ANZ to trial offline CBDC payments via smart cards

finextra.com:

fourteen pilot trials being conducted by the Reserve Bank of Australia to investigate potential use cases for a central bank digital currency. The ANZ pilot aims to show that using blockchain technology and NFC-enabled smart cards, CBDC could enable users to make instant payments on a peer-to-peer basis, even in an offline environment that is not connected to existing banking infrastructure. The pilot will be conducted on campus at Southern Cross University and RMIT University.

As part of the pilot, NFC-enabled smart cards pre-loaded with CBDC funds will be given to participating students. The aim is to demonstrate how an organisation like a university can step in and provide immediate financial support through the disbursement of CBDC in emergency situations, such as where students are unable to access funds online or traditional banking services. The pilot will involve several steps.

First, the universities will operate a secure smartphone app to view their CBDC balance. Using NFC functionality, specific amounts of CBDC will be loaded onto the smart cards. Second, the smart cards will be given to participating students, who will use them to make purchases at on-campus merchants, such as cafes, gyms and book shops.