Visa, together with HSBC and Hang Seng Bank, has completed the e-HKD pilot programme, a Hong Kong Monetary Authority central bank digital currency (CBDC) initiative.
Visa, together with HSBC and Hang Seng Bank, has completed the e-HKD pilot programme, a Hong Kong Monetary Authority central bank digital currency (CBDC) initiative.
Tokenizing deposits on Visa's blockchain ledger allowed for near real-time interbank transfers. When compared to traditional technologies, the pilot revealed that settlement times were dramatically reduced.
Visa's platform operates 24 hours a day, seven days a week, well exceeding the constraints of traditional payment systems. The tokenized deposits were transacted securely using encryption, protecting participant privacy.
As the next stage, Visa intends to investigate tokenized asset markets and programmable finance in order to automate operations such as property payments. Following the success of the e-HKD pilot programme, it will now go on to Phase 2.
Visa has expanded its involvement in the crypto industry, having recently expanded its USDC settlement to Solana and allowing Ethereum gas fees to be paid by Visa cards.
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