The regulatory sandbox allows regulators, innovators, financial service providers and customers to conduct field tests to gather evidence on the benefits and risks of new products and systems.
reserve Bank of India In October last year, the regulator announced the opening of an ‘on tap’ application facility for the subject ‘retail payments’ under the sandbox.
The HDFC Bank (in partnership with Crunchfish AB) product ‘Offline Retail Payment’ provides customers and merchants the ability to make payments and receive payments in offline mode, RBI said in a release.
The solution aims to boost the adoption of digital payments in areas with little or no network by enabling transactions without the need for a network connection.
Precision Biometrics India has come up with ‘INNIT Key Solution for Banking’. It provides a solution to enable biometric tokens, which can be used for secure password-less authentication and Additional Factor Authentication (AFA) instead of OTP for logging in to Internet/Mobile Banking.
RBI said the solution combines public key infrastructure (PKI) and biometrics to enhance security and user experience in the digital payments sector.
In another statement, the RBI announced that the fifth group under the regulatory sandbox would be theme neutral.
“Innovative products/services/technologies cutting across various functions in the regulatory domain of RBI will be eligible to apply,” adding the application window for this will be notified in due course.