HDFC Bank and Precision Biometric India have been selected by the Reserve Bank for testing their ‘on tap’ retail payments applications under the regulatory sandbox scheme, the central bank said on Monday.
Regulatory sandbox (RS) refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may permit certain relaxations for the limited purpose of the testing.
The regulatory sandbox allows the regulator, innovators, financial service providers and customers to conduct field tests to collect evidence on the benefits and risks of new products and systems.
The RBI announced the opening of the ‘On Tap’ application facility for the theme ‘Retail Payments’ under the regulatory sandbox in October last year.
The product ‘Offline Retail Payments’ by HDFC Bank (in partnership with Crunchfish AB) provides the capability for customers and merchants to pay and receive payments in offline mode, the RBI said in a release.
The solution aims to

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