Offline Digital Payment: Offline Payment can be called a transaction which does not require internet or telecom collectivity. According to RBI, Authorized Payment System Operators (PSOs) and Payment System Participants (PSPs) will have to follow the new guidelines to adopt such offline digital payments.
The Reserve Bank of India (RBI) recently started work on a pilot project to promote digital payment. After this pilot, now the central bank has made preparations to implement digital payment without internet. The Reserve Bank has fixed an upper limit of Rs 200 for such transactions. That is, now there will be no need for internet for digital payment up to Rs 200.
Approved after testing
This type of payment can be done only face-to-face. In order to promote small digital transactions in offline mode, RBI first conducted testing with some entities from September 2020 to July 2021. After this, on August 6, the RBI had approved the pilot scheme related to it.
No need of internet
Offline payment can be said to be a transaction that does not require internet or telecom collectivity. According to RBI, Authorized Payment System Operators (PSOs) and Payment System Participants (PSPs) will have to follow the new guidelines to adopt such offline digital payments.
You will be able to pay more and more
RBI said that it would be possible to make payments up to a maximum of Rs 2000 at any one time in this manner. After the limit is exhausted, one will have to resort to online mode to increase it and it will be possible to do this only with additional factor authentication.
Digital transactions will increase in rural areas
This move of the Reserve Bank is expected to accelerate digital payments in rural areas. Even today, a large population in rural areas does not have a smartphone. Apart from this, there are many such areas, where there is a problem of network. Now it will be possible to make digital payments even in such situations.
