In a pioneering collaboration, global identity technology and biometric solutions provider IDEMIA has joined forces with Airtel Payments Bank, a subsidiary of Bharti Airtel, and HMD Global, the company behind Nokia Phones, to make digital Rupee payments accessible on feature phones in India.
Offline Central Bank Digital Currency (CBDC) Payments
The primary objective of this partnership is to introduce an advanced offline payment system that enables the use of the digital Rupee, India’s Central Bank Digital Currency issued by the Reserve Bank of India (RBI), on feature phones. This initiative aims to bridge a crucial gap in the digital payments landscape and expand financial inclusion, especially in areas with limited internet connectivity.
Overcoming Smartphone Limitations
Despite the widespread adoption of smartphones in India, a significant portion of the population still lacks access to these devices. This collaborative effort seeks to address this digital divide by making digital Rupee transactions feasible even on basic feature phones, ensuring that a broader segment of the population can participate in the digital economy.
Securing Offline Transactions
IDEMIA’s technology will play a pivotal role in providing a secure offline layer for digital transactions. This innovative approach enables instant payments without the need for real-time online validation. It is designed to be compatible with the digital Rupee and can potentially support other digital currency solutions, whether decentralized or centralized, token-based, or account-based.
Advancing Financial Inclusion
The strategic partnership harnesses the strengths of IDEMIA’s CBDC technology, Airtel Payments Bank’s financial solutions, and Nokia feature phones. The collective goal is to advance financial inclusion by empowering cost-effective feature phones to conduct offline transactions. This initiative aligns with the Indian government’s vision of creating a digitally inclusive economy accessible to all citizens.
Unlocking the Digital Rupee for All
Ultimately, the collaboration’s vision is to make the digital Rupee accessible to everyone, regardless of connectivity constraints. By doing so, it contributes to India’s ongoing transition toward a digitally inclusive economy. As digital payments continue to gain prominence in India, IDEMIA, Nokia feature phones, and Airtel Payments Bank are committed to driving financial inclusion through innovative offline payment solutions.
