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Two sets of payments solutions for rural areas among four cohorts identified under RBI’s regulatory sandbox

Two sets of payments solutions for rural areas among four cohorts identified under RBI’s regulatory sandbox

The Reserve Bank of India (RBI) on Tuesday said that it had received applications from 32 entities for the first cohort under its regulatory sandbox initiative, of which six have been selected for the test phase. Two of these — both in the area of digital payments for rural locations — have started testing.

“The commencement of testing was delayed on account of the present Covid-19 situation. Two entities, as per details below, have started testing of their products from November 16, 2020. The remaining four are expected to start the test phase shortly which will be communicated as and when they do so,” the central bank said in a statement on its website.

Natural Support Consultancy Services from Jaipur is testing its product ‘eRupaya’, which is a set of near-field communication (NFC) based prepaid cards and point of sale (PoS) device, to facilitate offline person-to-merchant (P2M) transactions and offline digital payments in remote locations.

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