In a joint effort, IDEMIA Secure Transactions and Elo announced the launch of a ground-breaking pilot program for Brazil’s digital currency with innovative offline capabilities. „The project allows payments with the Brazilian digital currency to be integrated into one of the largest government social assistance programs that can impact the lives of millions of families. This initiative marks a significant leap forward in payment technology and financial inclusion, with the aim to expand the distribution of social benefits in the country.” – according to the press release.
After a track record of achievements, IDEMIA Secure Transactions (IST), a global leader in payment and connectivity solutions, is deploying its secure offline payment solution in Brazil, which will be part of a pilot project to explore Brazil’s digital currency. IST’s offline solution will be able to integrate with the infrastructure jointly developed by Elo, increasing the reach of the digital currency in Brazil.
The objective of the project is to ensure that people can use a digital currency offline, anywhere and anytime.
Innovation for Inclusion
This pioneering technology enables universal accessibility, as the new offline feature can enable access to financial resources to all, regardless of internet connectivity or location, supporting the Brazilian government’s objective of increasing financial inclusion, as 33% of the population still does not own a smartphone.
The solution developed by IST and Elo allows for peer-to-peer and merchant transactions offline, in the same way that cash exchanges take place. In this case, users can benefit from this offline payment via a variety of devices such as cards, biometric cards, smartphones, or feature phones, enhancing privacy and convenience for end-users.
To guarantee the highest level of security for digital cash offline, this innovative solution relies on hardware secure elements to provide a secure and robust platform for diverse types of payments, even in the most remote regions of Brazil.
The collaboration between IST and Elo demonstrates the power of partnership in driving innovation. Together, these entities are setting a new standard for secure, accessible, and efficient payment systems. The introduction of IST’s offline digital currency solution in Brazil is set to revolutionize the payment sector by enhancing security and trust, ensuring that digital cash transactions are safe and secure offline.
The solution also offers instant finality at the time of the transaction, allowing for immediate use and retransfer of funds without the need for online validation, making the experience for both users and – in relevant cases – merchants, easier than ever.
„We are embarking on a revolutionary journey with Brazil’s digital currency, and I am profoundly grateful to our dedicated teams, whose tireless efforts have made this achievement possible. The collaboration with our esteemed partner Elo is a testament to the shared vision and commitment to excellence that drives us. As a historical trendsetter, IDEMIA Secure Transactions shows that access to the digital economy is meant for everyone, even with no smartphone nor bank account, or encountering issues with internet connection. We are eager to embark on this path, confident that together, we will redefine the landscape of secure transactions and financial inclusivity.” – said Marcelo ANNARUMMA, Senior Vice President Payment Services for Latin America at IDEMIA Secure Transactions
„We are thrilled to partner with IDEMIA Secure Transactions on this project that will transform the lives of millions of Brazilians. Elo is committed to simplifying and enhancing its customers’ payment experiences; and this collaboration reflects our dedication to developing technology-driven solutions that ensure transaction integrity everywhere, even in areas with limited internet access.” said Eduardo MERIGHI, Vice President of Technology and Solutions at Elo.
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