RBI to soon launch framework for retail digital payments in offline mode
Last year, RBI had announced a scheme to conduct pilot tests of innovative technology which enables retail digital payments even in areas where internet connectivity is low or not available at all.
- Oct 8, 2021,
- Updated Oct 8, 2021 3:02 PM IST
India's central bank will soon launch a framework for retail digital payments in offline mode across the country, Governor Shaktikanta Das said on Friday.
A statement of the Reserve Bank of India on Developmental and Regulatory Policies dated August 6, 2020, had announced a scheme to conduct pilot tests of innovative technology which enables retail digital payments even in areas where internet connectivity is low or not available at all.
Three pilots have been successfully conducted under the scheme in different parts of the country between September 2020 to June 2021. These involved small-value transactions covering a volume of 2.41 lakh for a value of Rs 1.16 crore, explained the RBI in an official statement. RBI noted that learnings from the pilots have indicated that there is a scope to introduce such solutions, especially in remote areas.
"Given the encouraging experience gained from the pilot tests, it is proposed to introduce a framework for retail digital payments in offline mode across the country. This will further expand the reach of digital payments and open up new opportunities for individuals and businesses," Governor Das said.
He further added that ensuring wider availability of payments acceptance (PA) infrastructure throughout the country has been one of the priority areas for financial inclusion.
The RBI Governor noted that to target areas with deficient PA infrastructure, it has been proposed to introduce a framework for leveraging geo-tagging technology to capture exact location information on all existing and new PA infrastructure with respect to Point of Sale (PoS) terminals, Quick Response (QR) Codes, etc.
"This would complement the Payment Infrastructure Development Fund (PIDF) framework of the Reserve Bank in ensuring wider geographical deployment of PA infrastructure," Das said.
Edited by Mohammad Haaris Beg
Also Read: RBI will ensure ample liquidity to aid growth, says Shaktikanta Das
Also Read: Flagged concerns over high petrol, diesel taxes; for govt to decide: Shaktikanta Das
India's central bank will soon launch a framework for retail digital payments in offline mode across the country, Governor Shaktikanta Das said on Friday.
A statement of the Reserve Bank of India on Developmental and Regulatory Policies dated August 6, 2020, had announced a scheme to conduct pilot tests of innovative technology which enables retail digital payments even in areas where internet connectivity is low or not available at all.
Three pilots have been successfully conducted under the scheme in different parts of the country between September 2020 to June 2021. These involved small-value transactions covering a volume of 2.41 lakh for a value of Rs 1.16 crore, explained the RBI in an official statement. RBI noted that learnings from the pilots have indicated that there is a scope to introduce such solutions, especially in remote areas.
"Given the encouraging experience gained from the pilot tests, it is proposed to introduce a framework for retail digital payments in offline mode across the country. This will further expand the reach of digital payments and open up new opportunities for individuals and businesses," Governor Das said.
He further added that ensuring wider availability of payments acceptance (PA) infrastructure throughout the country has been one of the priority areas for financial inclusion.
The RBI Governor noted that to target areas with deficient PA infrastructure, it has been proposed to introduce a framework for leveraging geo-tagging technology to capture exact location information on all existing and new PA infrastructure with respect to Point of Sale (PoS) terminals, Quick Response (QR) Codes, etc.
"This would complement the Payment Infrastructure Development Fund (PIDF) framework of the Reserve Bank in ensuring wider geographical deployment of PA infrastructure," Das said.
Edited by Mohammad Haaris Beg
Also Read: RBI will ensure ample liquidity to aid growth, says Shaktikanta Das
Also Read: Flagged concerns over high petrol, diesel taxes; for govt to decide: Shaktikanta Das