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Airtel Payments Bank, IDEMIA, to enable use of digital rupee
September 07, 2023
Airtel Payments Bank, identity technology company IDEMIA and Nokia brand phone maker HMD Global have joined hands to bring Central Bank Digital Currency on feature phones in India, a joint statement said on Wednesday.
All three organizations would be working together to introduce an advanced offline payment system over the next few months that would facilitate the use of the digital rupee on feature phones and promoting financial inclusion, the statement said.
“Our partnership with IDEMIA and Nokia is a testament to our unwavering commitment to drive financial inclusion in the country. We are confident that once we move from the design phase and launch the solution commercially with all required approvals, it will play a pivotal role in advancing the accessibility of financial services,” said Prasad Routray, Corporate Business and Alliances Head, Airtel Payments Bank.
According to the industry estimate, there are about 25 crore features phone users in India.
For the first time in the industry, an attempt is being made to bring CBDC payments on feature phones via an application interface, the statement said. Under this collaboration, IDEMIA will offer an offline layer to ensure instant and secure transactions without the need for online validation.
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