Offline Retail Payments using Cards / Wallets / Mobile Devices – Pilot

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....dam / Dear Sir, Offline Retail Payments using Cards / Wallets / Mobile Devices - Pilot Please refer to the Statement on Developmental and Regulatory policies issued as part of Monetary Policy statement dated August 06, 2020 wherein it was proposed that the Reserve Bank would allow a pilot scheme for small value payments in offline mode. 2. Over the years, the Reserve Bank has prioritised ....

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....ll be able to provide offline payment solutions using cards, wallets or mobile devices for remote or proximity payments. The scheme would be subject to the conditions detailed in the Annex. Other entities having innovative solutions shall tie-up with the authorised PSOs. 5. The pilot scheme shall be undertaken till March 31, 2021 only. The Reserve Bank shall decide on formalising such a system ....

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....s may be made in remote or proximity mode. c) Payment transactions can be offered without any Additional Factor of Authentication (AFA). d) The upper limit of a payment transaction shall be Rs. 200. e) The total limit for offline transactions on an instrument shall be Rs. 2,000, at any point of time. Resetting of the limit shall be allowed in online mode with AFA. f) The PSO shall send....