The establishment has received $222,000 in funding from the government's UK-India Education and Research Initiative, which aims to encourage links between the two countries.
A team at the university is working on developing a simple and secure form of mobile banking authentication that generates a personal code for a user's SIM card, negating the need for them to use a special chip when they want to conduct secure mobile banking in India.
This has been one of the major reasons for the low adoption rate of such financial services in the country, which mobileSQUARED estimates will have 90 million users of internet-enabled handsets by the end of the year.
"With this new technology, we hope to â¦ help both banks and mobile network operators to roll out secure and easy-to-use mobile banking services," associate dean of e-learning Dr Rajarajan remarked.
In related news, Citibank in the US recently extended its smartphone payments service to allow access from iPhones, BlackBerrys and Palm models.