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RBI Approves HDFC Bank's 'Offline Retail Payments' for Wider Adoption
December 12, 2023
In a significant move to bolster digital payments, the Reserve Bank of India (RBI) announced on Monday its approval of an ‘Offline Retail Payments’ product developed by HDFC Bank, in collaboration with Crunchfish AB. The initiative falls under the ‘On Tap’ application facility within the Regulatory Sandbox (RS), focusing on ‘Retail Payments.’ HDFC Bank, alongside Crunchfish AB, has been selected for the Test Phase, as per the central bank’s statement.
The product, which has received the green light from the RBI, is now eligible for consideration by regulated entities, provided they adhere to applicable regulatory requirements. The ‘Offline Retail Payments’ solution facilitates transactions in offline mode for both customers and merchants. It operates as a trusted application utilizing a certified virtual secure element and Public Key Infrastructure, ensuring the security of transactions.
The primary objective of this innovative product is to drive the adoption of digital payments in regions with little or no network coverage. By enabling transactions without the necessity of a network connection, the solution addresses the challenges posed by limited connectivity, particularly in remote areas. The RBI’s approval marks a significant step towards fostering financial inclusion and expanding the reach of digital payment services across diverse geographical landscapes.
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