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The Reserve Bank of India has proposed a scheme for making small-value payments in offline mode using debit cards, credit cards, and mobile devices. Under this pilot scheme, RBI Notification has authorized Payment System Operators (banks and non-banks) would be able to provide offline payment solutions.
You could have experienced cases of failed payments while using a credit or a debit card for transactions. This could be due to erratic internet connectivity. Another reason could be the inability of the establishment of the connection with the payments platform.
The RBI notification on offline retail payments can solve this impediment. Moreover, the availability of options to make offline payments can boost the adoption of digital payments. It is also expected to encourage technological innovations that enable offline digital transactions.
The pilot scheme shall be undertaken until 31st March 2021 only. The RBI shall decide on formalizing such a system based on the experience gained under the pilot.
In case of using credit or debit cards in the offline mode, the card data and details of the transactions are stored at the terminal, which generates a transaction response including data you can use to generate a receipt. Once the internet connection is established, it sends the stored payments data to the payments platform for further processing.
Against this backdrop, providing an option of offline payments is expected to facilitate the adoption of digital payments also.
Under the pilot scheme, the Payment System Operators (banks and non-banks) can offer digital payments offline. It means payments that do not require internet connectivity to take effect.
The payments solutions provided to users will be provided subject to the following conditions:
Read our article:Digital Payment System & UPI Payment Gateway
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