Given the way digital payments have gained acceptance in the country, it is now gearing up for its next phase. This is offline digital payment. If normal RBI The Reserve Bank of India (RBI) had recently announced this in its monetary policy review, but preparations have also begun at the central government level. In the country Digital The committee set up in the Policy Commission to promote payments has recently exchanged views with various financial institutions as well as the Ministry of Finance and the Ministry of Information and Technology. In this way, Jan-Dhan account and digital payments have been promoted at the central government level. On its lines, offline digital payments were also promoted, so that digital payments could be promoted in rural areas.
Customers do not have internet connection
With the facility of offline payment, people will be able to make financial transactions even if they do not have internet connection. People who do not use smartphones will also be able to take advantage of it. About 500 million mobile subscribers in India do not have internet connection at present. It is difficult to pay digitally or get this type of financial service. Having an offline digital payment system will eliminate this problem.
A total of 12.5 billion transactions were made on the UPI platform
The National Payment Corporation of India (NPCI) launched an offline payment facility on the UPI platform in 2012, but it has not become very popular among the general public. Under the last financial year, there are only 10 lakh transactions. On the other hand, a total of 12.5 billion transactions were made on the UPI platform. This is the reason why the RBI has decided to issue a new guideline on offline payments by card, wallet or any other means to promote digital payments. This is where the Internet is currently not accessible or the Internet connection is weak. There, too, the path to digital payments will be cleared.