In an Australian first, ANZ completed a trial for offline payments using a central bank digital currency (CBDC). The bank issued students at Southern Cross University and RMIT University with NFC-enabled smart cards, each pre-loaded with eAUD, which students could spend at campus merchants.
According to Lismore City News, the trial proved a major success. The region was recently affected by severe flooding, cutting off power and internet connection in many areas. This trial demonstrates the potential for a CBDC in situations where online connectivity is not possible.
The university loaded the prepaid cards by tapping them on a smartphone with a special app. Likewise, merchants used a smartphone, allowing customers to touch the phone with the card to complete payment.
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