Visa partnership to ‘bridge CBDC networks’ with existing payment rails

Visa is partnering with blockchain tech company ConsenSys to bridge new Central Bank Digital Currency (CBDC) networks with the existing financial ecosystem.

The company said that the move aims to address how – once the technology to power a CBDC has been built – companies can ensure people can manage and spend their funds through a “familiar, trusted, and seamless experience”.

The partnership will develop a new infrastructure that can help central banks and traditional financial institutions to build user-friendly services on top of CBDC networks.

“We envision a user experience that looks very familiar to how you pay today,” said Catherine Gu, head of CBDC, Visa. “If CBDC networks are seamlessly integrated into your existing banking app, you’d be able to use your CBDC-linked Visa card at the checkout."

She added: “Or tap your digital wallet – loaded with your CBDC funds and payment credential—to pay securely at any of the 80 million merchant locations worldwide that accept Visa and any of its connected networks, all through existing retailers’ existing payment terminal. It’s a familiar experience for people around the world.”

    Share Story:

Recent Stories

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.