The digital revolution in finance has bypassed many in rural areas due to limited access to technology and infrastructure. While real-time Internet banking is not feasible, a new approach is needed to create a secure, low-cost banking ecosystem for these unconnected populations. Existing offline payment mechanisms, prevalent in countries like India, offer some solutions but may still be expensive for rural communities. Researchers are exploring cost-effective solutions based on the Internet of Things (IoT). This study explores various IoT and non-IoT-based offline digital banking solutions to identify potential ways to provide digital payment options for the unconnected rural population.