Sunday, May 22, 2022

Digital Payment: Now money transfers will happen without the internet! Offline digital payment approved, know-how

Offline Digital Payments: In order to promote digital transactions in villages and towns, RBI issued a framework for offline digital payments.

There are many villages and areas in India where even today there is no internet facility. In order to promote digital transactions in villages and towns, the Reserve Bank of India (RBI) on Monday released a framework for offline digital payments. RBI has approved digital payment. 

Know Terms and Conditions

Currently, transactions up to Rs 200 have been allowed under offline payment. In this, a maximum of 10 transactions i.e. up to a total of Rs 2,000 will be allowed offline. Offline digital payments i.e. in which internet or mobile network is not required. This offline payment can be made face to face by any means including card, wallet, and mobile.

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AFA not required

RBI said that such transactions will not require ‘Addition Factor of Authentication (AFA)’. Since the payment will be offline in these, customers will get ‘alerts’ through SMS or e-mail after a short interval. 

Digital payment framework 

According to the framework issued by the RBI, ‘The limit for each transaction in this will be Rs 200. Its total limit will be Rs 2,000, offline payment was started on a pilot basis from September 2020 to June 2021 in different parts of the country. Based on the feedback received, this framework has been prepared.

The Reserve Bank further said, ‘Offline payments will encourage digital transactions in areas with weak internet connectivity. Especially in villages and towns. This arrangement has come into force with immediate effect. But, let us tell you that the central bank has clearly said that offline payment can be used only after the permission of the customers.

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