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In an increasingly digitised economy, how can we safely and securely maintain digital payments – for all? Working in partnership with ANZ Institutional Thales Secretarium ANZ Worldline Payment Solutions this is the scenario we set out to test at RMIT and Southern Cross University as part of the central bank digital currency \

In an increasingly digitised economy, how can we safely and securely maintain digital payments – for all? Working in partnership with ANZ Institutional Thales Secretarium ANZ Worldline Payment Solutions this is the scenario we set out to test at RMIT and Southern Cross University as part of the central bank digital currency \

Results from the Retail #CBDC Pilot Program by the Bank of Thailand The Bank of Thailand has successfully concluded its #Retail CBDC Pilot Program, designed to test the viability and effectiveness of a digital currency in a controlled environment. Here are the results & highlights from the pilot, which ran from late 2022 to October 2023: Key Highlights: Examination of technological readiness and fundamental CBDC functionalities. Evaluation of the potential for financial innovation through CBDC applications. Assessment of the CBDC #infrastructure's capacity to securely facilitate access for both banking and non-banking entities. Exploration of Retail CBDC as a resilient alternative #payment infrastructure. Results: Technological Readiness: The CBDC infrastructure successfully handled multiple transaction types including top-ups, withdrawals, and payments among selected users and merchants, demonstrating robust technological performance and reliability. Financial Innovation: The pilot explored programmable payments using CBDC, showcasing potential new applications and innovations that extend beyond current payment systems. This included experiments like the "Grow Up #Wallet," which tested conditional payments. Open Infrastructure: The CBDC system facilitated access for both banks and non-banks, showcasing its potential to serve as a foundational technology for future financial services across different types of financial institutions. Alternative Payment Infrastructure: The CBDC proved capable as an #alternative payment method, effectively managing retail transactions with the capacity to handle volumes comparable to current electronic payment systems, thus enhancing resilience in the financial infrastructure. The Retail CBDC Pilot Program has provided invaluable insights into the scalability, security, and practicality of digital currencies, setting a benchmark for future advancements in Thailand's payment systems. For a more detailed understanding of the pilot and its implications, access the full report on the Bank of Thailand's website. Link in the comments. #Finance #DigitalCurrency #CBDC #BankofThailand #Innovation #Payments

In an increasingly digitised economy, how can we safely and securely maintain digital payments – for all? Working in partnership with ANZ Institutional, Thales, Secretarium, ANZ Worldline Payment Solutions this is the scenario we set out to test at RMIT and Southern Cross University as part of the central bank digital currency (#CBDC) pilot run by the Reserve Bank of Australia and the Digital Finance CRC. The Offline #Payments use case tests a scenario where a central bank digital currency (CBDC) – acting as a digital form of cash – is easily and securely accessible for all, irrespective of age, status or social condition, even in circumstances where online connectivity is unavailable. The first offline payment was successfully made on campus at Southern Cross University and RMIT University, with coffee purchased – offline – using #NFC-enabled #smartcards pre-loaded with CBDC funds. It has been a real honour to be part of this important initiative. Working in collaboration with our client, ANZ, and partners, to drive innovation that will help to build an inclusive financial future for all. Read more about the Offline Payments use case and the CBDC pilot at ANZ’s bluenotes: https://bit.ly/3PyXHUX Meher Mehta, Sudhir Pai, Manoj KHERA, Vasant Gore, Roy Crociani, Muhammed Ahmed, Dheeren Vélu, Charles Talbot, Satish Kumar #GetTheFutureYouWant #decentralisedfinance