American financial services firm, Visa, has joined hands with ConsenSys to work towards a CBDC-enabled Visa card and digital wallets.
The two institutions say they want to enhance interoperability between the Central Bank Digital Currency protocols and traditional Finance.
Visa Head of CBDC, Catherine Gu, notes that customers would be able to use the CBDC-linked visa cards in all institutions accepting their payment options.
Gu adds that the solutions could streamline government disbursements if its rollout is successful.
Visa says that its cryptocurrency team would partner with Central Banks on the project’s pilot phase in the Spring.
CBDC Payments Module was developed by Visa as a CBDC bridge to other payments platforms.
The institution had earlier unveiled a global cryptocurrency advisory unit to assist financial institutions in fast-tracking their progress in the crypto sector amid growing demand.
ConsenSys recently unveiled a product dubbed ConsenSys Rollups, collaborating with Mastercard to power expansion on Ethereum and for private use.