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RBI releases framework for offline digital payments, capping each transaction at Rs 200

But ground rules set up by the RBI reveal that not everyone will be allowed to provide the offline service.

payments, digital payments

“Offline payments shall be made in proximity (face to face) mode only,” read the framework released by the Reserve Bank of India for facilitating digital payments in an offline mode. The guidelines also stipulate that such transactions do not require additional factor authentication (AFA). The central bank has capped the ceiling of a single transaction at Rs. 200 whereas the total limit for offline transactions on a payment instrument will be Rs. 2,000 at any point in time. The RBI has defined an offline payment as a transaction which does not require internet or telecom connectivity to take effect. The release added that the guidelines will come into effect immediately. Why it matters: The option of offline digital payments may result in an uptake of digital payments in rural and semi-urban areas where internet connectivity continues to remain patchy and millions continue to be deprived of internet access. Key takeaways from the RBI’s framework The central bank said that only authorised Payment System Operators (PSOs) and Payment System Participants (PSPs) are permitted to provide offline payment services. Here are some of the additional measures they will need to comply with: Authorised entities may offer offline payments using any channel or instrument like cards, wallets, mobile devices, etc. Payment instruments shall be enabled for offline transactions based on explicit consent of the customer. Renewing the used limit for offline payments shall be allowed only in online mode with AFA. The issuer will have to send transaction alerts to users as soon…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

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