Under the ‘On Tap’ application facility for the theme ‘Retail Payments’ of the Regulatory Sandbox (RS), HDFC Bank (in partnership with Crunchfish AB) was selected for the Test Phase which was communicated vide Press Release dated September 05, 2022. 2. An ‘Offline Retail Payments’ product outlined below completed the ‘Test Phase’ and was evaluated based on mutually agreed test scenarios and expected outcomes. | Sandbox Entity | Product Description | HDFC Bank
(in partnership with Crunchfish AB) | The product ‘Offline Retail Payments’ provides capability for customer and merchants to be able to transact in offline mode. It is implemented as a trusted application that uses certified virtual secure element as well as Public Key Infrastructure (PKI). The solution aims to boost adoption of digital payments in areas of no or low network by enabling transactions without the need to have a network connection. | 3. The product of the aforesaid entity has now exited the RS and may be considered for adoption by Regulated Entities subject to compliance with applicable regulatory requirements. (Yogesh Dayal)
Chief General Manager Press Release: 2023-2024/1461 | |