Offline digital payments: What does it mean, and how does this work?

Proximity payments have got a huge leg-up. Tap-and-pay will now be on steroids

Did you know that the currency in circulation (CIC) was Rs 3,004,604 crore as on January 28, 2022 — more than double the Rs 1,310,181 crore at the time of demonetisation in FY17? That’s because, despite the burgeoning volume of digital transactions since, low-value payments continue to be made in cash. The cure for this: offline payments.

On January 3 this year, the Reserve Bank of India (RBI) waved in offline payments through cards, wallets, and mobile devices, with immediate effect. This will help circumvent poor internet and telecom connectivity. Offline payments are subject to a limit of Rs 200