IDFC FIT Bank is set to be a part of RBI's pilot project to enable offline payments. This project will give accesses to digital payments even when there is no network. This unique digital payment solution was designed by Crunchfish for merchants and customers under the RBI's Regulatory Sandbox Program.

This project will provide support for offline retail payments based on a Digital Cash platform to the payment ecosystem of India. IDFC FIRST Bank will be one of the first few banks to be a part of this pilot project by HDFC Bank. The application was approved by RBI to demonstrate offline payments between two banks.

The Development and Demonstration Agreement which is a non-commercial agreement has now been signed to give IDFC First Bank access to the Digital Cash SDK. Commercial terms for deployment will be regulated in a Software License Agreement. IDFC FIRST Bank believes in providing customer first products and being a part of this pilot only resonates with the Bank's ethos.

This solution will open up more customer base and regions for adoption of cashless digital payments.