Offline Digital Payment: Today, the internet has become essential to everyone. The Internet is everything today. Mobile phones, computers, laptops, etc. are all useless without them. Transferring money over the Internet is possible. Even if you don’t have an internet connection, you can transfer money. An initiative to promote digital payments has been launched by the RBI. This project prepares to make digital payments without internet access.
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RBI allows offline digital payments
The Reserve Bank of India recently announced that online payments up to Rs 200 would no longer require internet access. Now anyone can send money without the need for the internet. The project will be interesting to see how it progresses.
Throughout this project, payments must be made face-to-face. Several organizations have collaborated with the RBI to promote small transactions in offline mode. Testing took place between September 2020 and July 2021. A pilot scheme related to it was approved by the Reserve Bank on 6 August.
Money transfer without internet
The RBI is working on a project that will enable money transfers without internet. Internet or telecommunications connectivity will not be required for offline payments. Those who make offline digital payments must follow the new RBI guidelines. This applies to both authorized payment system operators (PSO) and payment system participants (PSP). This method can only be used to transfer a maximum of Rs 2000 at a time, according to RBI guidelines. After the limit has been reached, it can be increased online.
In rural areas, there will be greater adoption of digital technologies
The new project is designed to enhance rural payments through the use of digital technology. Rural residents are more likely to lack smartphones. Besides this, there are a number of other areas with network problems. In such an environment, digital payments are very difficult. This new project encourages digital transactions in rural areas in such a scenario.
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