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The Reserve Bank of India has concluded the Offline Retail Payments pilot that Crunchfish participated in together with HDFC Bank and IDFC First Bank. The project has been successful, and the solution may now be considered for adoption by regulated entities subject to compliance with applicable regulatory requirements.
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Crunchfish (http://www.crunchfish.com) in partnership with HDFC Bank (https://www.hdfcbank.com/) and IDFC First Bank (https://www.idfcfirstbank.com/) earlier during the year completed a joint project in the Reserve Bank of India (RBI) Regulatory Sandbox to demonstrate and pilot Offline Retail Payments. The pilot has been thoroughly evaluated and concluded by RBI. In an official statement from RBI dated December 11th, they state that the solution now may be considered for adoption by regulated entities subject to compliance with applicable regulatory requirements.
"India is the leading payment market in the world. This statement from RBI further strengthens Crunchfish Digital Cash as being highly relevant for the Indian market. It also supports our efforts with banks and payment services in India, as well as our dialogue with NPCI regarding UPI Lite X, the newly released framework for offline payments with UPI.", says Joachim Samuelsson, Crunchfish's CEO.
The Regulatory Sandbox was established in 2020 by the Reserve Bank of India (RBI) to foster responsible innovation in financial services, promote efficiency and bring benefit to end users. The Regulatory Sandbox is a formal regulatory program for market participants to test new products and services with customers in a live environment, subject to certain safeguards and oversight. It allows the regulator, innovators, financial service providers and end users to conduct field tests to collect evidence on the benefits of new financial innovations, while carefully monitoring and containing their risks. To be approved access to the Regulatory Sandbox, the proposed financial service shall include new or emerging technology, or use of existing technology in an innovative way and should address a problem and bring benefits to consumers.
RBI Press Release pdf. (https://www.crunchfish.com/wp-content/uploads/2023/12/RBI-RS-Press-Release-Completion-of-Test-Phase.pdf)
For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46708 46 47 88
joachim.samuelsson@crunchfish.com
Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se.Telephone +46 40 200250.
About Crunchfish -crunchfish.com (https://www.crunchfish.com)
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, e-commerce, and the automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and a subsidiary in India.