Business News: RBI releases framework on offline digital payments

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RBI releases framework on offline digital payments : Rashtra News

#RBI #releases #framework #offline #digital #payments

The Reserve Bank of India on Monday released framework to enable small value digital payments in offline mode using cards, wallets and mobile device. As per the new rules payment system operators, will be able to allow offline payments in face to face mode only. Such payments that will happen without the use of internet or the telecom network will be capped at Rs 200 per transaction and will be offered without additional factor authentication.

“Offline payments may be made using any channel or instrument like cards, wallets, mobile devices, etc,” the RBI said in a statement. “Offline payments shall be made in proximity (face to face) mode only.”

A pilot testing for initiating offline payments was carried out by some institutions

from September 2020 to July 2021. Last year in October, the RBI announced that a

framework for carrying out small value digital payments in offline mode across the country would be introduced.

As per the rules, the upper limit of an offline payment transaction will be Rs 200. The total limit for offline transactions on a payment instrument will be Rs 2,000 at any point in time. The regulator also stated that payment instruments will be enabled for offline transactions based on explicit consent of the customer.

The RBI also said that the acquirer will incur all liabilities arising out of technical or transaction security issues at merchant’s end.

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( News Source :Except for the headline, this story has not been edited by Rashtra News staff and is published from a economictimes.indiatimes.com feed.)

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