IDEMIA, a global leader in identity technologies and biometric solutions, has announced its collaboration with Airtel Payments Bank and HMD Global to expand offline digital Rupee (CBDC) payments in India at the Global Fintech Fest 2023, held at Jio World Centre, Mumbai, India.
Facilitating Offline CBDC Payments
The three organizations are collaborating to create an advanced offline payment system. This system will enable people to use the digital Rupee on feature phones, promoting financial inclusion. It’s the first effort of its kind to bring CBDC payments to feature phones through an application interface.
Securing Instant Transactions
IDEMIA’s Secure Offline CBDC Payment solution already works with various devices like smartphones and cards. But in India, many people don’t have smartphones. This collaboration aims to solve this problem by enabling CBDC payments on feature phones through an app.
This partnership ensures secure and instant transactions without needing an internet connection. It will work not only with the digital Rupee but also with other solutions created by central banks or software vendors.
Advancing Financial Inclusion
This initiative combines IDEMIA’s technology, Airtel Payments Bank’s financial services, and Nokia feature phones to promote financial inclusion and enable cost-effective offline payments for a wider population.
The partnership aims to strengthen financial inclusion and digital payments, allowing people to pay in digital currency even without a smartphone or internet connection.
Announcing the partnership, Amit Kakatikar, SVP Payment Solutions at IDEMIA, said:
We are confident that our collaboration with Nokia and Airtel Payment Bank will enable us to expand the reach of digital payments and lead the way in the development of digital rupee acceptance in India. Our partnership is set to provide valuable insights and contributions to the evolution of offline retail CBDC systems.
Speaking at the announcement, Ravi Kunwar- VP- India & APAC – HMD Global, said:
In the coming months, once this is commercially rolled out, Nokia feature phone users in India will have access to the digital Rupee. This collaboration is set to empower these users with the latest technology and reinforce our government’s vision of an inclusive digital economy for everyone.
Commenting on the announcement, Prasad Routray, Head, Corporate Business & Alliances at Airtel Payments Bank, said:
Our collaboration with IDEMIA and Nokia demonstrates our unwavering dedication to promoting financial inclusion in India. We are confident that once we move beyond the design phase and launch the solution commercially with all necessary approvals, it will play a crucial role in improving access to financial services and contributing to India’s transition to a digitally inclusive economy.