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

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..... 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 security measures for digital payments such as the re .....

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..... ds, 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 based on the experience gained under the pilot. 6. This di .....

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..... onal Factor of Authentication (AFA). d) The upper limit of a payment transaction shall be ₹ 200. e) The total limit for offline transactions on an instrument shall be ₹ 2,000, at any point of time. Resetting of the limit shall be allowed in online mode with AFA. f) The PSO shall send real time transaction alerts to users as soon as transaction details are received. g) Contactless p .....

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