HDFC Bank has launched a pilot project, 'OfflinePay', to test offline digital payments on 13th Feb 2023.

Housing Development Finance Corporation (HDFC) Bank on Monday (13th February 2023) announced that it has launched a pilot known as 'OfflinePay' to test offline digital payments for customers and merchants enabling payments transactions even when there is no mobile network.

* The HDFC, it has launched the first-of-its-kind digital payment solution, in partnership with Sweden based Crunchfish Digital Cash AB, a subsidiary of Crunchfish AB, for merchants and customers under the RBI’s Regulatory Sandbox Program.

* Aim : The digital payment solution would boost adoption of digital payments in smaller towns and rural areas with poor network connectivity.

* It can enable cashless payments during large public events, fairs and exhibitions despite network congestion; underground metro stations, parking lots, and retail stores with network blind spots; and even in airplanes, sea-ferries, and trains with no network...

Source : CNBCTV18