An Indian think tank works on safer SMS payments 03.11.2017

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An Indian think tank that goes by the name of Mobile Payment Forum of India (MPFI) is looking into adding a number of user-friendly features to ensure cheap, secure and efficient mobile payments in the country. MPFI is a combined effort of Institute for Development and Research in Banking Technology, Hyderabad and Rural Technology Business Incubator.

According to a Professor at Indian Institute of Technology, Madras, Raina, that in the upcoming months the group wants to tackle the issues of spreading user awareness, proximity payments and simplifying message formats for SMS payments. One of the goals the organization is working on is creating a standard for SMS banking message formats across banks.

In Raina’s view, SMS should be promoted as the basic channel for basic financial services and requires standardization. He suggested a mastercode that can be used across all of India’s banks to check account balance.

Voice-based authentication could be added to make SMS banking accessible to more people. Especially, for the elderly, who are not very good at using other kinds of technology.