Digital money transactions without an internet connection!
Posted on: 10/Aug/2020 12:50:26 PM
Are you aware that digital financial transactions can henceforth be cone even without an internet connection facility? Here is the ‘maha’ useful info:
Reserve Bank of India has now set up the facility for ‘off-line’ digital financial transactions!
It is a fact indeed that most of failing to understand the intricate procedure to do digital financial transactions online spending more time sometimes without success! Lots of people have been suffering on this front!
However, times have changed! Now, you can do digital transitions even without an internet facility. Reserve Bank of India has found a solution to the above-mentioned difficulties.
Presently, the Reserve Bank of India has set up a new facility. With this, digital financial transactions can be carried out even without internet connectivity.
Reserve Bank has permitted to pay a small amount ‘off-line’ (without internet connection) through either credit card or the mobile phone.
Under this new effort, a maximum 1-time payment of up to Rs. 2000 will be allowed. The main objective of this effort is to encourage the customers/buyers to indulge in the digital transaction even in the places where internet connectivity is not available - Which means - the internet is not required for these transactions.
As per the announcement by7 the Reserve Bank, in this pilot project, payments will be allowed to be made through credit/debit cards, wallet, or mobile equipment. No checking/consolidation of payment is required for this.
However, the maximum allowed payment on this pilot project is only Rs. 200. However, this may be increased later. During this period, these transactions will function under the pilot project. After the successful trial run of this pilot project, the Reserve Bank of India will decide on the full detailed procedure to implement the facility on a permanent basis. As such, this pilot project will be in operation until 31st March 2021.
Reserve Bank of India has announced that in the avenue for digital transactions, the non-availability of internet faculty in some areas or the lesser internet functioning speed in some areas has been a major impediment to progress on digital transactions.
Keeping this Reserve Bank observation into consideration, the option has been given to make offline payments through credit/debit cards, wallets, and mobile equipment. It is expected that this new facility will encourage further growth in the digital transaction field of operation.
In this facility which is coming up to solve the problems of internet availability for r digital transactions and related complaints, the rules and regulations will be basic and transparent. There will not be any human interference in this process. Even though the initial quantum of the digital transaction on offline load may be somewhat very less, the main objective of this pilot project and later implementation is the timely and useful actions in solving the various issues and complaints related.
