RBI approves HDFC Bank’s ‘offline retail payments’; Here are the details

Under the ‘On Tap’ application facility for the ‘Retail Payments’ theme of the Regulatory Sandbox (RS), HDFC Bank (in association with Crunchfish AB) was selected for the pilot phase, a statement said.

Mumbai: RBI approves HDFC Bank’s offline retail payments product for adoption Mumbai, Dec 11 (PTI) The Reserve Bank of India (RBI) on Monday said it has approved an ‘Offline Retail Payments’ product, developed by HDFC Bank, in collaboration with Crunchfish AB, for adoption by banks and other financial institutions.

Under the ‘On Tap’ application facility for the ‘Retail Payments’ theme of the Regulatory Sandbox (RS), HDFC Bank (in association with Crunchfish AB) was selected for the pilot phase, a statement said.
The RBI said in the statement that the product “may be considered for adoption by regulated entities, subject to compliance with applicable regulatory requirements.”

The product ‘Offline retail payments‘offers customers and merchants the ability to conduct offline transactions, the report said.

“It is implemented as a trusted application using certified virtual security elements and public key infrastructure,” the RBI said, providing details about the product. The solution aims to drive the adoption of digital payments in areas with no or few networks by enabling transactions without the need for a network connection.