Airtel Payments Bank Partners IDEMIA, Nokia
An offline system for supporting digital rupee payments on feature phones has been introduced by Airtel Payments Bank in collaboration with the parent company of Nokia, HMD Global, and French biometric solutions supplier IDEMIA.
The Reserve Bank of India (RBI) issues the digital rupee as a central bank digital currency (CBDC), which is just a tokenized digital counterpart of the Indian fiat currency.
IDEMIA and Airtel Payments Bank are partnering to introduce an advanced offline payment system, allowing users to make payments via CBDCs without internet connection or a smartphone. The partnership aims to strengthen financial inclusion and digital payments, enabling users to pay in digital currency even without a smartphone or internet connection. The product is currently in design phase and is the first industry attempt to facilitate the use of digital rupee on feature phones through an app interface. The app will leverage Airtel Payments Bank’s financial solution and IDEMIA’s CBDC stack, and will be available on Nokia feature phones.
(With inputs from Shikha Singh)
You need to login in order to Like
