IDFC First Bank has announced its collaboration with the Swedish company Crunchfish to launch a pilot project to demonstrate offline retail payments. The bank is going to participate in the Reserve Bank of India’s (RBI) pilot project that aims to enable offline payments. The project aims to provide digital payment services to customers and merchants even in areas without network connectivity. This project will provide support for offline retail payments based on a Digital Cash platform to the payment ecosystem of India. IDFC FIRST Bank will be one of the first few banks to be a part of this pilot project by HDFC Bank.
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Crunchfish has developed a distinct digital payment solution for merchants and customers under the RBI’s Regulatory Sandbox Program, which was approved by the RBI to demonstrate offline payments between two banks. IDFC First Bank has signed a non-commercial Development and Demonstration Agreement to access the Digital Cash SDK. The terms of deployment will be regulated in a Software License Agreement.
The Regulatory Sandbox was established in 2020 by the Reserve Bank of India to foster responsible innovation in financial services, promote efficiency, and bring benefits to end users. IDFC First Bank was formed by the merger of the erstwhile IDFC Bank and Capital First. The bank has expanded to 707 branches, 253 asset service centres, 867 ATMs, and 578 rural business correspondents.
Important takeaways for all competitive exams:
- IDFC First Bank CEO: V. Vaidyanathan (19 Dec 2018–);
- IDFC First Bank Headquarters: Mumbai.
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