This post analyses RBI's framework for offline digital
payments. It also traces the history of offline digital payments in
India and highlights their benefits for users.
‘Offline digital payment' sounds like an oxymoron.
But with RBI's
framework for facilitating small value offline digital
payments, it may become a mainstream payment option. Offline
digital payments can be used
without telecom or internet connectivity. So, if
implemented effectively, the framework can aid digital and
financial inclusion.
We spoke to Asheeta Regidi, Associate Director, Policy
at Cashfree about the
impact of this framework. “The new offline payments framework
can incentivise last-mile penetration of digital payments,”
she said, “particularly in rural and lower-tier areas where
improper network/internet access has restricted adoption so
far”. “Digital payments are often the first step
towards financial inclusion which can drive merchants and customers
away from cash-based
