HDFC Bank, Precision selected by RBI for retail payments test phase

The Reserve Bank of India has announced that HDFC Bank (in partnership with Sweden-based Crunchfish Aktiebolag) and Precision Biometric India Pvt. Ltd has been selected for the test phase for their ‘offline retail payments’ and ‘InnaIT Key Solution for Banking’ products under the ‘On Tap’ application facilities for the theme ‘Retail Payments’ under the Regulatory Sandbox.

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Key Points Related to ‘Offline Retail Payments

• ‘Offline Retail Payments’ is an HDFC Bank product that provides the capability for customers and merchants to able to pay and receive payments in offline mode.
• This initiative aims to boost the adoption of digital payments in areas of no or low between by enabling transactions without the need for any network connection.
• The ‘InnaIT Key Solution for Banking’ by Precision Biometric product offers a solution enabling biometric tokens which can be used to secure password-less authentication and Additional Factor Authentication (AFA), replacing the OTP for logging into the internet for mobile banking.