PAYMENT AND SETTLEMENT SYSTEMS

Payment and settlement systems play an important role in improving overall economic efficiency. They consist of all the diverse arrangements that we use to systematically transfer money-currency, paper instruments such as cheques, and various electronic channels.


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Date : Dec 24, 2020
Regulatory Sandbox (RS) – First Cohort on Retail Payments – Test Phase

Under the first cohort of Regulatory Sandbox (RS), two entities commenced testing of their products from November 16, 2020, which was communicated vide Press Release dated November 17, 2020. Remaining four entities selected for the ‘Test Phase’, have started testing of their products as per details below:

Sr. No. Sandbox Entity Description
1 Tap Smart Data Information Services Private Ltd. (CityCash) Mumbai The product is a set of Near-Field Communication (NFC) based Prepaid card and NFC enabled Point of Sale (PoS) device, to facilitate offline Person-to-Merchant (P2M) transactions. The card can be used as travel pass and wallet to pay for purchase of bus tickets as well as payment at select merchants.

(Testing started from December 14, 2020)
2. ToneTag (Brand of Naffa Innovations Pvt. Ltd.) Bengaluru The product is an offline, feature phone-based UPI payment solution for P2M transactions over ‘sound medium’ by establishing a secure channel for data transfer over Interactive Voice Response (IVR) between devices. The product enables contactless payment even without internet.

(Testing started from December 14, 2020)
3. Ubona Technologies Pvt. Ltd. Bengaluru The voice-based UPI payment solution facilitates offline Person-to Person (P2P) and P2M transactions using mobile phones including feature phones. The product also offers convenience of preferred Indian language to the customer through IVR, making adoption of digital transactions user friendly.

(Testing started from December 18, 2020)
4. Eroute Technologies Pvt. Ltd. Noida The product is UPI based offline payment solution using SIM overlay smartcard placed on the SIM to drive SIM Tool Kit (STK) menu-based user interface to facilitate P2P/P2M transactions. This product offers payment solution to non-internet connected feature phone users.

(Testing started from December 21, 2020)

(Yogesh Dayal)    
Chief General Manager

Press Release: 2020-2021/829


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