We all have become dependent on online transactions in some form or the other. Very often it happens that people rely on Paytm, PhonePe and Google Pay with no cash, only to find out that the shop they want to buy from either does not accept online transactions, or Many a times there is no internet connectivity to be able to do any transaction. Now, while the previous problem can be solved only if the shopkeeper accepts online payment, the latter problem can be solved. let’s take a look:
Therefore, the Reserve Bank of India (RBI) has allowed offline mode of payment of small value using any channel or device such as cards, wallets, or mobile devices with immediate effect. This means users can do any transaction up to Rs 200 without internet connection without using any mobile phone or wallet. According to the new rule, offline payment is limited to Rs 200.
Now, offline payment can be done without any internet connection. Under the new framework, such payments can be made face-to-face using any channel or means such as cards, wallets or mobile devices. These transactions require users to perform an additional factor of authentication (AFA).
RBI has conducted three successful pilots of this new small value transaction program in different parts of the country during the period September 2020 to June 2021. These trials saw a total of 2.41 lakh transactions worth Rs 1.16 crore. Now since the transactions are offline, alerts will be received after a short interval.
Now, it’s still unclear how these transactions will happen, but our best guess is that it may be facilitated through SIM services on smartphones and feature phones, which don’t require internet, just a There is a working phone number. Offline payments are seen as RBI’s latest step towards promoting digital payments in the country.
As per RBI, “Offline payment can be made using any channel or means like card, wallet, mobile device etc. Payment will be done in proximity (face to face) mode only. Offline without Additional Factor of Authentication (AFA) Payment transactions may be offered.”
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