Global payment facilitator Visa has partnered with ConsenSys to efficiently link central bank digital currencies (CBDCs) with conventional financial platforms.
ConsenSys is a New York-based Ethereum software company. Visa hopes this initiative will breed a new change in the finance industry, allowing customers to utilize digital wallets and CBDC-linked credit cards at any store or outlet that supports Visa cards.
Visa’s global product lead for CBDCs, Catherine Gu believes it’s an enticing prospects for regulators to consider.
“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,” she said in a question and answer session.
Visa’s plug-and-play CBDC model is built to facilitate transactions between the existing payment networks and CBDC platforms.