RBI issues structure to support small value digital payments made without internet New Delhi, 4 Jan (KNN) To assist small value digital p...
RBI issues structure to support small value digital payments made without internet
New Delhi, 4 Jan (KNN) To assist small value digital payments in offline mode through channel or instrument such as cards and mobile devices, the Central Bank of India gave out a set of framework on Monday.
Any transaction that does not require internet or telecom connectivity is called an offline digital payment.
This framework is in immediate affect since it was issued yesterday, which says offline payments can be made on face-to-face proximity mode only, as published in BusinessLine.
Based on explicit consent of the customer, payment instruments will be enabled for offline transactions by Authorized Payment System Operators and Participants (Banks and Non-Banks).
RBI has also issued that offline transactions using cards will be allowed without a requirement to switch on the contactless transaction channel.
It has set the upper limit of an offline payment transaction at INR 200, and the total limit is set at INR 2000 at any point in the time.
The Central Bank has issued that the customers will be protected under the provisions of circular limiting customer liability.
