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NPCI requests that banks enable offline transactions on RuPay cards by October 31

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The National Payments Corporation of India (NPCI), the parent company of UPI, has set an October 31 deadline for banks to activate offline transactions on their RuPay cards. The move will provide a boost to the One Nation, One Card ideology shortly after the RBI issues the offline payments framework in January 2022.

According to a Business Standard report, RuPay cards must comply with the framework by the end of the month, and non-compliant cards must be re-issued and receive NPCI’s qSPARC specifications. The Reserve Bank of India has maintained that digital payments consume significant system capacity and bank resources, despite the fact that more than half of UPI transactions have a value of less than INR 200. To help the ecosystem, the RBI implemented a wallet-style feature for low-value transactions.

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NPCI requests that banks enable offline transactions on RuPay cards by October 31

The National Payments Corporation of India (NPCI), the parent company of UPI, has set an October 31 deadline for banks to activate offline transactions on their RuPay cards. The move will provide a boost to the One Nation, One Card ideology shortly after the RBI issues the offline payments framework in January 2022.

According to a Business Standard report, RuPay cards must comply with the framework by the end of the month, and non-compliant cards must be re-issued and receive NPCI’s qSPARC specifications. The Reserve Bank of India has maintained that digital payments consume significant system capacity and bank resources, despite the fact that more than half of UPI transactions have a value of less than INR 200. To help the ecosystem, the RBI implemented a wallet-style feature for low-value transactions.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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