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Central Bank Digital Currency

Transaxiom has now built a reference implementation allowing organisations to roll out their own digital cash system. The solution comprises:

  • The payer application implemented on a contactless smart card or Mobile SIM – used by customer to hold spendable funds.
  • The merchant application on an Android NFC handset – used by the merchant to receive value during transaction
  • The host application which manages the entire system including value load and value redemption

Digital Cash

Key benefits:

  • This is a Stored Value system – transactions are off-line, fast and guaranteed
  • The merchant terminals are SAM-less requiring only a downloaded merchant app.
  • The system is interoperable so that multiple cash issuers can operate their own digital cash solution to their customers but still share a common merchant base.
  • All our communication between customer and merchant can be over any communication channel which need not be secure.
  • All transactions are aggregated such that there is no individual transaction processing saving huge costs in operation.
  • The entire system is auditable to the satisfaction of the financial regulators.
  • The Cash Issuers know every transaction data and may use it for data mining and follow on marketing services
  • The system is open to all demographics and ideally suited to the ‘underbanked’ population.