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
- 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.