Offline Digital Payments Coming Soon – RBI To Rollout New Framework

Offline Digital Payments Coming Soon – RBI To Rollout New Framework

SUMMARY

RBI will come up with detailed guidelines on the framework for digital payments on offline mode

The central bank conducted 3 successful pilots in different parts of the country during September 2020-June 2021 involving small-value transactions covering a volume of 2.41 Lakh for value INR 1.16 Cr

Further, the RBI has also proposed to lay down a framework for geo-tagging of physical payment acceptance infrastructure which includes Point of Sale (PoS) terminals, Quick Response (QR) codes, used by merchants

In what could be another breakthrough in India’s fintech ecosystem, digital payments will soon be possible in the country even without internet connectivity, courtesy: the Reserve Bank of India. 

The RBI on Friday proposed to introduce a framework for carrying out digital payments in offline mode. RBI Governor Shaktikanta Das said that central bank will issue detailed guidelines on the framework in due course.

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