Natural Group (Natural Support Consultancy Services Private Limited) is proud to announce its selection by the Reserve Bank of India (RBI) as a pioneer in the nation’s first-ever Regulatory Sandbox (RS) cohort. This prestigious appointment positions Natural Group as a key architect in the future of India’s financial technology, specifically under the inaugural theme of Retail Payments.
Chosen from a highly competitive pool of 32 national applications, Natural Group is one of only two entities initially unveiled by the central bank to commence live product testing. This milestone marks a significant step in our mission to bring advanced financial services to every corner of “Bharat,” ensuring that even the most remote locations are not left behind in the digital revolution.
Innovation in Action: The eRupaya Solution
At the heart of our participation in the RBI Regulatory Sandbox is eRupaya, a cutting-edge payment ecosystem designed to function where traditional digital infrastructure often fails.
Our Jaipur-based team has developed a sophisticated suite of tools to facilitate seamless financial interactions in offline environments:
- NFC-Based Prepaid Cards: Utilizing Near-Field Communication (NFC) technology to allow secure, tap-and-go transactions without the need for an active internet connection.
- NFC-Enabled Point of Sale (PoS) Devices: Empowering merchants in remote or low-connectivity areas to accept digital payments reliably.
- Offline P2M Transactions: Bridging the gap for Person-to-Merchant (P2M) payments, ensuring that commerce can thrive regardless of cellular or data availability.
A Regulated Environment for Breakthrough Technology
The RBI’s Regulatory Sandbox, finalized in August 2019, provides a unique, monitored environment for fintech leaders to test innovative products. This framework allows Natural Group to collect vital evidence on the benefits and security of our eRupaya platform while working directly under the oversight of the central bank.
Despite the challenges and delays posed by the global COVID-19 situation, Natural Group successfully transitioned into the test phase on November 16, 2020. This proactive start demonstrates our resilience and readiness to lead the industry through periods of uncertainty.
Aligning with the National Vision for Innovation
Natural Group’s efforts are closely aligned with the broader initiatives of the Reserve Bank Innovation Hub (RBIH). As the RBIH works to collaborate with the technology industry and academic institutions to develop financial prototypes, Natural Group serves as a real-world example of how these innovations can be applied to solve critical infrastructure gaps.
Our participation alongside established industry giants like Nucleus Software Exports highlights Natural Group’s standing as a high-authority veteran in the Indian fintech space. We are committed to leveraging this opportunity to set new standards for security, inclusivity, and efficiency in retail payments.
Conclusion: Empowering the Unconnected
The selection of Natural Group for the RBI’s first Regulatory Sandbox cohort is more than just a corporate achievement; it is a commitment to the financial empowerment of all Indian citizens. By perfecting offline digital payments through eRupaya, we are ensuring that the benefits of the digital economy reach the last mile.
As we continue our testing and development, Natural Group remains dedicated to being a pillar of trust and innovation in India’s rapidly evolving financial landscape.
