- This programme is part of the Reserve Bank of India's (RBI) Regulatory Sandbox Program. HDFC Bank is the first bank in the industry to offer a completely offline digital payment service.
- The OfflinePay service enables users and merchants to accept and process payments, even with little to no internet connection or network. This solution has the potential to increase digital payment usage in smaller towns and rural locations with limited network connectivity.
- Under the Payments cohort of the RBI's Regulatory Sandbox programme, HDFC Bank is collaborating with the RBI to trial offline digital payments.
- The proposal submitted by Crunchfish and HDFC Bank for entry into the Regulatory Sandbox was granted by the RBI in September 2022.
- HDFC Bank will roll out this service in more than 16 cities and towns across India as part of a four-month limited pilot. During the trial period, the offline transaction value will be capped at Rs. 200 per transaction, and customers can add up to Rs 2,000 in the OfflinePay wallet through UPI e-payment.
- Customers and merchants can make a maximum of five transactions while offline.
- If the pilot programme is successful, it will serve as the basis for the RBI's guidance and regulatory support to enable offline digital payments to India's payment ecosystem via the Crunchfish Digital Cash platform.
Question:
Q.1 “OfflinePay” Pilot Program was launched by which bank?
a. SBI
b. HDFC
c. Axis bank
d. ICICI bank
a. SBI
b. HDFC
c. Axis bank
d. ICICI bank
