Categories: Banking

RBI issued framework for offline digital payments

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.

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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.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.