Crunchfish in partnership with HDFC Bank and another Indian bank are piloting offline payments in a project monitored by the Reserve Bank of India (RBI) in their Regulatory Sandbox program. HDFC Bank, one of the leading banks in the world, have launched a website that describes “OfflinePay – Payments that work, without any network”. The project has been scaled up significantly in terms of numbers of payers and merchants.

Online Real-time Payment Services, such as UPI in India and Swish in Sweden, are by design vulnerable to temporary outages; whether it is payer that cannot get online connectivity, the remitting or beneficiary bank is congested, or any payments switch is down. Offline payment schemes, on the other hand, provide survivability in the face of any temporary failures. Whereas an offline payment scheme may facilitate an instant online transaction, the reverse is not true. Delivering a robust, inclusive and private digital payments service, requiring offline payments as the fundamental building block, must be a firm requirement by the financial regulator in any country in order to provide a stable payments eco-system.

Crunchfish have published several press releases related to this project. Crunchfish were  included in the Reserve Bank of India’s Regulatory Sandbox* in September 2022, the integration of Crunchfish Digital Cash offline was ready in October 2022, and when the pilot started in December 2023. HDFC Bank have now published a description of their implementation of Crunchfish Digital Cash offline as “OfflinePay – Payments that work, without any network”.

*The Regulatory Sandbox was established in 2020 by the Reserve Bank of India (RBI) to foster responsible innovation in financial services, promote efficiency and bring benefit to end users. The Regulatory Sandbox is a formal regulatory program for market participants to test new products and services with customers in a live environment, subject to certain safeguards and oversight. It allows the regulator, innovators, financial service providers and end users to conduct field tests to collect evidence on the benefits of new financial innovations, while carefully monitoring and containing their risks. To be approved access to the Regulatory Sandbox, the proposed financial service shall include new or emerging technology, or use of existing technology in an innovative way and should address a problem and bring benefits to consumers.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com

This information was provided by the contact person above for publication on 08 February 2023 at 14:30 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.

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Crunchfish believe a digital good as payments must deliver a trusted and inclusive service that survives in the face of any temporary failures. A new Payments Internet Protocol (PIP) is destined to become the foundation of front-end public and commercial digital payments applications. PIP augments the internet TCP/IP protocols significantly and is the next breakthrough innovation in digital payments. Crunchfish CEO presented today on this theme at Aktiedagen in Gothenburg. 

Whereas an offline payments protocol may work online, the reverse is not true. Online payments systems are by design only capable of handling online payments. Hence, the underlying protocol for digital payments must be an offline scheme as it supports both offline and online payments. Crunchfish Digital Cash is a family of native layer-1 or non-native layer-2, software- and hardware-based frontend trusted applications for -offline, -online, -telecom, -non-mobiles, -consecutive, and -quantum-safe digital payments.

Here is the link to today’s presentation in English. Two month ago Crunchfish CEO gave a broader company presentation in English and Swedish on the theme Big deals are coming.   

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish are a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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The paradigm shift in payments – the theme of Crunchfish’s presention at Aktiedagen Göteborg on Monday, February 6, at 12:15 CET. Joachim Samuelsson, Group CEO at Crunchfish, presents Digital Cash 2.0. Whereas an offline payments protocol may work online, the reverse is not true. Online payments systems are by design only capable of handling online payments. Hence, the underlying protocol for digital payments must be an offline scheme as it supports both offline and online payments.

On February 1st, Crunchfish launched Digital Cash 2.0 to drive a paradigm shift in payments. Watch the interview with Crunchfish CEO Joachim Samuelsson commenting on the announcement via this link. Crunchfish Digital Cash is inspired by the robust, inclusive, and private design philosophies that was developed by the Defense Advanced Research Projects Agency (DARPA) in the 1970s and since has become the basis of the internet as we know it today. It is an incredible robust protocol based on packet switching. Crunchfish Digital Cash is for digital payments what the internet is for digital communications, e.g. survivability in the face of any temporary failures. Watch also Crunchfish CEO elaborate on these ideas on January 27th during an expert panel discussion on “Offline payments for CBDCs and financial inclusion” at the ITU’s DC conference via this link.

Crunchfish presentation will be webcast live and on-demand via Aktiespararna’s youtube channel and aktiespararna.se. The live broadcast will be available at http://www.aktiespararna.se/tv/live. Use the opportunity to ask your questions to the presenter, by sending an SMS to 079-347 98 45 or email event@aktiespararna.se. Your questions will be conveyed by Aktiespararna’s moderator during the Q&A session the follows your presentation. You can submit your questions now or during the presentation. Follow the link for event program.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish are a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Crunchfish CEO Joachim Samuelsson comments on the launch of Digital Cash 2.0 in an interview with analyst firm Emergers. Whereas an offline payments protocol may work online, the reverse is not true. Online payments systems are by design only capable of handling online payments. Hence, the underlying protocol for digital payments must be an offline scheme as it supports both offline and online payments.

Crunchfish have today launched Digital Cash 2.0 to drive a paradigm shift in payments. Watch the interview with Crunchfish CEO Joachim Samuelsson commenting on the announcement via this link.

The internet protocols fundamentally changed digital communications by their resilient design. Digital payments must also be upgraded to deliver a robust, inclusive and private service that should be required by any public good. Neither token-based nor account-based payment applications of today can deliver this unless they are supported by an underlying protocol designed to offer interoperability, scalability, and security. Crunchfish Digital Cash is that reliable end-to-end protocol and destined to become the standard protocol for digital payments as the internet protocols are for digital communications.

“Whereas an offline payments protocol may work online, the reverse is not true. Online payments services are by design only capable to handle online payments. Hence, the underlying protocol for digital payments must be an offline scheme as it supports both offline and online payments”, says Joachim Samuelsson, Crunchfish CEO

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish are a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with representation in India.

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Crunchfish have today released Digital Cash 2.0 to drive a paradigm shift in payments. The internet protocols fundamentally changed digital communications by their resilient design. Digital payments must also be upgraded to deliver the robust, inclusive and private service that should be required by any service of public good. Neither token-based nor account-based payment applications are able to deliver this unless they are supported by an underlying protocol designed to offer interoperability, scalability, and security. Crunchfish Digital Cash is that reliable end-to-end protocol and destined to become the standard protocol for digital payments as the internet protocols are for digital communications.

Using the same design principles as the internet Crunchfish Digital Cash is a robust, inclusive and private Payments Internet Protocol that will become the baseline of all payment services. What the internet is for digital communication, Crunchfish Digital Cash will be for digital payments.

Digital payment is a public good alongside with the internet, telecom networks and electricity. However, it is not anywhere near to deliver on the same robustness as required by a service that is critical for society. Crunchfish believe that all payment services must be upgraded to deliver survivability in the face of any temporary failure. Payment services must come in many form factors to allow all people to be digitally and financially included and privacy must be preserved at the same integrity level as paying with cash.

Crunchfish Digital Cash delivers the solution that upgrades any higher-level payments application, whether token-based as cryptocurrencies or account-based as real-time payments systems, to the same resilient level as the internet protocols have done for digital communications. Neither token-based nor account-based payments systems as higher-level applications will be able to make the required upgrade unless they deploy the underlying Payments Internet Protocols (PIP) designed and patented by Crunchfish. Only then will the public get the robust, inclusive, private, interoperable, scalable and secure payments systems they require.

Financial regulators play a key role to drive this paradigm shift as they should demand that any payment service allowed to operate in the country must fulfil these fundamental features as a public good. Furthermore, any central bank should take it upon themselves to deliver on these design goals for their Central Bank Digital Currency (CBDC) implementations as it must deliver a significantly better payment service than what is currently available. This will also drive innovation and the necessary upgrade of digital payment services.  

Crunchfish Digital Cash 2.0 is a refactoring of the previous 1.x version that will decrease customer integration efforts and further enhance the scalability of the solution. It has the same design philosophy as the TCP / IP protocols for digital communications, as detailed in a previous press release. A new API has been designed, which will make it easier to add new functionality, such as Digital Cash over telecom which will be included in a 2.1 release later in Q1. New and enhanced security measures have been implemented to prevent fraud and double spending. Crunchfish Digital Cash 2.0 is issuer centric, as it adds increased configurability for issuers of payment services to create more flexibility in the implementation and roll-out of Digital Cash. It is also compliant with the industry standard ASN.1. Crunchfish Digital Cash 2.0 is now available for customer download through the Crunchfish developer portal.

“In parallel with supporting our ongoing customer projects, like the Offline Retail Payments pilot with HDFC Bank and RBI, we’ve been working hard to develop a next generation of Digital Cash. 2.0 makes it easier for issuers to integrate Digital Cash into their payment services as an underlying protocol. At the same time, we have increased the security and added more functionality. I am truly proud of what the development team has accomplished.”, says Rutger Petersson, R&D Director at Crunchfish Digital Cash.

On January 19^th Crunchfish released in partnership with Lipis Advisors a first whitepaper with a focus on practical offline payments design in a new whitepaper and webinar series “Enabling Offline Payments in an Online World”. At the webinar the whitepaper was presented, followed by a panel discussion moderated by Johan Wester with Managing Consultant Bonni Brodsky from strategic payment expert consultancy Lipis Advisors, Beju Shah, Head of the Nordic Innovation Hub at Bank of International Settlement and Crunchfish CEO Joachim Samuelsson. On January 27^th Crunchfish CEO discussed also the ideas behind Crunchfish Digital Cash 2.0 at an expert panel discussion on “Offline payments for CBDCs and financial inclusion” at the ITU’s DC conference “From cryptocurrencies to CBDC”.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com

The information was provided by the contact person above for publication 1 February 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 are 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 are listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Crunchfish CEO Joachim Samuelsson participated as an expert panellist in the panel discussion on “The importance of offline payments for CBDCs and financial inclusion” at the DC3 Conference organised by the Digital Currency Global Initiative by International Telecommunications Union and the Future of Digital Currency Initiative at Stanford University. Crunchfish Digital Cash was positioned as the internet of payments with similar inclusion, resilience and privacy for digital payments as the internet provides for information sharing.

Crunchfish CEO Joachim Samuelsson participated as an expert panellist on a webinar on the topic The Importance of offline payments for CBDCs and financial inclusion. Joachim Samuelsson positioned Crunchfish Digital Cash as being designed using the same robust design principles as the internet. The ideas was published in a press release Crunchfish Digital Cash is the Internet of Payments with similar inclusion, resilience and privacy for digital payments as the internet does for information sharing.

The International Telecommunication Union (ITU) was organising the second edition of the DC3 Conference – 24 – 27 January 2023.  The DC3 Conference is part of the activities of the Digital Currency Global Initiative which is a joint collaboration between the ITU and the Future of Digital Currency Initiative at Stanford University.

Last week, on January 19th, Crunchfish released in partnership with Lipis Advisors the first whitepaper in a new whitepaper series “Enabling Offline Payments in an Online World” with a focus on practical offline payments design. It was followed by a webinar where the whitepaper was first presented by Bonni Brodsky at Lipis Advisors and then followed by a panel discussion with Beju Shah, Head of the Nordic Innovation Hub at Bank of International Settlement and Crunchfish CEO Joachim Samuelsson.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish are a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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