Crunchfish sign first Digital Cash commercial agreement
As a result of the successful RBI pilot project to enable offline payments with Digital Cash, Crunchfish today entered a commercial license agreement with IDFC FIRST Bank in India. Integration of Digital Cash is ongoing and release of an IDFC FIRST Bank payment app with support for Digital Cash is planned for Q3.
The RBI pilot, to provide support for offline retail payments to the payment ecosystem of India based on the Digital Cash platform, concluded during May. The pilot was a great success, pre-defined targets on number of users and transactions were exceeded and user surveys came in very positive. Based on the successful pilot, Crunchfish and IDFC FIRST Bank have now entered into a commercial license agreement. IDFC FIRST Bank have licensed both Digital Cash offline, for full offline transactions in proximity, as well as Digital Cash telecom, which enables PPI on UPI payments using the telecom network if the payer lacks internet data connectivity.
Crunchfish and IDFC FIRST Bank are working closely together on integration of Digital Cash into IDFC FIRST Bank’s payment apps. First release to IDFC FIRST Bank customers is planned for Q3. Initial use case will be to enable offline UPI payments using Digital Cash telecom.
The 3-years license agreement includes an upfront fee covering the first batch of users, as well as support and maintenance on the Digital Cash SDK. Additional user fees will be added as the Digital Cash functionality is rolled out to the IDFC FIRST Bank user base.
“Signing our first Digital Cash license agreement is a great milestone and shows that Digital Cash is ready for commercial deployment. IDFC First Bank is an early adopter and will pave the way for other banks, both in India and the rest of the world. We are very delighted to now enter a new phase for the company.", says Joachim Samuelsson, Crunchfish’s CEO.
About IDFC FIRST Bank – IDFC FIRST Bank
IDFC FIRST Bank was formed by the merger of erstwhile IDFC Bank, promoted by renowned infrastructure financing institution IDFC Ltd. and leading technology NBFC, Capital First. The bank believes in making customer-first products and was the first universal bank to offer monthly interest credit on savings accounts, first bank to issue life-time free credit cards with no minimum spend conditions, first bank to offer dynamic and low APR rates, evergreen rewards points, and many other such interesting products.
The Bank’s vision is to build a world class bank in India, guided by ethics, powered by technology, and to be a force for social good. Our mission is to touch the lives of millions of Indians in a positive way by providing them high-quality banking services.
IDFC FIRST Bank, has a balance sheet of Rs. 2,21,374 crores and serves customers across the length and breadth of the country.
The Bank has expanded to 707 branches, 253 asset service centers, 867 ATMs and 578 rural business correspondent centers across the country, a next-generation net and mobile banking platform and 24/7 Customer Care services. IDFC FIRST Bank is committed to bring high-quality banking at affordable rates to India. The Bank also offers high quality technology-enabled corporate banking solutions, contemporary cash management solutions, fleet card and FASTag solutions and wealth management solutions.
For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com
This information is Crunchfish AB obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on 29 june 2023 at 12:00 CET.
Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.
About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.
