Visa announced about partnering with blockchain company ConsenSys to develop a module to help central banks and financial institutions build user-friendly services on top of networks CBDC.
The solution will allow consumers to use a CBDC-linked payment card or digital wallet wherever Visa is accepted, said Catherine Gu, head of CBDC at Visa.
“If successful, CBDC can expand access to financial services and make government transfers more efficient, targeted and secure — an attractive proposition for policymakers,” she said.
Gu cited incentive payments as an example. According to her, the digital currency will make it possible to quickly make payments to the target group of users with programming of cost parameters.
Sheila Adinolfi, director of strategic sales at ConsenSys, added that central banks and traditional financial players will have to work together to ensure CBDC is widely adopted.
The Visa payment module is designed to make it easier for financial service providers to access CBDC. Banks and institutions will be able to integrate existing infrastructure with these networks, allowing them, for example, to issue digital currency-linked payment cards.
“We envision a user interface very similar to the one you pay through today. If CBDC networks can be easily integrated into your existing banking application, you can use your CBDC-linked Visa card, ”Gu said.
The company is in the process of integrating the module with the “sandbox” payment solution ConsenSys Codefi, which runs on the Quorum blockchain platform.
Visa expects to move into the testing phase of the use cases for its CBDC module this spring, Gu said.
Recall that in December 2021, ConsenSys, together with another payment giant, Mastercard, launched the ConsenSys Rollups solution to scale the Ethereum network.