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  • RBI limits offline payments at Rs 200 – Reaction from PayNearby, a leading tech-led startup & fintech

    Published on January 4, 2022

    Mr. Anand Kumar Bajaj, Founder, MD & CEO, PayNearby

    ” A great move by RBI, as it will empower regional rural markets, where internet connectivity is still erratic, to leapfrog into the digital payments race. Currently, many transactions are being conducted that do not require mobile connectivity to operate. However, they are closed-loop mechanisms and are restricted to a particular network. This move will enable both merchants and end-consumers across the ecosystem to conduct digital transactions seamlessly, even in the absence of internet connectivity and smartphones through cards, tokens or even via voice-enabled solutions. The offline transactions will definitely bring a majority of the customers without smartphones into the digitization fold. It will encourage higher volumes of digital transactions across hinterlands in the country, which will eventually bridge the digital divide between urban and rural markets. “

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