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.”
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