HDFC Bank is the first bank in the country to introduce such a system to enable digital payments in areas with poor mobile network coverage, including small towns and villages. This offline payment system is also convenient for cashless transactions during mobile network traffic during large public events, trade fairs and exhibitions.
Traditional digital payment methods require one of the parties involved in the transaction to be online. It is difficult to use in areas with poor connectivity. However, HDFC Bank’s “Offline Pay” system allows merchants and customers to transact without an internet connection.
HDFC Bank said the system enables merchants to receive payment confirmations in offline mode and once the merchant or customer comes back online, the transactions will take place. The service will be available to users of other banks through an invite link during a four-month trial phase in over 16 cities and towns across India. During the pilot project, the transaction amount for offline pay is limited to Rs 200 per transaction.
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Also, the facility will enable offline payments to be made in non-networked spots like underground metro stations, parking lots, retail stores, planes, trains, ships etc. The RBI approved the application developed by HDFC Bank and Crunchfish as part of the regulatory sandbox program in September 2022. The success of this pilot project will mark a new era in offline digital payments in India.
Crunchfish Digital Cash AB is a subsidiary of Nasdaq listed company Crunchfish AB. This partnership between HDFC Bank and Crunchfish is a continuing effort to work with the RBI on the Regulatory Sandbox programme. If the pilot project proves successful, it will pave the way for widespread introduction of offline digital payments in the country.
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