RBI releases framework for offline digital payments – World Affairs SRS

RBI releases framework for offline digital payments

– World Affairs SRS

reserve Bank of India A framework has been issued to facilitate small value digital payments in offline mode using cards, wallets, mobile devices etc. to promote digital transactions in rural and semi-urban areas. The upper limit for offline payment transactions was fixed here Rs 200, with an aggregate limit of Rs 2000 anytime. the framework will enablee Authorized Payment System Operator (PSO) And Payment System Participant (PSP), The acquirer and issuer (banks and non-banks) will conduct small-value offline digital payments.

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Under offline mode, payments can be made face-to-face (proximity mode) using any channel or means such as cards, wallets and mobile devices. These transactions will not require a Additional Factor of Authentication (AFA), RBI said, since the transactions are offline, the customer will receive the alerts (through SMS and/or e-mail) after a time interval.

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