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Under the Regulatory Sandbox (RS) ‘On Tap’ facility on the theme ‘Retail Payments’, Exto India Technologies Pvt. Ltd. successfully completed the Test Phase of its offline digital payment product.
The solution, developed in partnership with Transcorp International Ltd., Common Services Centre, and YPay Card (Bitoodle Online Services Pvt. Ltd.), enables offline card-to-card and card-to-phone transactions using Distributed Ledger Technology (DLT) combined with private biometric authorization. The product incorporates cryptography, on-card biometric authentication, and time-limited balances to prevent double-spending.
The product was evaluated against mutually agreed test scenarios and expected outcomes. RBI has deemed the innovation acceptable under the Regulatory Sandbox and it may be considered for adoption by regulated entities, subject to compliance with applicable regulatory requirements.
This initiative underscores RBI’s continued efforts to foster innovation in digital payments while maintaining security, efficiency, and regulatory compliance.
[RBI]