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RBI working on light weight, portable payment system for critical transactions during catastrophic events
RBI working on light weight, portable payment system for critical transactions during catastrophic events
The Reserve Bank of India (RBI) is developing a lightweight and portable payment system designed to operate during war or natural disasters without relying on complex wired networks. It will be called the Light weight and Portable Payment System (LPSS) and is expected to have minimalistic hardware and software and will only be made active on a need basis. The system will handle critical transactions for the economy, such as those related to the government and markets, and help maintain liquidity. RBI said the LPSS could help ensure a near-zero downtime of the payment and settlement system and enhance public confidence in digital payments.
The Reserve Bank of India (RBI) is developing a lightweight and portable payment system designed to operate during war or natural disasters without relying on complex wired networks. It will be called the Light weight and Portable Payment System (LPSS) and is expected to have minimalistic hardware and software and will only be made active on a need basis. The system will handle critical transactions for the economy, such as those related to the government and markets, and help maintain liquidity. RBI said the LPSS could help ensure a near-zero downtime of the payment and settlement system and enhance public confidence in digital payments.
The Reserve Bank of India (RBI) is developing a lightweight and portable payment system designed to operate during war or natural disasters without relying on complex wired networks. It will be called the Light weight and Portable Payment System (LPSS) and is expected to have minimalistic hardware and software and will only be made active on a need basis. The system will handle critical transactions for the economy, such as those related to the government and markets, and help maintain liquidity. RBI said the LPSS could help ensure a near-zero downtime of the payment and settlement system and enhance public confidence in digital payments. 
