HDFC Bank has successfully completed the Test Phase of their ‘Offline Retail Payments’ product under the ‘On Tap’ application facility for the theme ‘Retail Payments’ of the Regulatory Sandbox (RS).
The ‘Offline Retail Payments’ product, developed by HDFC Bank, is designed to facilitate transactions in offline mode for customers and merchants. This innovative solution operates as a trusted application, utilizing a certified virtual secure element and Public Key Infrastructure (PKI). The primary objective of this product is to encourage the adoption of digital payments in regions with no or low network connectivity, enabling transactions without the necessity of a network connection.
The RBI stated in a press release that the product is now set to exit the Regulatory Sandbox and is poised for consideration for adoption by regulated entities. However, any adoption will be contingent upon compliance with the applicable regulatory requirements.