations in areas like Robotics and Automation.

IIT (ISM) Dhanbad has strong industry connections, providing students with internship and placement opportunities.

The institute is known for its innovative and entrepreneurial culture, with many successful startups emerging from the institute.

IIT (ISM) Dhanbad has a well-established incubation center, supporting startups and entrepreneurship.

The institute’s Mechanical Engineering program is accredited by the National Board of Accreditation (NBA). This is also among the top IITs for Mechanical Engineering.

IIT Palakkad

IIT Palakkad offers a well-established Mechanical Engineering program with a strong faculty and research opportunities.

The institute has a comprehensive curriculum covering mechanical engineering fundamentals, with specializations in areas like Thermal Engineering and Design Engineering.

IIT Palakkad has strong industry connections, providing students with internship and placement opportunities.

The institute is known for its innovative and entrepreneurial culture, with many successful startups emerging from the institute.

IIT Palakkad has a well-established incubation center, supporting startups and entrepreneurship.

The institute’s Mechanical Engineering program is designed to provide students with a strong foundation in engineering principles and practices. This is also among the top IITs for Mechanical Engineering.

IIT (ISM) Dhanbad

IIT (ISM) Dhanbad offers a well-established Mechanical Engineering program with a strong faculty and research opportunities.

The institute has a comprehensive curriculum covering mechanical engineering fundamentals, with specializations in areas like Robotics and Automation.

IIT (ISM) Dhanbad has strong industry connections, providing students with internship and placement opportunities.

The institute is known for its innovative and entrepreneurial culture, with many successful startups emerging from the institute.

IIT (ISM) Dhanbad has a well-established incubation center, supporting startups and entrepreneurship.

The institute’s Mechanical Engineering program is accredited by the National Board of Accreditation (NBA). This is also among the top IITs for Mechanical Engineering.

Top IITs for Mechanical Engineering offer a comprehensive curriculum covering mechanical engineering fundamentals.

Top IITs for Mechanical Engineering have strong industry connections, providing students with internship and placement opportunities.

Top IITs for Mechanical Engineering are known for their innovative and entrepreneurial culture.

Top IITs for Mechanical Engineering have well-established incubation centers, supporting startups and entrepreneurship.

Top IITs for Mechanical Engineering offer various specializations within Mechanical Engineering.

Top IITs for Mechanical Engineering are renowned for their academic excellence and research opportunities

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