Protecting offline payment applications is hard as offline payment introduces specific risks relating to bearer instruments and double-spending. Crunchfish Digital Cash offline solution enables offline payment for 3rd party online payment services by offering a secure, isolated runtime and encrypted storage with rollback protection for all offline assets. Crunchfish announces now the Digital Cash protector as an offline payment application protection add-on for 3rd party offline payment services.

Offline payments introduce specific risks that need careful consideration. Since the offline assets reside in a bearer instrument that is in the control of a potential attacker, it is of paramount importance that the payment application takes the necessary precautions to protect the offline assets and any operation performed on them. There are multiple ways that a potential attacker can stage an attack that results in double-spending.

Crunchfish is now announcing Digital Cash protector as an offline payment application protection to increase the security in 3rd party offline payment services. The Digital Cash protector is built with a subset of security features from the Digital Cash offline solution and may be integrated as a security layer by application providers at multiple hierarchical levels.

Figure: Crunchfish Digital Cash protector may be integrated at multiple levels in the payment application.

Protecting offline payment applications is hard, and existing mobile software protections are insufficient for offline payments. Although these protection mechanisms are better than nothing, they do not hold back attackers for long. Please refer to Crunchfish’s recent whitepaper Offline payment on smartphones outlining the risks, mitigations, and key security requirements for offline payments as background information to this announcement.

“Crunchfish Digital Cash is the only offline payment solution for smartphones that is both secure and scalable. The security levels in external offline payments services can now be increased using Digital Cash technology and security features. The Digital Cash protector has already been presented and very well received by many key stakeholders in the Indian payment ecosystem as it augments the security for the offline payment services announced for UPI Lite and the Digital Rupee”, says Joachim Samuelsson, Crunchfish’s CEO.

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 above for publication on 13th February 2024 at 08:30 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’s sales efforts have mainly been aimed towards India and the CBDC community. In Africa, mobile payments have become an integral part of the economy, but the lack of sufficient infrastructure and internet connectivity is a limiting factor. With offline payment support, the power of mobile payments in Africa can reach its full potential. A partnership has been entered with SaaS Expand to develop opportunities that this brings for Crunchfish Digital Cash.

Mobile payments have become an integral part of the African economy, with many businesses and individuals relying on it for day-to-day transactions. Mainly provided by mobile operators and supported by a network of licensed agents, mobile money services allow registered users to deposit cash into a digital wallet, and use those funds for payments and purchases, including peer-to-peer (P2P) payments. However, the lack of sufficient infrastructure and internet connectivity limits the potential and the use of these payment services. With Digital Cash and offline payment support, the power of mobile payments in Africa can reach its full potential.

To develop opportunities in Africa a partnership agreement has been entered with SaaS Expand. The founders of SaaS Expand Agency bring long experience from dealing with mobile operators in Africa. The company is set up to act as an agent for Crunchfish. Initial focus will be on the large mobile operators in Africa. Already a first NDA has been entered with a major operator group that are present across Africa. The partnership between Crunchfish and SaaS Expand also covers the rights for SaaS Expand to act as an agent in South America.  Opportunities in South America will be explored in a later phase, as Africa is the initial focus.

"At SaaS Expand, our mission is fueled by the transformative potential of technology in connecting cultures and enhancing personal safety and wellbeing. The integration of offline payments through Crunchfish Digital Cash is set to revolutionize financial accessibility in Africa and South America. This innovation promises to bring secure, inclusive financial services to even the most remote areas, significantly impacting the daily lives and empowerment of millions”, says Frederik Weisz, SaaS Expand’s Managing Director.

“Our extensive experience in these regions, ensures we have the insights and connections essential for the success of Digital Cash. We are enthusiastic about working together with Crunchfish. This collaboration isn’t just about technological advancement; it's about creating a more interconnected, financially inclusive world”, says Mark Philip Hellenberg, SaaS Expand's Executive Director.

“The founders of SaaS Expand bring a long history of doing business with mobile operators in Africa. Through their network we will get access to customers we haven’t been able to process before. We know that Crunchfish Digital Cash is highly relevant in the region, as lack of sufficient infrastructure and internet connectivity is common. All this adds up to a foundation for successful business together", says Joachim Samuelsson, Crunchfish’s CEO.

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 above for publication on 12th February 2024 at 08:30 CET.

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

About SaaS Expand Agency – saasexpand.com 

SaaS Expand Agency is a pioneering force in the global SaaS industry, specializing in bridging the gap between European SaaS innovations and emerging markets across Latin America, Africa, and the Middle East. With over 20 years of local market experience, our mission is to revolutionize the way technology enhances personal and community wellbeing in these regions. Headquartered in Copenhagen, Denmark, SaaS Expand Agency leverages its extensive network and deep market insights to facilitate the adoption of cutting-edge European software solutions, driving progress and connectivity in some of the world's most dynamic economies.

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 Digital Cash is pioneering offline payments with a secure and uniquely scalable solution for smartphones without any dependencies on device manufacturers or mobile operators. This new whitepaper outlines the challenges to implement offline payments on smartphones and how to mitigate the risks. 

Following this week’s announcement from the Reserve Bank of India regarding the Offline Retail Payments pilot that Crunchfish participated in together with HDFC Bank and IDFC First Bank, financial media remarked on the milestone.

The announcement made by the Reserve Bank of India (RBI) didn’t go unnoticed by financial media, especially in India. The most important media channels reported the milestone, and remarked on the fact that this opens the door to address regions with limited network capabilities, boosting digital payment adoption.

Media like Business World India, CNBC TV18 and Financial Express, among others, made echo of the announcement during the week. Also Swedish media spread the word of the announcement, through Nyheter24.

RBI Press Release pdf.

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

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The Reserve Bank of India has concluded the Offline Retail Payments pilot that Crunchfish participated in together with HDFC Bank and IDFC First Bank. The project has been successful, and the solution may now be considered for adoption by regulated entities subject to compliance with applicable regulatory requirements.

Crunchfish in partnership with HDFC Bank and IDFC First Bank earlier during the year completed a joint project in the Reserve Bank of India (RBI) Regulatory Sandbox to demonstrate and pilot Offline Retail Payments. The pilot has been thoroughly evaluated and concluded by RBI. In an official statement from RBI dated December 11th, they state that the solution now may be considered for adoption by regulated entities subject to compliance with applicable regulatory requirements.

“India is the leading payment market in the world. This statement from RBI further strengthens Crunchfish Digital Cash as being highly relevant for the Indian market. It also supports our efforts with banks and payment services in India, as well as our dialogue with NPCI regarding UPI Lite X, the newly released framework for offline payments with UPI.", says Joachim Samuelsson, Crunchfish’s CEO.

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.

RBI Press Release pdf.

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

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Offline payment trust was the topic was the topic of the last webinar in the series Enabling offline payments in an online world to discuss the 6th white paper – Ensuring trust in scalable offline solutions, that Lipis Advisors released in partnership with Crunchfish. A panel discussion with participation from Lipis Advisors and Crunchfish followed the presentation of the white paper.

The webinar started with Bonni Brodsky, Payment expert at Lipis Advisors presenting key insights of the offline payment trust white paper, followed by moderated Q&A with a panel and the audience. In the panel for the webinar were Anurag Dubey, Payment expert at Lipis Advisors, and Joachim Samuelsson, CEO at Crunchfish, along with Bonni Brodsky. The webinar was moderated by Johan Wester.

The recording of the webinar discussing offline payment trust is now available. All previous webinars and white papers of the series are available on our website and YouTube channel. Follow us on LinkedIn and subscribe to get our latest updates.

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 on 24th November 2023 at 13:00 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.

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