Subspace Offline Payments: A New Era of Financial Inclusion in India
Rohini Anil Patil
October 29, 2023
Subspace Offline Payments: Now a Reality!
Subspace offline payments enable consumers to make digital payments without an internet connection. This is especially beneficial for people in network-scarce regions or during times when online payments encounter technical issues.
The Reserve Bank of India (RBI) has recently issued a framework enhancing transaction limits for small-value digital payments in offline mode. This allows users to make offline transactions up to ₹500 per transaction and an overall limit of ₹2000 until the balance in the account is replenished.
Subspace offline payments can be made using a mobile wallet app. The app would generate a QR code that the user can scan to make a payment. The merchant would then scan the QR code to receive the payment.
Subspace offline payments have the potential to play a significant role in boosting financial inclusion in India. By making digital payments more accessible and convenient, Subspace offline payments can help to bring more people into the formal financial system and improve their financial well-being.
Benefits of Subspace Offline Payments
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How Subspace Offline Payments Work
Subspace offline payments use a next-gen prepaid wallet that works with Subspace's acquiring stack to enable offline payments in a secure environment. The on-device prepaid wallet allows transaction initiation, and the acquiring stack helps process transactions once the merchant or user goes online.
The Subspace issuance prepaid wallet system is used to manage user-level wallets, accounts, balances, transactions, etc. For each backend wallet, an on-device wallet is created on the user application, which mirrors the backend issuance wallet. Crunchfish SDK is used for on-device wallet functionality. The on-device wallet is extremely secure, and the integrity of the wallet and transactions is constantly maintained.
Steps to Transact using Subspace Offline Payments
1. Install the wallet app and register via SIM binding flow
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2. Load money into the wallet
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3. Initiate a payment by generating a QR code
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4. Complete the payment
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5. Payment receipt for merchant
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6. Synchronization and payouts
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Benefits of Subspace Offline Payments for Banks, Merchants, and Consumers
Subspace is a peer-to-peer (P2P) offline digital payment solution that allows users to send and receive money without the need for an internet connection. It is based on blockchain technology and uses a secure digital wallet to store digital funds. Subspace is designed to be convenient, secure, and flexible, and it can be used to make payments to merchants and individuals alike.
Banks
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Merchants
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Consumers
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Here are some of the advantages of using Subspace for offline P2P & P2M payments:
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Subspace is a promising new solution for offline P2P & P2M payments. It offers a number of advantages over traditional payment methods, such as cash and credit cards, and it is well-positioned to play a role in promoting hassle-free financial inclusion in India.
Conclusion
Subspace offline payments are a significant step towards financial inclusion in India. By making digital payments more accessible and convenient, Subspace offline payments can help to improve the lives of millions of people.
