RBI releases framework offline digital payment

The Reserve Bank of India (RBI) released a framework for small-value offline transactions in digital mode. An “offline payment” refers to a transaction that does not require internet or telecom connectivity to be effective. Offline payments can be made by any channel or method, including cards, wallets, and mobile devices, but they must be made in close proximity or exclusively in face-to-face mode, as the framework requires.

According to the RBI, offline transactions are likely to promote digital transactions and strengthen the digital transaction framework being established in areas with low or limited internet or telecom connectivity, particularly in semi-urban and rural areas. Payment System Operators (PSOs) and Payment System Participants (PSPs), which include both banks and non-banks, who seek to accept payments in the offline mode must adhere to the framework’s standards.

The maximum amount that can be paid offline will be Rs 200.The total limit for offline transactions on any payment instrument at any given time is Rs. 2,000. According to the framework, only online replenishment of the used limit with AFA will be permitted. For grievance redressal, customers will have to use the RBI’s Integrated Ombudsman Scheme to resolve their complaints. With immediate effect, the framework will be implemented.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this:
search previous next tag category expand menu location phone mail time cart zoom edit close