HDFC Bank gets RBI approval for product on offline retail payments for adoption

12 Dec 2023 , 11:46 AM

The Reserve Bank of India (RBI) announced on Monday that an ‘Offline Retail Payments’ solution created by HDFC Bank in collaboration with Crunchfish AB has been cleared for deployment by banks and other financial institutions.

According to a release, HDFC Bank (in collaboration with Crunchfish AB) was chosen for the Test Phase of the Regulatory Sandbox (RS)’s ‘On Tap’ application capability for the topic ‘Retail Payments’.

The RBI further stated that the product may be considered for adoption by regulated entities, subject to regulatory compliance.

With the help of the product ‘Offline Retail Payments’, customers and merchants could be able to transact in offline mode.

RBI provided insights on the product, adding that it is implemented as a trusted application that makes use of certified virtual secure elements as well as Public Key Infrastructure.

The solution intends to increase digital payment usage in places with no or limited network coverage by facilitating transactions without the requirement for a network connection.

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