RBI releases framework for Facilitating Small Value Digital Payments in Offline Mode
- The Reserve Bank of India has issued the guidelines for facilitating small value digital transactions in offline mode.
- Payment/transaction will be considered offline when the transaction does not require internet or telecom connectivity to take effect.
- Authorised Payment System Operators (PSOs) and Payment System Participants (PSPs) – Acquirers and Issuers (banks and non-banks) should comply to the following requirements for this small value digital payments in offline mode:
- The upper limit of an offline payment transaction is fixed at Rs. 200. The total limit for offline transactions on a payment instrument shall be Rs. 2,000 at any point in time. Replenishment of used limit shall be allowed only in online mode with AFA.
- Offline payments can be made using any channel or instrument like cards, wallets, mobile devices, etc.
- Offline payments can made in proximity (face to face) mode only.
- Offline payment transactions can be offered without Additional Factor of Authentication (AFA).
- The acquirer shall incur all liabilities arising out of technical or transaction security issues at merchant’s end.
Points to remember:
- What is the upper limit per transaction fixed by RBI for small value digital transactions in offline mode?- Rs 200
- What can be the total limit for offline transactions on a payment instrument at any point of time in case of small value digital transactions in offline mode?- Rs 2000
- Who shall incur all liabilities arising out of technical or transaction security issues at merchant’s end in case of small value digital transactions in offline mode?- acquirer
Source: RBI