#22: The Next Frontier of Payments

CBDC Broadcast

7 Nov

16th November 2023

With:

| Joachim Samuelsson (Crunchfish)

| Sunil Karkera (DFC First Bank)

In this session, FNA welcomes Joachim Samuelsson (CEO, Crunchfish) and Sunil Karkera (IDFC First Bank) to discuss the "last mile" of digital finance: secure offline payments. As central banks and commercial institutions push for universal digital adoption, the ability to transact without internet connectivity has moved from a "nice-to-have" feature to a mandatory requirement for financial inclusion and national security.

Our guests share exclusive insights from the Reserve Bank of India (RBI) Regulatory Sandbox, where IDFC First Bank pioneered the use of the Digital Cash SDK. We examine how the Trusted Application Protocol (TAP) creates a secure, hardware-agnostic environment for signing transactions, ensuring that payments are final and tamper-proof even in the most remote environments.

Key Discussion Points:

The Resilience Mandate: Why offline capability is essential for systemic stability and bridging the digital divide in low-connectivity regions.
Security at the Edge: How the Digital Cash SDK utilizes a virtual secure element to prevent "double-spending" without a real-time ledger check.
Real-World Pilot Insights: Lessons learned from the IDFC First Bank and HDFC Bank collaboration under the RBI's sandbox for offline UPI payments.
Merchant & Consumer Friction: Strategies for onboarding merchants and educating users on the transition from "always-online" to "anywhere" digital payments.

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