Worldline delivered the person-to-person (P2P) fully offline payment use-case, allowing individuals to make payments using the digital euro, even when no party involved has network access.
As one of five selected companies by the European Central Bank (ECB), Worldline, a global leader in payment services, announced its participation in the offline digital euro front-end prototype testing, as part of the ECB investigation exercise.
Meanwhile, the ECB has published its report which provides consolidated insights on the 5 prototypes[1], to test how design choices for the digital euro could be implemented, technically, and integrated into the existing European payments landscape.
„The prototype’s success confirms the technological feasibility and industrial scaling potential of the offline scenario, contributing to a more resilient payment system. However, the prototypes will be discarded for the next phases of the project to ensure a level playing field for the entire industry.” – the company explains.
Worldline developed a highly secure solution, based on a hardware tamper-proof secure element, embedded in a mobile phone. The end-to-end solution ensures the highest level of security across the whole chain of institutions and actors, leveraging cryptographic signatures, to manage their specific critical financial operations linked to offline digital money. This includes:
. A central bank component to manage offline money supply.
. A trusted intermediaries gateway to integrate with ECB’s back-end infrastructure and manage customers wallet portfolio, enabling funding and defunding operations but also KYC/AML/CFT compliance to regulations amongst others.
. A mobile wallet app for users who may execute consecutive offline payments to peers in an easy, secure and convenient manner through a proximity NFC communication channel.
Beyond the technological security stack, a regular online reconciliation of offline wallets data is enforced to allow an effective mitigation of inherent risks and detect anomalies.
Finally, the prototype has been designed for a smooth integration with offline solutions based on different technologies, to maximise market compatibility and adoption rate in an heterogenous offline wallet landscape.
Marc-Henri Desportes, Deputy Chief Executive Officer at Worldline said “Worldline, as a European player and mastering the entire end-to-end payment value chain is very proud of the successful delivery of a person-to-person offline digital euro front-end prototype. The ability of paying without an Internet connection could contribute to the resilience and user convenience of a potential digital cash equivalent”.
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[1] The design of the prototype does not assume any particular choice of technology, nor does it commit the Eurosystem to providing a digital euro. The aim of the prototyping experiments is to increase the Eurosystem’s knowledge of digital euro technologies, although there are no plans to reuse the prototypes in subsequent phases of the digital euro project.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
