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ANZ Ventures into Offline CBDC Payment with Smart Cards in Two Australian Universities

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It is reported that ANZ is cooperating with two universities to try offline CBDC payment through smart cards, which can load funds and be used like physical cas

ANZ Ventures into Offline CBDC Payment with Smart Cards in Two Australian Universities

It is reported that ANZ is cooperating with two universities to try offline CBDC payment through smart cards, which can load funds and be used like physical cash. The pilot will be conducted on the campus of Southern Cross University and RMIT University. As part of the pilot project, NFC-supported smart cards with CBDC funds will be distributed to participating students. This is one of the four tests supported by ANZ in the RBA pilot. Another project will test the efficiency and effectiveness of employers using CBDC to pay pensions as a viable alternative to traditional payment methods, while the third project will study the issuance of CBDC according to KYC process.

ANZ tried offline CBDC payment through smart card

Analysis based on this information:


ANZ bank is collaborating with two Australian universities to pilot the use of offline Central Bank Digital Currency (CBDC) payment through smart cards. This innovative payment technology can enable funds to be loaded onto a physical card and can be spent like traditional cash in stores and shops that accept the card as payment. The pilot will be conducted on the campuses of Southern Cross University and RMIT University.

During the pilot, participating students will be issued NFC-supported smart cards that have CBDC funds already loaded. This initiative is part of four different tests supported by ANZ in the Reserve Bank of Australia’s (RBA) CBDC pilot. The first of these tests will examine the feasibility of using CBDC for offline payments in everyday situations such as within campus premises.

The second test will explore the possibility of employers using CBDC to pay out pensions as an alternative to traditional payment methods. By using CBDC, employers can potentially save on costs associated with traditional payment methods, hence make payments more quickly and securely.

Finally, the third project will study the issuance of CBDC based on the KYC process. It is a procedure that helps to verify the customer’s identity and ensure the anti-money laundering and anti-terrorism financing (AML/CTF) compliance before issuing the CBDC.

ANZ needs to ensure that the solutions tested during the pilot will be robust in meeting the demands of its customers, that its solutions developed comply with regulatory requirements, and that they guarantee security concerns to avoid potential hacks and fraud.

In conclusion, this pilot project involving two Universities in Australia, exploring offline payment through smart cards with CBDC funds, together with the other tests undertaken in the RBA pilot program, opens doors to new payment solutions with a focus on efficiency, security, and transparency. Therefore, the future looks promising for the financial sector’s innovations using digital currencies.

Keywords:
ANZ, CBDC payment, smart cards, offline payment, pilot project

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