A proof of concept has already been established by the two companies. Stored Value cards are different from prepaid ones where authorisation take pace on the network cloud. Users of this newly developed debit card allows customers to store value on the chip itself and it to make offline digital transactions.
The Reserve Bank of India has requested banks to come up with solutions for offline payment solutions so that transactions can continue to take place with poor telecom infrastructure or during breakdowns. Digital payments are dependent on mobile networks and an outage could result in major transaction failures in a region. The value stored on the debit card will have a spending limit of USD 27 per day and a limit of USD 3 per transaction.
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