Saturday, May 28, 2022
Techiexpert.com
No Result
View All Result
  • Login
  • Register
Exclusive Videos
  • Tech news
  • Startup news
  • Artificial Intelligence
  • IOT
  • Big Data
  • Cloud
  • Data Analytics
  • Machine Learning
  • Blockchain
  • Social Media
  • Tech news
  • Startup news
  • Artificial Intelligence
  • IOT
  • Big Data
  • Cloud
  • Data Analytics
  • Machine Learning
  • Blockchain
  • Social Media
No Result
View All Result
TechiExpert
No Result
View All Result

Multilingual Apps to increase inclusiveness in Digital Payments in India

Srikanth by Srikanth
May 10, 2022
in Tech news
Reading Time: 4 mins read
Multilingual Apps to increase inclusiveness in Digital Payments in India
9
SHARES
130
VIEWS
Share on FacebookShare on Twitter

Indian Institute of Technology Madras (IIT-M) Faculty-led Mobile Payment Forum of India (MPFI) has called for developing multilingual payment applications, customer support and grievance redressal in multiple Indian languages. This is a crucial component to increase inclusiveness and the reach of mobile and digital payments in the country. At present, not all official languages are offered as ‘language options’ on Unified Payments Interface (UPI) payment applications.                

MPFI, which played an early and key role in developing interoperability and security standards for the Immediate Payment Service (IMPS) and later, the UPI, submitted these recommendations to Mr. Nandan Nilekani, Chairman, Reserve Bank of India (RBI) Committee, on the Deepening of Digital Payments.      

IIT-M faculty Dr. Gaurav Raina was elected as the Chairman of MPFI, which is a joint initiative of Institute for Development and Research in Banking Technology (IDRBT), Hyderabad and the Rural Technology Business Incubator (RTBI), IIT Madras. Started in 2006, MPFI’s mission is to enable mobile payments and mobile-based financial services for everyone in India.                

Highlighting the important aspects of the recommendations made to the RBI, Prof. Gaurav Raina, Department of Electrical Engineering, IIT Madras, and Chairman, MPFI, said, “The MPFI recommendations considered three broad perspectives for strengthening the digital payments space, and adding confidence and trust in the Indian consumer. They include (i). User and Merchant perspective, (ii). Regulation, methods and processes, and (iii). Standards for transactions, via channels like SMS.”       

Multilingual Apps to increase inclusiveness in Digital Payments in India 1

Further Prof Gaurav Raina added, “Most MPFI members feel there is still much to be done to increase awareness for the different modes of digital payments among users and merchants,  and also about best practices for user’s security. The MPFI can help by creating videos in different official languages to spread awareness on digital payments. These videos can then be used by all stakeholders in the ecosystem.”                      

Other key recommendations of the MPFI include focussing on increasing women consumers and using voice-based features in Mobile Apps. The positioning of mobile internet, especially towards payments, may need judicious advertising within the social and cultural context.

Voice should start playing a key role, at least in the transaction part of the payment. This will enhance usability, and also reduce transaction time. The Forum also pointed out that for a certain fraction of Indians, the current e-commerce symbols may be confusing and this reduces their comfort levels to transact online. Simple and easy navigation and user interfaces that use speech rather than text could help.       

Among the key inputs from users and merchants is that it was important to reduce overall costs for merchants while designing the mobile applications in such a way that it is lightweight and minimizes the process flow to reduce data usage. There should also be clearly communicated guidelines for fees that are charged by banks and payment operators for various digital payment services.         

Further, MPFI also called for all stakeholders to work towards developing an ecosystem that fosters the adoption of digital payments. This can include developing open source designs for point of sale solutions (hardware and software) and book-keeping software.

Among the key recommendations of the MPFI in Rules and Regulations include:

It will be useful to allow seamless interoperability with a choice to consumers and entities for all non-banks, both from the issuer and the acquirer perspective.  

With Digital Payments, consumers will start generating a lot of data. It is important to have clear and transparent guidelines on data sharing, as that promotes trust among consumers.

There should be an agency to certify financial applications and websites across a variety of security parameters.       

Wider adoption of techniques from data science, machine learning and artificial intelligence should be used across the payments industry. There should be greater awareness and use of techniques and developments from AI that are most suited for digital payments. These emerging and modern techniques could be particularly beneficial for the scaling of solutions that are intended for financial inclusion.     

Having the feature of recurring payments, in UPI, will greatly increase the usage of the platform.

 The IT Act should be reviewed for regulatory safeguards pertaining to data protection, storage and transmission.  

Tags: digital paymentsGaurav RainaIIT MadrasPress Release
Share4Tweet2Share1Pin1

Related Posts

Big Data for HIV in Sub -African Region
Tech news

Big Data for HIV in Sub -African Region

Where, How To Find Candidates For Passive Candidate Sourcing
Tech news

Where, How To Find Candidates For Passive Candidate Sourcing

Customer Loyalty
Tech news

How to take a matter to customer support and get the right result

GPS Setup For Security Guard Tracker Systems—Ins And Outs
Tech news

GPS Setup For Security Guard Tracker Systems—Ins And Outs

A Comprehensive Guide to Purchasing a Server for Individuals or Business
Tech news

A Comprehensive Guide to Purchasing a Server for Individuals or Business

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Most Read

  • What is windows modules installer ? How to Enable/Disable

    What is windows modules installer ? How to Enable/Disable

    1012 shares
    Share 405 Tweet 253
  • How to Track Someone’s iPhone by Phone Number?

    72 shares
    Share 29 Tweet 18
  • How to make a chatbot using HTML

    159 shares
    Share 63 Tweet 39
  • Visionary Entrepreneur and Investor Leonid Radvinsky Champions Open Source Tech

    194 shares
    Share 77 Tweet 48
  • Link Building for SEO: A Brief Beginners’ Guide

    23 shares
    Share 9 Tweet 6
  • Google Analytics real time changes to “last 5 minutes”

    16 shares
    Share 6 Tweet 4

Recent Stories

Why Is Terra Luna dropping?

Why Is Terra Luna dropping?
Share6Tweet4Share1Pin2

How to Find Your Dream Job: Interview Techniques and Resume Writing

How to Find Your Dream Job: Interview Techniques and Resume Writing
Share4Tweet3Share1Pin2

YouTube vs Instagram: Fashion’s Video Face-Off

YouTube vs Instagram: Fashion’s Video Face-Off
Share4Tweet3Share1Pin1

Need for Digital Accessibility for businesses

Need for Digital Accessibility for businesses
Share4Tweet3Share1Pin2
  • Terms of use
  • Privacy Policy
  • About Us
  • Contact us
  • Write For Us
  • Cookie Policy

© 2022 All Rights Reserved

No Result
View All Result
  • Tech news
  • Startup news
  • Artificial Intelligence
  • IOT
  • Big Data
  • Cloud
  • Data Analytics
  • Machine Learning
  • Blockchain
  • Social Media

© 2022 All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Cookie Law Notice
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT