National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in the country, is enabling offline payments for RuPay contactless cards.
The RuPay Contactless (Offline) feature is part of the transit payments system and will be enabled on a pilot basis for retail payments.
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It offers a reloadable wallet feature within the RuPay card, enabling users to store money and make transactions despite poor connectivity at the POS machines.
One can use the RuPay NCMC (National Common Mobility Card) offline wallet for ticket payments in metros, bus tickets, cab fares, among others.
With the Reserve Bank of India’s nod to the pilot on retail offline transactions, the offline wallet service is available at retail stores.
The facility will especially benefit remote regions where internet connectivity is poor or internet speed is low. It will also be useful for stores located in basements.
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By GlobalDataOverall, the offline payments provision is aimed at boosting the adoption of digital payments.
NPCI head of RuPay & NFS Nalin Bansal said: “We are confident that with the advent of the stellar RuPay contactless (offline) feature, the acceptance infrastructure for RuPay will increase exponentially and will result in the rapid on-boarding on both merchants and consumers in various geographies across the nation.
“With the recent announcement to increase the transaction limit on contactless payments, customers are set to witness an all new level of security, convenience and safety. We, at NPCI believe that the RuPay Contactless Offline feature will strengthen the digital payments ecosystem by furthering financial inclusion and help realise the dream of a less cash economy.”
Recently, NPCI reportedly onboarded 131 new partners including one public sector bank (PSU), five private banks, six payments banks, 10 small finance banks, 40 foreign banks, and 80 payments service providers (PSPs).
Besides, last month, NPCI widened its shareholder base by allowing payment banks and fintech firms to be its shareholders.
NPCI recently also imposed a 30% limit on the number of transactions third-party app providers (TRAPs) can process via the Unified Payments Interface (UPI).
