RBI Retail Payments Regulatory Sandbox – Congrats HDFC Bank (in partnership with Crunchfish AB1) and Precision Biometric India Pvt. Ltd

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RBI Retail Payments Regulatory Sandbox – Congrats HDFC Bank (in partnership with Crunchfish AB1) and Precision Biometric India Pvt. Ltd

          Reserve Bank of India today i.e50/09/2022 vide Press Release informed to public at large that it has selected to two entities for the Test Phase under ‘Retail Payments’, regulatory sandbox.

The process started off in October 08,2021.



The press release can be read @ https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=54314

 

Sandbox approved Entry No 1-          HDFC Bank (in partnership with Crunchfish AB1)       

The product ‘Offline Retail Payments’ provides capability for customer and merchants to be able to pay and receive payments in offline mode.

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.

Highlight 01) Crunchfish conducted a webinar on 20th May 2022, with the tag line 'Crunchfish Digital Cash in India. Offline payments key to enable growth. Read more @ https://www.crunchfish.com/crunchfish-digital-cash-in-india-offline-payments-key-to-enable-growth/

 

Highlight 02)  Read the Crunchfish release - Crunchfish and HDFC Bank in project with Reserve Bank of India @ https://www.crunchfish.com/crunchfish-and-hdfc-bank-in-project-with-reserve-bank-of-india/

 

Highlight 03) Crunchfish and ToneTag are already partners in India.

Highlight 04) There are two variants of Crunchfish Digital Cash i.e DIGITAL CASH online and DIGITAL CASH offline in mobile apps.

 

My Wish 01) Transparent charges with regulatory upper-limit if any on bank account holders

My Wish 02) Easy options to raise queries by bank account holders, if required

My Wish 03) Easy to understand Narration in respective bank account statements

My Wish 04) Interoperable amongst all banks, i.e not restricted to account holders with few banks

 

Sandbox approved Entry No 2 Precision Biometric India Pvt. Ltd.      

The product 'InnaIT Key Solution for Banking' offers solution enabling biometric tokens which can be used for secure password less authentication and Additional Factor Authentication (AFA), instead of an OTP, for logging into internet/ mobile banking.

The solution combines public key infrastructure (PKI) and Biometric to enhance security and user experience in digital payments space.

Highlight 01) The tagline of InnaIT is ‘Identity Secured’.

Highlight 02) InnaIT aims to solves problems across various industry verticals like BFSI, Enterprises, Automobile, Share trading, Pharmaceuticals and more.

 

Highlight 03) InnaIT is offered by Precision IT Group with its headquarters in Chennai, Tamil Nadu

Highlight 04) Precision’s InnaITKey has two major variants.

Variant 1 - Secure biometric device

Variant 2 - ‘Phone-as-a-Token’ (PhaaT)

Minor Variant – A ‘tap’ or ‘touch’ sensor (non-biometric) which can provide strong, password-less authentication.

Read more about this variant @ https://www.precisionit.co.in/content/implementing-secure-practices-times-digital-banking-fraud

 

 

My Wish 01) Subscription based charges if any, for bank account holders

My Wish 02) Insurance against suspicious transactions, if any in the respective bank account holders

My Wish 03) Learning sessions for bank account holders for optimum usage of the InnaIT solutions

My Wish 04) Respective Bank Staff, outsourcing partners to be the first adopters of InnaIT solutions.

 

Disclaimer: These are my personal viewpoints only. The bottom line is Safe ePayments. Nothing More – Nothing Less.

I am responsible for error and omissions, if any.

Copyrights if any, belongs to the original copyright holder only.

 

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