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IDFC First Bank join hands with Crunchfish to enable offline payments
March 28, 2023
IDFC FIRST Bank has teamed with Crunchfish to participate in the RBI’s pilot programme to facilitate offline payments. This initiative will provide access to digital payments even when there is no network. The Swedish company Crunchfish introduced this one-of-a-kind digital payment system for merchants and customers as part of the RBI’s Regulatory Sandbox Program.
This project will allow offline retail payments in India’s payment ecosystem using a Digital Cash platform. IDFC FIRST Bank will be one of the first few banks to participate in HDFC Bank’s pilot initiative.
The RBI authorised the proposal to demonstrate offline payments between two banks. IDFC First Bank now has access to the Digital Cash SDK thanks to the signing of the Development and Demonstration Agreement, which is a non-commercial agreement. A Software License Agreement will govern the commercial parameters of installation.
IDFC First Bank said it believes in providing customer-first products and being a part of this pilot only resonates with the Bank’s ethos and this solution will open up more customer base and regions for adoption of cashless digital payments.
Madhivanan Balakrishnan, COO, of IDFC FIRST Bank said “This application will help make transactions easier for customers. Being a part of this pilot project and enabling a unique offering for customers is something that is aligned with the Bank’s philosophy”.
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