Digital Payments without Internet, No need of Mobile Network
The Reserve Bank has recently started work on a pilot project to implement digital payments without internet.
On Monday, the Reserve Bank of India (RBI) has issued a framework to push digital transactions in rural and semi-urban areas, allowing offline payments up to Rs 200 per transaction, subject to an overall limit of Rs 2,000.
The Framework
The Reserve Bank of India said that these transactions will not require an additional factor of authentication (AFA), since the transactions are offline, alerts (by way of SMS and/or e-mail) will be received by the customer after a time lag. “Transactions are subject to a limit of Rs 200 per transaction and an overall limit of Rs 2,000 for all transactions until the balance in the account is replenished. Balance replenishment can only occur in an online mode,” said the Framework for Facilitating Small Value Digital Payments in Offline Mode.
