Now you will be able to pay without internet, the country's largest bank has launched 'Offline Pay' - Newztezz Online

Breaking

Monday, February 13, 2023

Now you will be able to pay without internet, the country's largest bank has launched 'Offline Pay'

HDFC Bank is the first bank in the industry to launch digital payment solution completely in offline mode. This can boost the adoption of digital payments in small towns and rural areas with poor network connectivity.

HDFC Offline Pay: Now you are going to get rid of not being able to pay when the internet is down. The country's largest HDFC has launched an offline digital payment platform for its customers. Now you will be able to make payment even without internet. has launched a pilot, known as 'Offline Pay', in partnership with Crunchfish to test offline digital payments for merchants and customers under the RBI's regulatory sandbox programme.

HDFC Bank's 'OfflinePay' will enable customers and merchants to make and receive payments even when there is no mobile network. HDFC Bank is the first bank in the industry to launch digital payment solution completely in offline mode. This can boost the adoption of digital payments in small towns and rural areas with poor network connectivity.

Cashless payment will be easy

Even in urban centres, it can enable cashless payments despite network congestion during large public events, fairs and exhibitions; underground subway stations, parking lots, and retail stores with network blind spots; And even in airplanes, sea-boats and trains without network.

HDFC Bank is working with the regulator for offline digital payments under the Payments Cohort of RBI's Regulatory Sandbox programme. In September 2022, the RBI approved HDFC Bank's application in partnership with Crunchfish to access the regulatory sandbox. Crunchfish Digital Cash AB is a subsidiary of Crunchfish AB, a publicly listed company on the Nasdaq First North Growth Market in Stockholm, Sweden. The pilot, if successful, will provide the basis for RBI guidance and regulatory support in providing offline digital payments based on the 'Crunchfish Digital Cash' platform to India's payments ecosystem.

Digital payments generally require one party (either the customer or the merchant) to be online. This limits the use of such payments to areas with good data connectivity. HDFC Bank's 'OfflinePay' brings the unique capability where both the customer and the merchant can be completely offline and still transact. Merchants can get instant payment confirmation even in offline mode. The transaction is settled as soon as either the merchant or the customer goes online.

Parag Rao, Country Head, Payments Business, Consumer Finance, Digital Banking and Marketing, HDFC Bank said. “HDFC Bank is delighted to work under the guidance of the regulator and in partnership with Crunchfish Digital Cash to launch the industry-first digital solution 'OfflinePay'. This innovation will accelerate financial inclusion by enabling the adoption of digital payments in remote areas as both merchants and customers can transact without any network. HDFC Bank is committed to bring more digital innovation and payment solutions to its customers and merchants.

As of now, HDFC Bank will be rolling out this service as part of a limited pilot for 4 months in 16+ cities and towns across India. The bank will enable merchants and even users of other banks to experience 'OfflinePay' through an invite link. During the pilot, the offline transaction amount will be limited to Rs.200 per TxN. HDFC Bank has partnered with IDFC First Bank to showcase off-us transactions with other bank's customers and merchants. HDFC Bank had nominated M2P Fintech Pvt Ltd to build the customer and merchant app for the pilot.

No comments:

Post a Comment