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TMI BlogOffline Retail Payments using Cards / Wallets / Mobile Devices – PilotX X X X Extracts X X X X X X X X Extracts X X X X ..... Offline Retail Payments using Cards / Wallets / Mobile Devices Pilot Please refer to the Statement on Developmental and Regulatory policies issued as part of Monetary Policy statement dated August 06, 2020 wherein it was proposed that the Reserve Bank would allow a pilot scheme for small value payments in offline mode. 2. Over the years, the Reserve Bank has prioritised security measures ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vide offline payment solutions using cards, wallets or mobile devices for remote or proximity payments. The scheme would be subject to the conditions detailed in the Annex. Other entities having innovative solutions shall tie-up with the authorised PSOs. 5. The pilot scheme shall be undertaken till March 31, 2021 only. The Reserve Bank shall decide on formalising such a system based on the expe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in remote or proximity mode. c) Payment transactions can be offered without any Additional Factor of Authentication (AFA). d) The upper limit of a payment transaction shall be ₹ 200. e) The total limit for offline transactions on an instrument shall be ₹ 2,000, at any point of time. Resetting of the limit shall be allowed in online mode with AFA. f) The PSO shall send real ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m the Reserve Bank. l) Entities other than PSOs having innovative solutions may tie-up with PSOs to offer their products. m) Reserve Bank retains the right to advise a PSO to stop transactions and exit the pilot in the event of non-compliance of these conditions. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanage ..... X X X X Extracts X X X X X X X X Extracts X X X X
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