RBI issues Framework for Facilitating Small Value Digital Payments in Offline Mode
The aforesaid framework was issued after proper tests by some entities during the period from September 2020 to July 2021 . Post the pilot testing, it was announced in the Statement on Developmental and Regulatory policies dated October 08, 2021, that a framework for carrying out small value digital payments in offline mode across the country would be introduced.
Hence the framework to enable small value digital payments in offline mode using cards, wallets, mobile devices, etc., is introduced. Authorized Payment System Operators (PSOs) and Payment System Participants (PSPs) – Acquirers and Issuers (banks and non-banks) – shall ensure compliance with all the applicable instructions.
The framework consists of guidelines for making payments, it sets out the limits for making payments, offline payments shall be guided and monitored by RBI’s circular, RBI retains the right to stop or modify the operations of any such payment solution that enables small value digital payments in offline mode, etc.
Link of Circular: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12215&Mode=0
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