Tag: offline

admin Retail CBDC , , , , ,

Enable QR-Code Payment to Work Offline (Enhance Operational Resilience)

What we do

We help payment companies to enhance the operational resilience of their QR-code payment system by enabling offline capability.

Problem Statement

The future financial system, CBDC will be coming in the next few years. In order to stay competitive, operational resilience will be the key differentiation.

  • One of the challenges of CBDC is that “with enhanced operational resilience of the payment system, designed with offline capability, that allows some payments to be made without internet access and can be executed during natural disasters or other large disruptions”, US Federal Reserve.
  • As a replacement for M0, retail CBDC needs “to provide [resilient] cash-like payment experience, the ability to handle peak traffic as well as connectivity breaks or offline”, BIS.org.

Offline Solution

Benefits:

  • Enhance operational resilience against Internet network failure, system disruption, and natural disaster
  • Reduce the need for expensive payment data centers to maintain system availability and peak traffic handling
  • Avoid initial payment servers investment to expand globally
  • Financial inclusion: where the Internet infrastructure is poor.
  • Low or zero cost of transactions
  • Zero CO2 emission

To learn more, please contact us, at keith@ibonus.net

admin Australia , , , , ,

14-01-21 Bitcoin in Race for Adoption Before CBDC in E-commerce: Australia’s Macquarie

With a runway of a year or more before the Federal Reserve and other major central banks can launch digital currencies, bitcoin and other private cryptocurrencies could gain a foothold in electronic commerce.

Central banks like the Federal Reserve and European Central Bank risk losing the digital-currency race if private cryptocurrencies like bitcoin become too entrenched in electronic commerce, according to a new research note from the Australian investment bank Macquarie.

https://www.coindesk.com/bitcoin-race-for-adoption-central-bank-digital-currencies

admin Australia , , , ,

16-11-20 There is currently no strong public policy case to introduce a CBDC for retail use.

The Reserve Bank of Australia (RBA) has announced a partnership with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software to explore the use of a wholesale central bank digital currency (CBDC) using distributed ledger technology (DLT).

The project is currently limited to the wholesale market, reflecting the RBA’s conclusion in a recent bulletin on the Design Considerations, Rationales and Implications of a Retail CBDC that there is currently no strong public policy case to introduce a CBDC for retail use.

admin Australia , , , , ,

26-09-20 Reserve Bank of Australia confirmed the Bank has no plans to issue a retail CBDC just yet.

Today at the UWA Blockchain and Cryptocurrency Conference, the Head of Payments Policy at the Reserve Bank of Australia, Tony Richards, confirmed the Bank has no plans to issue a retail central bank digital currency (CBDC) just yet. Instead, the Bank will continue with research into decentralized ledger technology (DLT) and its uses. 

https://www.ledgerinsights.com/reserve-bank-australia-cbdc-central-bank-digital-currency/

admin Europe , , , , ,

Dutch central bank licenses first digital currency startup

https://coingeek.com/dutch-central-bank-licenses-first-digital-currency-startup-since-crackdown/

The regulator issued a license to AMDAX, allowing the company to process digital currency transactions.

Known as De Nederlandsche Bank, the regulator adopted the European Union’s Fifth Anti-Money Laundering Directive (AMLD5) in April 2020

AMDAX co-founder Valentino Cremona believes that the registration is a big step forward, not just for his company but the industry as a whole. It will lead to the adoption and acceptance of digital currencies, he said.

admin Australia , , ,

Retail Central Bank Digital Currency: online and offline usability

https://www.rba.gov.au/publications/bulletin/2020/sep/retail-central-bank-digital-currency-design-considerations-rationales-and-implications.html

Reserve Bank of Australia 17th Sept. 2020

Decisions regarding in-person, online and offline usability

If a retail CBDC was being designed as a replacement for physical cash then, at a minimum, it would need to facilitate in-person payments – for example between two individuals or from an individual to a merchant in the retail environment. But, being an electronic system, it would presumably be possible to design it so that the CBDC could also be used to make remote (or online) payments. In this way it would function in much the same way as cards currently do.

As a form of electronic payment system, CBDC might be constrained by the availability of electricity and telecommunications systems, in contrast to physical cash which is ‘always on’ for exchange purposes. However, as noted above, it may be possible to design a CBDC system in such a way that it could be used (at least temporarily) in an ‘offline’ mode, which would be useful in remote locations and offer resilience benefits when power and telecommunications networks were down. For example, it might be possible for CBDC stored on a mobile device or some other small, battery-powered user-access device to be securely transferred to another device via wireless technologies even in the absence of power and telecommunications. However, there would still be a periodic need for power and network connectivity to reload or redeem CBDC balances against commercial bank deposits (and to recharge any batteries). As noted above, an offline mode might be easier to implement with a token-based system than an account-based system.

admin VISA/MasterCard , , , ,

VISA explores the offline exchange of digital cash in Central Bank Digital Currency

VISA explores the offline exchange of digital cash and how it could benefit consumers and economies, everywhere

https://usa.visa.com/visa-everywhere/blog/bdp/2020/12/17/central-bank-digital-1608165518834.html

Tackling design hurdles in Offline Transaction


As central banks consider frameworks for reaping the benefits of CBDC, some common design challenges have emerged. For example, how might digital currencies be exchanged in person, when neither the buyer nor the seller has a connection to the internet? Today the only reliable, real-time medium of exchange in an offline context is physical cash. For CBDC to have utility as an alternative to physical cash, it must be useable for face-to-face transactions occurring offline.

About iBonus Limited

Our solution with award-winning and patent-pending QR-BLE-QR communication supports 99% of smartphones (IOS and Android), and with a transaction time of less than 1 second on average. Learn more

admin References , , , , , ,

Double Offline Payment Sandbox with HSBC bank

Sandbox of double offline payment with the HSBC bank in Hong Kong. Nov. 2nd, 2020.

https://gaa.info.hkstp.org/en/challenges/api-ecobooster-2020/pages/1-on-1-demonstration?lang=en

DEMO DAY

API EcoBooster – Driving innovation in Open Banking. Organised by HKSTP, the programme connects developer community with HSBC as the lead partner to co-create open banking solutions. A sandbox, with over 100 banking open APIs, is provided for testing and prototyping in the areas of loan services, transactions and operation, credit card, digital payments and customer records management for retail and commercial banking.

The Demo Day will showcase 20+ shortlisted solutions after the 6-week intensive mentorship sessions, technical consultation and testing with the joint-effort by the developers, HSBC and beNovelty. We cordially invite you, from the banking industry, to join the Demo Day and explore the smart banking solutions together with a trusted network of fintechs and industry practitioners!