Mobile payments will be easier and easier in the coming years. Mobile Payment Forum of India (MPFI) is preparing to bring user-friendly features such as Voice Based Authentication. That is, getting such features will make it easy to pay mobile payments especially for elderly people. It will also be helpful for those who do not have the necessary information for financial transactions. Please tell, MPFI is a think tank, which provides solutions to the mobile payment system.
MPFI, Institute for Development and Research in Banking Technology, Hyderabad and Rural Technology Business Incubator, is a joint initiative of IIT Madras. The forum’s mission is to make mobile payments and financial services safer, efficient and cheap. MPFI has played a vital role in developing Interoperability and Security Standards for Immediate Payment Service (IMPS) and Unified Payments Interface (UPI). IMPS is the basic platform for mobile payments. MPFI includes policy makers, banks, telecom companies and others.
Focus on Future Technology
Voice-based authentication says that it is still believed that literacy of a certain level is necessary for financial transactions. But our aim is to make it easier for more people. Older people in the future may not be comfortable with other types of technology. So, thinking about a process where Voice can be a major role in banking. Efforts are started to design voice-based authentication The focus of MPFI is on developing such features in the coming years.
Transactions from IMPS and UPI are increasing
In August 2017, there were more than 9 crore financial transactions through IMPS and UPI alone. In the year 2016-17, there were 500 million transactions on IMPS. He said that growth in data is quite good but it is also a sign that there is tremendous potential for mobile payments in the Indian economy.