#PayTech #CryptoCurrency / Visa explores offline exchange of digital currencies

Visa has published a technical paper that outlines a novel approach for offline point-to-point payments between two devices, touting it as a means for central banks to replicate the physical exchange of cash using digital currencies.

With financial inclusion top of mind for central banks, CBDC design considerations need to include a framework for the exchange of digital currencies when neither the buyer nor the seller has a connection to the internet.

The protocol outlined by Visa allows digital money to be directly downloaded onto a personal device, such as a smartphone or tablet. The money is stored on a secure hardware embedded in that device and managed by a wallet provider.

CBDC can be transacted from one device to another device directly without any intermediaries such as banks, payment networks, or payment processors using Bluetooth and Near Field Communication.

https://www.finextra.com/newsarticle/37182/visa-explores-offline-exchange-of-digital-currencies