Machine Learning-Based Mobile Payment System for Empowering Low-Income Earners in India
Journal Title: Journal of Intelligent Systems and Applied Data Science (JISADS) - Year 2023, Vol 1, Issue 1
Abstract
In the contemporary era, mobile phones have become indispensable, serving as communication devices and offering myriad applications. Among these applications, mobile payment systems hold great potential in driving the transition to a cashless economy. However, India's current mobile payment landscape is limited by its dependency on bank accounts. This poses a significant challenge for low-income earners who lack access to banking services or perceive minimal benefits in owning an account due to their limited financial resources. As a result, they are unable to leverage existing mobile payment systems. Despite bank branches in approximately 40,000 out of 600,000 Indian villages, a staggering 80% of households possess mobile phones. The heavy reliance on cash-based transactions leaves India's economy susceptible to disruptions. To address this, the proposed research project aims to develop a user-friendly and secure mobile payment system that operates independently of bank accounts, ensuring inclusivity for all individuals, irrespective of their banking status.Moreover, the system will be compatible with any mobile phone and will not require an internet connection. By implementing such an innovative system, India can make significant strides towards achieving a truly cashless economy. Additionally, integrating machine learning techniques in the system can enhance security, fraud detection, and user personalization, further optimizing the user experience and driving the adoption of mobile payments.
Authors and Affiliations
Cleodine W Chiome, Abdul Basit Darem
Keywords
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