IDEMIA, the identity technologies and biometric solutions provider has partnered with Airtel Payments Bank and HMD Global to expand the reach of offline CBDC (Central Bank Digital Currency) payments in India.
All the three organisations would be working together to introduce an advanced offline payment system over the next few months that would facilitate the use of the digital Rupee (CBDC issued by the Reserve Bank of India) on feature phones.
Under this collaboration IDEMIA’s technology will offer an offline layer to ensure instant and secure transactions without the need for online validation. It will work with the digital Rupee in India, and with any other solution, decentralised or centralised, token or account based, developed in-house by a central bank or independent software vendors. The company reveals that once the solution is commercially made available, users will be able to pay using an ingenious and cost-effective feature phone extending the accessibility of offline payment functionalities to a wider population.
What the companies said
“We are confident that this collaboration will allow us to further expand the reach of digital payments and be the pioneers in the development of acceptance of digital rupee in India,” remarked Amit KAKATIKAR, SVP Payment Solutions at IDEMIA. “Our alliance with Nokia and Airtel Payment Bank is poised to provide valuable insights and contributions to the evolution of offline retail CBDC systems.”
“Once this is commercially launched over the next few months, Nokia feature phone users in India, will be able to access the digital Rupee thanks to this collaboration which will empower the Nokia feature phone users with this latest technology and strengthen our government’s vision of inclusive digital economy for all. said, Mr. Ravi Kunwar- VP- India & APAC – HMD Global
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