Enabling offline payments in an online world – first whitepaper in a series released by Lipis Advisors in partnership with Crunchfish


Crunchfish are pleased to announce that Lipis Advisors have today released their first whitepaper in the series – Enabling offline payments in an online world. The whitepaper with the subtitle – A practical guide to offline payments design, provides valuable insights to how offline payments relate and can interoperate with online payment system. It provides a novel and elegant way of categorizing offline payment solutions by three design choices which provides the payment ecosystem with a better understanding of the nuances of offline payments.


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Lipis Advisors have today, in partnership with Crunchfish, released their first whitepaper – A practical guide for offline payment design – outlining the architectural approach and criteria for offline payments. The whitepaper includes a novel and elegant way to categorize offline payment solutions using three design options. This categorization will be a provide the payments ecosystems and issuers a better understanding of the various kinds of offline payment solutions that may be implemented to augment their online payment systems.


  1. Online Payment Rail: The design options are token-based or account-based. All cryptocurrencies are token-based, whereas all real-time payments systems are account-based. Central banks have a choice whether their online payment rail for CBDC should be token- or account-based.


  1. Offline Security Protocol: The options are either native (layer-1) or a non-native (layer-2) tokens security protocol. Native/non-native is described in relation to the underlying online payment rail.


  1. Offline Trusted Environment: Here the options are either hardware-based or software-based.


Crunchfish, a deep tech company focused on offline payments and gesture interaction, provide Digital Cash solutions for all design choices. The whitepaper presents six offline payments case studies of which two involve Crunchfish Digjtal Cash; the CBDC eNaira project for the Central Bank of Nigeria as well as Offline Retail Payments for HDFC Bank, closely monitored by the Reserve Bank of India in RBI’s Regulatory Sandbox. Both projects use non-native layer-2 tokens issued from a Trusted Environment implemented on smartphones. Whereas eNaira has a token-based online payment rail, the ORP project integrates with an account-based online payment rail.


On Friday the 20th at 8 am CET / 12.30 IST, Crunchfish, in partnership with Lipis Advisors, will host a webinar where payment expert Bonni Brodsky at Lipis Advisors will present the key insights of the whitepaper, followed by a moderator-led panel discussion with Beju Shah, Head of BIS Innovation Hub in the Nordics, and Crunchfish CEO Joachim Samuelsson as panelists. Register here


All webinars will be available on our website, our YouTube channel and as podcasts on Spotify, Apple Podcasts and anywhere where podcasts are available, distributed from our SoundCloud channel. You can subscribe and never miss when we publish new episodes.


About Lipis Advisors
Lipis Advisors is a Berlin-based strategic consulting firm focused exclusively on the payments sector. Our expertise has expanded over the years, evolving from research-driven comparative analysis of core payment systems to strategic advice for diverse stakeholders on topics ranging from cryptocurrencies, CBDCs, digital banking, real-time payments, fraud mitigation, payment design and implementation. We have provided consulting services to clients in 40+ countries around the world, including international organizations, financial institutions, payment service providers, fintechs, payment schemes, payment system operators, technology vendors, industry associations, and regulators.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88



This information was provided by the contact person above for publication on 19 January 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, automotive and digital interfaces. 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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