Visa proposes offline payment method for central bank digital currencies

Payment giant Visa published a study describing an autonomous payment system for central bank digital currencies (CBDCs).

The document discusses the advantages of CBDCs and how they can be used offline.

Visa proposed a system that would use “open-source technology and a public-key infrastructure” so transaction messages could be signed without an Internet connection.

“Recipients can send signed autonomous payment messages to an authorised wallet provider with guaranteed settlement on these transactions, to withdraw funds from the autonomous payment system,” the document states.

Visa notes that CBDCs would connect people who do not have bank accounts to a “dynamic ecosystem of accessible financial technologies.”

The code for the described protocol could potentially be developed in the future.

An Offline Payment System for CBCD by ForkLog on Scribd

As noted by Visa, digital currencies have the potential to enhance the value of digital payments, and it has said it is prepared to support the development of the industry.

In September, Visa representatives began examining the prospects of creating offline payment system based on a digital currency. The payments giant is also involved in work on central bank digital currencies.

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