IDEMIA, a prominent provider of digital identification technology, is committed to advancing financial inclusion by offering offline payment solutions. In an interview, Jerome Ajdenbaum, Vice President of Digital Currencies at IDEMIA, emphasized the significance of enabling payments without the need for a continuous internet connection. He pointed out that not everyone has access to a stable internet connection, and some individuals cannot afford one, making it crucial to provide payment solutions that are accessible anytime and anywhere.
Ajdenbaum highlighted that while smartphone penetration in India stands at 46 percent of the population, more than half of the population lacks access to smartphones. This underscores the necessity of making offline payment solutions available to everyone, especially in regions with limited connectivity.
IDEMIA has established collaborations with over 600 government entities and more than 2,300 corporations spanning 180 countries globally. Ajdenbaum stressed the importance of a collective industry effort to harness the potential of offline payment solutions, emphasizing that collaboration among various stakeholders is essential for widespread adoption.
Security and privacy are paramount concerns for offline Central Bank Digital Currency (CBDC) solutions. Ajdenbaum noted that IDEMIA addresses these concerns by implementing chip-based security measures for CBDC solutions. This ensures that transactions conducted through offline payment methods are secure and protect the privacy of users.
In summary, IDEMIA is dedicated to promoting financial inclusion through offline payment solutions, recognizing the need to provide accessible payment options in areas with limited internet connectivity. Collaboration and robust security measures are central to IDEMIA’s approach to realizing the potential of offline CBDC solutions, contributing to a more inclusive and secure financial ecosystem.
Read More: https://cioworldindia.com/