Home News ConsenSys will help Visa develop a module for CBDC integration

ConsenSys will help Visa develop a module for CBDC integration

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Visa has announced a partnership with blockchain company ConsenSys to develop a module designed to help central banks and financial institutions create user-friendly services on top of central bank digital currency (CBDC) networks.

Thus, the solution will allow consumers to use a CBDC-linked payment card or digital wallet wherever Visa is accepted; explained Catherine Gu, head of the CBDC department at Visa.

“If successful, CBDC could expand access to financial services and make government disbursements more efficient; targeted and secure – that’s an attractive proposition for policy makers,” she said.

We imagine a user interface very similar to the one through which you pay today

As an example, Gu cited incentive payments. According to her, the digital currency will allow making payments quickly to the target group of users with the programming of parameters of expenses.

Moreover, ConsenSys strategic sales director Sheila Adinolfi added that central banks and traditional financial players will have to work together to ensure the widespread distribution of CBDC.

Furthermore, the Visa payment module aims to make it easier for financial service providers to access CBDC. Banks and institutions will be able to integrate existing infrastructure with these networks. Which will allow them, for example, to issue payment cards linked to digital currency.

“We imagine a user interface very similar to the one through which you pay today. If CBDC networks are easily integrated into your existing banking application; you will be able to use your CBDC-linked Visa card,” Gu said.

ConsenSys Rollups solution

In addition, the company is in the process of integrating the module with the “sandbox” of the ConsenSys Codefi payment solution. The latter runs on the Quorum blockchain platform.

Also, in the spring, Visa expects to move to the stage of testing options for using its module for CBDC, Gu stressed.

Recall that in December 2021, ConsenSys, together with another payment giant, Mastercard; launched the ConsenSys Rollups solution for scaling the Ethereum network.

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