Visa joins hand with ConsenSys to help CBDCs bridge traditional finance

Visa, the payments giant, expects users to use their CBDC-linked Visa card or digital wallet anywhere globally that Visa is accepted.


Visa joins hand with ConsenSys to help CBDCs bridge traditional finance
US Visa | Image: US Visa

The digital payments giant partnered with ConsenSys — an Ethereum scaling company to help central bank digital currency (CBDC) networks fix the problem with traditional financial institutions.


In a blog post-Q&A with ConsenSys, Catherine Gu, Visa’s head of CBDC mentioned that clients could use their CBDC-linked Visa card or digital wallet anywhere that Visa is accepted.


According to Catherine Gu, CBDC could enhance access to financial products and also make government disbursements more targeted, efficient, and secure.


Moreover, Gu also stresses that Visa’s CBDC Payments Module was made as an on-ramp for CBDCs to existing payment networks. Also, she mentioned that issuer processors and Banks could get into the module and integrate their existing infrastructure.


Visa also asserts that its digital asset teams plan to work with central banks on pilot and prototype situations soon.


For instance, Visa emphasized in early December that it created a global crypto advisory board to help institutions develop their digital currency businesses as demand for digital assets products keeps growing.


Meanwhile, ConsenSys launched “ConsenSys Rollups” with the help of Mastercard’s team to enhance expansion on the Ethereum mainnet and for private use.