Programmable, offline CBDC to drive next fintech wave, says NPCI MD
programmability and offline functionality of the central bank digital currency (CBDC) are going to drive the next fintech wave, said National Payments Corporation of India (NPCI) managing director Dilip Asbe.
He was speaking at a panel discussion with Jay Kotak, co-head of Kotak811, and MN Srinivasu, co-founder of Bill Desk, at the Mumbai Tech Week on Sunday.
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Offering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisit“In the recent monetary policy meeting, the RBI governor announced the programmable money, offline functionality and some of the new initiatives on CBDC… These efforts on CBDCs are going to drive the next wave in my assessment,” Asbe said.
During the monetary policy meeting on February 8, RBI governor Shaktikanta Das proposed new use cases to incorporate programmability and offline functionality in CBDCs. He said the programmability use case of CBDCs will empower entities like government agencies to ensure specific benefits through payments. Companies stand to benefit as well, he said, with the ability to program designated expenses such as business travel for their employees.
Besides, Das said, the proposal to introduce offline functionality in CBDC-Retail aims to facilitate transactions in areas with poor internet connectivity.
Asbe
