The Reserve Bank of India (RBI) on Monday said it has approved an 'Offline Retail Payments' product developed by HDFC Bank, in partnership with Crunchfish AB, for adoption by banks and other financial institutions.
Under the 'On Tap' application facility for the theme 'Retail Payments' of the Regulatory Sandbox (RS), HDFC Bank (in partnership with Crunchfish AB) was selected for the Test Phase, as per a statement.
The RBI, in the statement, said the product "may be considered for adoption by regulated entities, subject to compliance with applicable regulatory requirements."
The product 'Offline Retail Payments' provides capability for customer and merchants to be able to transact in offline mode, it said. "It is implemented as a trusted application that uses certified virtual secure element as well as Public Key Infrastructure," the RBI said, providing details about the product.
The solution aims to boost adoption of digital payments in areas of no or low network by enabling transactions without the need to have a network connection.
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