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The Reserve Bank of India (RBI) has selected two entities for the ‘Test Phase’ under its Regulatory Sandbox ‘On Tap’ application facility for the theme ‘Retail Payments’, announced earlier on October 8, 2021.
The entities selected are:
HDFC Bank (in partnership with Crunchfish AB): Their product ‘Offline Retail Payments’ enables customers and merchants to make and receive payments in offline mode. The solution aims to promote digital payment adoption in areas with no or low network connectivity by facilitating transactions without the need for a network connection.
Precision Biometric India Pvt. Ltd.: Their product ‘InnaIT Key Solution for Banking’ provides secure biometric tokens for password-less authentication and Additional Factor Authentication (AFA) in internet and mobile banking. The solution integrates Public Key Infrastructure (PKI) and biometric technology to enhance security and improve the user experience in digital payments.
These innovations are expected to strengthen digital payment accessibility and security, particularly in underserved areas and for secure banking authentication.
[RBI]