IIT Madras To Develop Voice-Based Solutions In Vernacular Languages For Digital Money Transactions

Chennai: Researcher at the Indian Institute of Technology (IIT) Madras have announced their collaboration with members of the Mobile Payment Forum of India (MPFI) to develop voice-based solutions, especially in multiple vernacular languages for digital money transactions in the country, NDTV reported.

Dr Gaurav Raina, Faculty, Department of Electrical Engineering, IIT Madras, and Chairman, MPFI, was quoted as saying, “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.”

Adding on the ways in which IIT Madras will bring its expertise in coordination with other stakeholders, Dr Raina was quoted as saying, “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.”

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 are machine learning and artificial intelligence, as applied to the digital payments space, the report added.

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