Do you ever find yourself staring blankly into the void whenever a shopkeeper says they only accept cash or that UPI is down for them? You're not the only one.
To make life easier for those attempting to do undertake offline payments, Reserve Bank of India has come out with something new.
Designed to help those who're stuck in a place with no internet connectivity or where a vendor doesn't accept online payments, this fix by RBI enables transactions up to ?200.
To make payments using any online method or instruments like cards or wallet will no longer require internet (in practice). You may use any mobile device or wallet to do offline payments worth ?200 and below.
Also read:?RBI In Favor Of A Complete Ban On Crypto, Says It's A Serious Concern For Them
The payments under this offline provision need to happen face-to-face through mobile phones, cards, or wallets. It's not designed to be unsafe, for users may be required to do an Additional Factor of Authentication (AFA) while trying to make the payment.
"Offline payments may be made using any channel or instrument like cards, wallets, mobile devices, etc. The payments shall be made in proximity (face to face) mode only. Offline payment transactions may be offered without Additional Factor of Authentication (AFA)," RBI says.
Also read:?How RBI's Tokenization Rule Will Impact Your Card Payments From January 1, 2022
Numerous reports indicate that the RBI has already tested the new offline small-value transaction programme in different parts of India between September 2020 and June 2021. A total of 2,41,000 transactions were recorded as part of these tests, amounting to ?1.16 crore.
If you try to do payments this way, there might be a slight delay in alerts about your payments. That's owing to the lack of internet involved in the process.
What do you think about this move by RBI? Is it a good idea? Let us know in the comments below.?For more in the world of?technology?and?science, keep reading?Indiatimes.com.
References
Online, E. T. (2022, January 5). IT ministry blocks Telegram channel with derogatory images of Hindu women. The Economic Times.?