E-pay up to Rs 200 without pin, network – Times of India

E-pay up to Rs 200 without pin, network - Times of India

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MUMBAI: Reserve Bank of India has allowed all payment providers to facilitate small-ticket payments up to Rs 200, digitally without internet or telecom connectivity and without additional factor authentication. The payments can be done through any secure instrument including cards, wallets or mobile phones. While there is no compulsion for sending an alert for each transaction, providers will have to convey details of each transaction.
According to payment service providers, this would be similar to how payments are made for transportation like in urban metros through a pre-paid wallet. “Since the transactions are offline, alerts (by way of SMS and / or e-mail) will be received by the customer after a time lag. Transactions are subject to a limit of ?200 per transaction and an overall limit of ?2000 for all transactions until balance in the account is replenished. Balance replenishment can only occur in an on-line mode,” RBI said in a statement.
For banks the main advantage of such a system is that it will ease the pressure on their core-banking systems and on other infrastructure. Today if a customer sends even one rupee using Unified Payment Interface, it hits the banks CBS. Also, it increases the number of entries in a customer’s passbook or monthly statement manifold. The offline low-value transactions will take place through a wallet. This will also help small businesses that are located in areas with poor telecom network.
“Offline mode of payment can be enabled only after obtaining specific consent of the customer. Customers shall enjoy protection under the provisions of circulars limiting customer liability issued by the RBI. Customers also have recourse to the Reserve Bank – Integrated Ombudsman Scheme for grievance redress,” RBI said. RBI’s concept of limited liability ensures that customer does not lose money once he notifies the bank that their card is lost.



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