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.

The Union Public Service Commission, or UPSC, has declared the final results of the Engineering Service Examination, 2024, today, November 23. The UPSC ESE 2024 final result can be downloaded from the official commission portal, upsc.gov.in. The UPSC ESE 2024 scorecards have been uploaded in PDF format.

Of the 630 candidates recommended for the personality test, a total of 206 have made it to the final list. The result of UPSC ESE 2024 will be downloadable by candidates who will require login credentials, including their registration number and date of birth.

According to the government notice, Rohit Dhondge has emerged as the topper in the civil engineering exam, Munish Kumar topped the mechanical engineering exam, Rajan Kumar topped electrical engineering, and Himanshu Thapliyal topped the electronic and telecom engineering exams. Meanwhile, the UPSC ESE result 2024 of the candidate of 43 recommended candidates is provisional, said the commission.

“Appointments shall be made strictly following the extant rules and the number of vacancies available. Allotment of candidates to various Services/Posts shall be made according to ranks obtained and preference of Services expressed by them, ” the commission stated in its official notice.

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Conclusion:

UPSC ESE Result 2024 is a landmark for those 206 selected candidates in different streams of engineering. It speaks for toppers stream-wise like Rohit Dhondge, Munish Kumar, Rajan Kumar, and Himanshu Thapliyal. Results have reflected the aspirants’ hard work and commitment. The commission had clarified that the rules of appointment strictly would be followed based on ranks and applicants’ preferences. Candidates may refer to the UPSC portal for more information and the official statement. Congratulations to the candidates who have qualified.