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Global payments platform Visa has partnered up with Ethereum scaling firm ConsenSys to speed up the adoption of central bank digital currency (CBDC) networks by bridging the gap with traditional financial institutions.
Eventually, Visa’s head of CBDC Catherine Gu said, users globally can use their CBDC linked Visa card or wallet by any of the merchants where Visa is accepted. In a Q&A with ConsenSys she said:
“If successful, CBDC could expand access to financial services and make government disbursements more efficient, targeted and secure – that’s an attractive proposition for policy makers.”
The CBDC Payments Module is intended as an add-on for CBDCs to existing payment networks, Gu explained. Banks and issuer processors can easily plug into the module and integrate their existing infrastructure, she said.
Visa has already lined up some extensive pilot testing with central banks, starting this spring.