Visa offered a method of offline payments in digital currency of central banks

Payment giant Visa has published a study describing an offline payment system for digital currencies of central banks (CBDC).

The paper discusses the benefits of CBDC and how they can be used offline.

Visa proposed a system that would use „open-source technology and public-key infrastructure“ so that transaction messages could be signed without the need for an Internet connection.

„Recipients can send signed offline payment messages to an authorized wallet provider with guaranteed settlement on those transactions to withdraw funds from the offline payment system,“ the document says.

Visa notes that CBDCs will connect people without bank accounts to a „dynamic ecosystem of accessible financial technology.“

The code for the described protocol could potentially be developed in the future.

Recall, Visa believes that digital currencies have the potential to add value to digital payments of Bitcoin Rejoin, and has indicated a willingness to support the development of the industry.

In September, Visa began exploring the prospect of an offline payment system based on digital currency. The payment giant is also taking part in work on central banks‘ digital currencies.