Crunchfish 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 Quarter 3. 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.