Mumbai, Dec 24 (PTI) Four more entities have started testing their products related to retail payments under the RBI's regulatory sandbox scheme, the central bank said in a release on Thursday.
Live testing of innovative products is being done under the regulatory sandbox (RS) approach.
Two entities had started testing their products in November.
Tap Smart Data Information Services Private Ltd (CityCash), Mumbai is testing a set of near-field communication (NFC) based prepaid card and NFC enabled point-of-sale (PoS) device to facilitate offline person-to-merchant (P2M) transactions.
ToneTag (Brand of Naffa Innovations Pvt Ltd) Bengaluru has started testing an offline, feature phone-based UPI payment solution for P2M transactions over 'sound medium' by establishing a secure channel for data transfer over interactive voice response (IVR) between devices. The product enables contactless payment, even without the internet.
Ubona Technologies Pvt Ltd, Bengaluru started testing its product on December 14. Its product -- voice-based UPI payment solution -- facilitates offline person-to-person (P2P) and P2M transactions using mobile phones, including feature phone.
The product of Eroute Technologies Pvt Ltd, Noida, is a UPI based offline payment solution, using SIM overlay smartcard placed on the SIM to drive SIM Tool Kit (STK) menu-based user interface to facilitate P2P/P2M transactions.
The central bank had announced the opening of the first cohort under the regulatory sandbox with 'retail payments' as its theme, in November last year, and received applications from 32 entities, of which six were selected for the 'test phase'.
Regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may (or may not) permit certain relaxations for the limited purpose of the testing. The RS allows the regulator, innovators, financial service providers and customers to conduct field tests to collect evidence on the benefits and risks of new financial.
The objective of the regulatory sandbox is to foster responsible innovation in financial services, promote efficiency and bring benefit to consumers. PTI NKD BAL BAL