Mobile Voice Payment System (VPS)

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Description :

VPS is a Mobile Banking System which lets the banks’ rural customers carry out regular banking functions through a self-service menu. These include Balance enquiry, Funds Transfer, Bill Payments, Remittances etc. The interface to this Mobile Banking system is completely voice driven, hence giving the rural customers the benefit of making transaction over a natural voice conversation in vernacular language with the Bank’s computer. As another innovative step, the VPS does not require a customer to remember a PIN, instead uses the customer’s own voice as a Voice Biometrics authentication which is extremely safe and secure as Voice cannot be stolen or copied.

More than 30% of the Indian population is unbanked. The cost of providing banking services to the hinterland has never posed a business opportunity for banks, as the rural population is spread out and not concentrated as in the urban areas. Moreover, the ticket size of transactions in rural areas is smaller than urban areas. Banks have in the past tried to offer banking services using mobile and internet technologies but the adoption has been abysmal. Business Correspondents are beginning to provide a basic level of financial services to rural areas. But to really include the rural customers into mainstream banking, it is important to offer a full set of banking services to them using a low cost medium which is very high on usability factor as well. VPS does this by providing a local language Voice interface to banking to the rural customers which can be accessed by mobile phones. VPS brings services such as balance enquiry, funds transfer, remittances, merchant payments, bill payments, loan repayments, insurance payments, govt. payments directly to the customer. The customer has to dial the bank’s phone number and VPS will guide the customer over a natural speech medium. The customer need not remember a PIN which can anyway be stolen by the Business Correspondent or can be compromised easily, the customer is authenticated using Voice biometrics. The customer Voice print is stored with the bank at the time of enrollment and is matched each time a transaction has to happen. VPS also has dedicated features for Business Correspondent (BC) based transactions. For cash-in, cash-out through business correspondents, VPS allows the Business Correspondent to dial-in and inform the bank of the transaction, the bank (VPS) confirms the transaction with the customer over an automated voice call. Post this the bank checks for sufficient balance is all accounts and does a real-time settlement between the BC and the customer. The BC is then informed to release or accept the cash from the customer. VPS also consists of a Bluetooth based mobile handset application which pairs up with a low-cost printer. When the central accounting system of the Bank receives the update from the Voice system, it can trigger an SMS back to the BC’s mobile device, the application on the handset will print this out from the printer as a ‘Receipt’.

What we deliver?

VPS is a service offered to banks.

Why is the project unique?

The fact that VPS uses no more than voice for availment of banking services over the mobile medium is a very innovative proposition. Infact the customer does not even have to remember to PIN to key, voice is the only input/output medium used including for authentication.


Umesh Sachdev
Chennai, Tamil Nadu


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