News Synopsis
Digital payment is becoming the norm now. Everyone seems to have linked their bank accounts with their smartphones. Even in remote parts of our country, people are using digital payment apps. But a major hindrance in the government's scheme to make the whole of India cashless is facing challenges in the form of internet issues. Since many parts of the country have slow or no internet, digital payment hasn't reached them. RBI took notice of this problem and has finally decided to roll out a technology that will help people pay digitally even without a stable internet connection. #ThinkWithNiche
Yesterday, RBI officially made an announcement that it indeed is working on a technology that will allow people to pay digitally without even having a stable internet connection or even no internet connection. This technology is still under development but soon will be tested out publicly. RBI has ensured that it has taken all the measures to make it safe but still the technology is still underdeveloped. There's still some time before RBI can launch it. If that happens, it will be a huge feat for RBI as digital payment would even reach places that don't have a good internet connection.
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