IDEMIA, a global identity technologies and biometric solutions provider, has partnered with Airtel Payments Bank of Bharti Airtel and HMD Global, the home of Nokia Phones, to extend the reach of offline Central Bank Digital Currency (CBDC) payments in India.
Also Read: Airtel Payments Bank Becomes First Indian Bank to Launch Eco-Friendly Debit Card
Offline CBDC Payments
According to the statement, IDEMIA, Airtel Payments Bank, and HMD Global will jointly work together over the next few months to introduce an advanced offline payment system that allows the use of the digital Rupee (CBDC issued by the Reserve Bank of India) on feature phones, a first-of-its-kind initiative in the industry.
"This partnership will work towards further strengthening financial inclusion and digital payments, to make it possible to pay in digital currency even without having a smartphone or being connected to the internet, either temporarily or because of coverage limitations," said the joint statement.
Also Read: Airtel Payments Bank Surpasses Rs 400 Crore Quarterly Revenue Mark
Addressing Smartphone Gaps
Despite the growing popularity of smartphones, a significant portion of India's population still lacks access to these devices. This collaboration aims to overcome this limitation, especially in areas with limited connectivity.
Secure Offline Transactions
IDEMIA said its technology will provide a secure offline layer, enabling instant transactions without requiring online validation. It will be compatible with the digital Rupee in India, and with any other solution, decentralized or centralized, token or account based, developed in-house by a central bank or independent software vendors.
Financial Inclusion
The collaboration brings together IDEMIA's CBDC technology, Airtel Payments Bank's financial solutions, and Nokia feature phones with the goal of advancing financial inclusion. Once launched, this solution will enable cost-effective feature phones to perform offline transactions, expanding financial access, said the joint statement on Wednesday.
Also Read: Airtel Payments Bank Now Offers Comprehensive Health Insurance on Airtel Thanks App
Government Vision
The collaboration is reportedly said to align with the Indian government's vision of creating an inclusive digital economy accessible to all. As India's journey towards digital payments continues, IDEMIA, Nokia feature phones, and Airtel Payments Bank said the partners are committed to unlocking financial inclusion through offline payments.
The end goal is to make the digital Rupee accessible to everyone, regardless of connectivity constraints, furthering India's transition towards a digitally inclusive economy.
