HDFC Bank launches pilot for offline digital payments in poor connectivity areas

HDFC Bank launches pilot for offline digital payments in poor connectivity areas

Daily Current Affairs   /   HDFC Bank launches pilot for offline digital payments in poor connectivity areas

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Category : Business and economics Published on: February 16 2023

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  • HDFC Bank has started a pilot project to enable digital payments in the offline mode under a regulatory facility.
  • HDFC Bank has started the offline digital payments pilot project in partnership with Sweden-based Crunchfish AB, India’s IDFC Bank and M2P Fintech. The pilot is happening under the fourth cohort of the Reserve Bank of India (RBI) regulatory sandbox.
  • The fourth cohort was themed ‘On Tap’ for retail payments.
  • HDFC’s product is called ‘Offline Retail Payments’. With that, the private bank enables customers and merchants to pay and receive payments in offline mode.
  • The lender will roll-out this service as part of a limited pilot for four months in more than 16 cities and towns across the country. The offline transaction amount would be limited to up to ₹200 per transaction.
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