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“Once this is commercially launched over the next few months, Nokia feature phone users in India, will be able to access the digital Rupee thanks to this collaboration which will empower the Nokia feature phone users with this latest technology and strengthen our governments vision of inclusive digital economy for all,” said Ravi Kunwar, vic president (India and APAC), HMD Global.
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Airtel Payments Bank, IDEMIA, and HMD Global have partnered to introduce Central Bank Digital Currency (CBDC) on feature phones in India. The collaboration aims to develop an advanced offline payment system that will enable the use of digital rupees on feature phones, promoting financial inclusion. IDEMIA will provide an offline layer to ensure secure transactions without online validation.
Customers of PNB can now pay their vendors using the UPI QR code by scanning it using the PNB Digital Rupee app, or utilise it to finish a transaction at a vendor outlet.
One billion transactions on retail CBDC expected by year end