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Pilot scheme: RBI sets Rs 200 limit for offline transaction

total limit for such transactions on an instrument has been set at Rs 2,000 at any point of time for the pilot scheme.

By: ENS Economic Bureau | Mumbai | Updated: August 9, 2020 12:35:56 am
Pune fraud, doctor duped, Pune news, Maharashtra news, Indian express news Under the pilot scheme, payment system operators – banks and non-banks – may offer digital payments offline, i.e., payments that do not require internet connectivity to take effect. (Representational)

The Reserve Bank of India (RBI) has fixed the upper limit of a payment transaction in offline mode at Rs 200 and total limit for such transactions on an instrument at Rs 2,000 at any point of time for the pilot scheme.

The RBI move to allow a pilot scheme for offline digital payment is expected to boost digital transactions in the hinterlands and villages where internet connectivity is not yet stable and allow merchants and end consumers to conduct such transactions seamlessly even in the absence of internet connectivity, industry experts said while welcoming the RBI move.

“Providing an option of off-line payments through cards, wallets and mobile devices is expected to further the adoption of digital payments,” the RBI had said. “Lack of internet connectivity or low speed of internet, especially in remote areas, is a major impediment in adoption of digital payments.”

Under the pilot scheme, payment system operators – banks and non-banks – may offer digital payments offline, i.e., payments that do not require internet connectivity to take effect. The payment solutions provided to users will be subject to the condition that payments could be made using cards, wallets or mobile devices or through any other channel.

Anand Kumar Bajaj, MD & CEO at PayNearby, said: “It is a great step to proliferate digital payments and take it to the hinterlands where internet connectivity is not yet stable. It will empower merchants and end-consumers to conduct digital transactions seamlessly.”

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