DELHI/TAIPEI Sep 17th, 2021--Taisys affiliate Eroute Technologies Private Limited receives Sandbox approval from Reserve Bank of India (RBI). The solution uses the SIM overlay technology powered by Taisys to facilitate P2P (Person to Person) and P2M (Person to Merchant) transactions through encrypted SMS and SIM Tool Kit (STK) menu user interface for non-internet connected feature phone users.
According to McKinsey Global Institute report in 2019, “There are around 900 million unique subscribers in India, with around 350 million smartphone users, of which only 100 million actively use digital payments. This leaves the remaining 550 million feature phone uses unserved by the plethora of payment apps that run only on smartphones using the internet”. On Dec 24, 2020, Taisys SIMoverlay technology was selected by RBI to develop a Regulatory Sandbox (RS) for an offline payment solution that would allow the unconnected population using feature phones to access digital payment services. The sandbox made payment services available for the selected feature phone users to use in their daily life. According to the survey of the selected sandbox users, this technology solves the inclusion problem and brings significant convenience for them, especially during the pandemic. The approval of RBI is not only based on technology alone, but also customer satisfaction of the selected users.
Besides RBI Regulatory Sandbox approval in India, Taisys SIMoverlay is also certified by FIPS 140-2 Level 3, which is one of the highest security standards, and has been approved by regulatory organization in many countries. Including the Central Bank of Kenya (CBK) for mobile money use cases; Financial Service Agency (FSA) in Japan for FPoS (Fintech Platform over SIM) for mobile payment use cases; and National Institute of Technology of Information (ITI) in Brazil for mobile ID use cases. In terms of scalability and stability, Taisys SIMovery has been adopted by more than 100 financial institutions and serves more than 20 million users, with a maximum monthly transaction volume at 28 billion USD.
The majority of India's population lives in rural areas, using simple feature phones and are not used to services provided over the internet and smartphones. These people still have to put in footwork and wait in long queues in scarcely available bank branches to pay utility bill, rent, transfer money, or any other banking service. Such simple tasks end up being a huge effort and a time-consuming burden that hinders day to day activities. “Covid-19 outbreak has made mobile payment becoming essential to keep social distance, this is not just limited to smartphone users but also for feature phone users. Our goal is to provide a secure, convenient and reliable solution to resolve the problem for the underserved and unconnected population. It's our great honor to be recognized by RBI, one of the largest central banks in the world. This does encourage us to roll out our massive adoption plan as soon as possible in the post-pandemic era. ” stated Jason Ho, Group Chairman of Taisys..
About Taisys Technologies
Taisys is a world leader in providing thin SIM solution. With global patents, Taisys thin SIM is telco-neutral, handset-neutral, and service provider-friendly, which enables telecom, financial institutions, and government organizations to extend innovative mobile services in a secure and convenient manner. Over 100 banking, M(V)NOs, government organization, and service provider partners have deployed high-security mobile services enabled by Taisys with more than 20 million end-users worldwide. To learn more, please visit www.taisys.com
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