Yesterday three companies unveiled a project to enable offline digital rupee payments using feature phones. The firms involved in the central bank digital currency (CBDC) project are identity firm IDEMIA, Airtel Payments Bank and HMD Global, which owns Nokia.
According to a BBC report, there are 650 million smartphone users in India and another 350 million that use feature phones. So if the digital rupee is to enable financial inclusion, it will need to reach feature phone users, who won’t have internet access in most cases.
“We are confident that once we move from the design phase and launch the solution commercially with all required approvals, it will play a pivotal role in advancing the accessibility of financial services,” said Prasad Routray, Corporate Business and Alliances Head, Airtel Payments Bank.
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