Home   »   RBI issued framework for offline digital...

RBI issued framework for offline digital payments

Digital Payments : RBI issued framework for offline digital payments_4.1

Reserve Bank of India has issued a framework for facilitating small-value digital payments in offline mode using cards, wallets, mobile devices, etc, to push digital transactions in rural and semi-urban areas. The upper limit of an offline payment transaction was fixed at Rs 200, with a total limit of Rs 2,000 at any point in time. The framework will enable the Authorised Payment System Operators (PSOs) and Payment System Participants (PSPs), Acquirers and Issuers (banks and non-banks) to conduct small value offline digital payments.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

Under the offline mode, payments can be carried out face-to-face (proximity mode) using any channel or instrument like cards, wallets, and mobile devices. These transactions will not require an additional factor of authentication (AFA), the Reserve Bank of India said, adding that since the transactions are offline, alerts (by way of SMS and/or e-mail) will be received by the customer after a time lag.

Find More Banking News Here

Digital Payments : RBI issued framework for offline digital payments_5.1

Airtel Payments Bank: RBI Airtel Payments Bank gets scheduled bank status 2022_90.1

Leave a comment

Your email address will not be published. Required fields are marked *