Mumbai: Debit card holders will soon be able to request their bank for Visa The card which allows them to store up to Rs 2,000 in the chip itself, to transact without connectivity.
A proof of concept (PoC) for stored value cards for offline payments has already been established by Visa in partnership with payment solutions firm Innovity. NS PoC executed in partnership with Yes Bank And axis Bank. Stored value cards differ from prepaid cards in that authorization takes place over the network cloud.
Chip in this new visa Debit Card shall maintain a stored value of daily spending limit of Rs.2,000 and limit of Rs.200 per transaction – the limit mandated by reserve Bank of India in present. If the balance is insufficient, the transaction will be rejected, making the offer favorable for cardholders and merchants. merchants Revenues also stand to accrue from less friction and risk of payment failures. Visa’s solution is the first of its kind and is well equipped to enter the Indian market.
RBI is urging banks to come up with solutions for offline digital transactions so that these can continue during poor telecom infrastructure or network breakdown. Digital payments are largely dependent on mobile networks and an outage in one area can result in a major transaction failure. With the deep penetration of debit cards across India, offline payments using Visa cards are expected to facilitate the transition from cash to digital payments.
“Lack of internet connectivity has limited the democratization of digital payment acceptance in the country, as all existing payment technologies require real-time connectivity for authentication and authorization. Rajeev Agarwal, MD & CEO, Innoviti Payment Solutions, India That said, offline payments are a fast, reliable and low-cost way to solve this problem that could change the way payments are made.
A proof of concept (PoC) for stored value cards for offline payments has already been established by Visa in partnership with payment solutions firm Innovity. NS PoC executed in partnership with Yes Bank And axis Bank. Stored value cards differ from prepaid cards in that authorization takes place over the network cloud.
Chip in this new visa Debit Card shall maintain a stored value of daily spending limit of Rs.2,000 and limit of Rs.200 per transaction – the limit mandated by reserve Bank of India in present. If the balance is insufficient, the transaction will be rejected, making the offer favorable for cardholders and merchants. merchants Revenues also stand to accrue from less friction and risk of payment failures. Visa’s solution is the first of its kind and is well equipped to enter the Indian market.
RBI is urging banks to come up with solutions for offline digital transactions so that these can continue during poor telecom infrastructure or network breakdown. Digital payments are largely dependent on mobile networks and an outage in one area can result in a major transaction failure. With the deep penetration of debit cards across India, offline payments using Visa cards are expected to facilitate the transition from cash to digital payments.
“Lack of internet connectivity has limited the democratization of digital payment acceptance in the country, as all existing payment technologies require real-time connectivity for authentication and authorization. Rajeev Agarwal, MD & CEO, Innoviti Payment Solutions, India That said, offline payments are a fast, reliable and low-cost way to solve this problem that could change the way payments are made.
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