RBI Approves HDFC Bank’s Product on Offline Retail Payments for Adoption – News18

The Reserve Bank of India (RBI) on Monday mentioned it has accredited an ‘Offline Retail Payments’ product developed by HDFC Bank, in partnership with Crunchfish AB, for adoption by banks and different monetary establishments. Under the ‘On Tap’ utility facility for the theme ‘Retail Payments’ of the Regulatory Sandbox (RS), HDFC Bank (in partnership with Crunchfish AB) was chosen for the Test Phase, as per a press release.

The RBI, within the assertion, mentioned the product “may be considered for adoption by regulated entities, subject to compliance with applicable regulatory requirements”. The product ‘Offline Retail Payments’ offers functionality for buyer and retailers to have the ability to transact in offline mode, it mentioned. “It is implemented as a trusted application that uses certified virtual secure element as well as Public Key Infrastructure,” the RBI mentioned, offering particulars in regards to the product.

The answer goals to spice up adoption of digital funds in areas of no or low community by enabling transactions with out the necessity to have a community connection.

(This story has not been edited by News18 employees and is revealed from a syndicated information company feed – PTI)