IDFC First Bank join hands with Crunchfish to be a part of RBI’s pilot project to enable offline payments
1 min read 27 Mar 2023, 03:17 PM ISTIDFC FIRST Bank has teamed with Crunchfish to participate in the RBI's pilot programme to facilitate offline payments.
PremiumIDFC FIRST Bank has teamed with Crunchfish to participate in the RBI's pilot programme to facilitate offline payments. This initiative will provide access to digital payments even when there is no network. The Swedish company Crunchfish introduced this one-of-a-kind digital payment system for merchants and customers as part of the RBI's Regulatory Sandbox Program.
This project will allow offline retail payments in India's payment ecosystem using a Digital Cash platform. IDFC FIRST Bank will be one of the first few banks to participate in HDFC Bank's pilot initiative. The RBI authorised the proposal to demonstrate offline payments between two banks. IDFC First Bank now has access to the Digital Cash SDK thanks to the signing of the Development and Demonstration Agreement, which is a non-commercial agreement. A Software License Agreement will govern the commercial parameters of installation.
IDFC First Bank said it believes in providing customer-first products and being a part of this pilot only resonates with the Bank’s ethos and this solution will open up more customer base and regions for adoption of cashless digital payments.
Madhivanan Balakrishnan, COO, of IDFC FIRST Bank said “This application will help make transactions easier for customers. Being a part of this pilot project and enabling a unique offering for customers is something that is aligned with the Bank’s philosophy".
“Signing an agreement and adding IDFC FIRST Bank to the RBI pilot project is very satisfying, as it together with HDFC Bank enables to showcase offline payment interoperability. Interoperability between banks will be key for the adoption and success of the offline retail payments solution we develop together with the two banks and will showcase to RBI", says Joachim Samuelsson, Crunchfish’s CEO.
The Reserve Bank of India (RBI) launched the Regulatory Sandbox in 2020 to endorse sustainable innovation in financial services, boost efficiency, and benefit end users.
IDFC FIRST Bank has a balance sheet of Rs. 2,21,374 crores and serves customers throughout the country. Around the country, the bank has 707 branches, 253 asset service centres, 867 ATMs, and 578 rural business correspondent centres, as well as a modern age net and mobile banking platform and 24/7 Customer Care services.
