Select Your Location
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.
Table of Contents
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
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
Black money has been the subject of heated political debate in India for a long time. Successiv...
The Apex Court pronounced a judgement in the case titled Tata Motors Vs The Brihan Mumbai Elect...
Since economies are moving towards digitalisation and making it feasible to conduct transaction...
The Alternative Investment Funds (AIFs) Pro-rata and Pari-Passu Rights Proposal Consultation Pa...
The Financial Action Task Force, i.e. FATF (the Force), is the global money laundering and terr...
Advance tax refers to the payment of the tax liability before the end of the relevant financia...
On 11.12.15, the Hon’ble Delhi High Court (HC) pronounced a landmark judgement in the case ti...
Money laundering can be defined as the process of illegal concealment of the origin of money ob...
Every assessee in India is obligated to file an income tax return and make the timely payment o...
In the recent past, India has seen burgeoning demand for internet and smartphones. The rapid ri...
Are you human?: 2 + 7 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
The Reserve Bank of India (RBI) has revised the LFAR norms to assess the gaps and vulnerable risk management gaps....
15 Mar, 2021
Finance Minister Nirmala Sitharamanan has announced direct tax measures as part of the Covid-19 relief package. Pri...
14 May, 2020
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
Stay updated with all the latest legal updates. Just enter your email address and subscribe for free!
Chat on Whatsapp
Hey I'm Suman. Let's Talk!