HDFC Bank, in partnership with Crunchfish, has launched an offline digital payment pilot project ‘OfflinePay’. Housing Development Finance Corporation (HDFC) has launched first-of-its-kind offline digital payment under the Regulatory Sandbox Program of the Reserve Bank of India (RBI).
OfflinePay on the roll out
The interesting thing about the project is that it does not need any network coverage for transaction. The main aim for such launch was to to boost digital payments in areas with poor access of internet.
‘OfflinePay’ will enable people to conduct digital transactions in large public events, fairs, exhibitions, underground metro stations, parking lots, and retail stores with poor connectivity. HDFC also said that OfflinePay can be used in aeroplanes, sea ferries, and trains with no network.
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HDFC Bank said that in OfflinePay, as soon as “either the merchant or the customer goes online, the transaction gets settled.”
The Bank also states that the project would be rolled out for 4 months in more than 16 cities and towns across India, as part of a limited roll out.
Customers or merchants using any other bank account can also avail the offline perk provided by HDFC Bank simply through an invitation link. During the initial roll out, the transaction limit is set to ₹200 per transaction.