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.