HDFC Bank has started a pilot project to enable digital payments in the offline mode under a regulatory facility.
According to the country’s largest private bank, the facility will allow it to conduct transactions in no-network areas and urban pockets with poor networks. HDFC Bank has launched an offline digital payments pilot project in collaboration with Crunchfish AB of Sweden, IDFC Bank of India, and M2P Fintech. The pilot is being conducted as part of the fourth cohort of the Reserve Bank of India’s (RBI) regulatory sandbox. The RBI chose HDFC Bank and Precision Biometric India after nearly a year of reviewing applications, with the two companies developing two different products for the same application.