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.