RBI proposes to allow a pilot scheme to provide offline payment using cards, wallets mobile, etc.

To encourage technological innovations that enable offline digital transactions, RBI has proposed to permit a pilot scheme to be conducted for a limited period for small value payments in offline mode. Under the pilot scheme, authorised Payment System Operators (PSOs) – banks and non-banks – will be able to provide offline payment solutions using cards, wallets or mobile devices for remote or proximity payments.To encourage technological innovations that enable offline digital transactions, RBI has proposed to permit a pilot scheme to be conducted for a limited period for small value payments in offline mode. Under the pilot scheme, authorised Payment System Operators (PSOs) – banks and non-banks – will be able to provide offline payment solutions using cards, wallets or mobile devices for remote or proximity payments.taxmann.com Latest Statutory HappeningsRead More

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