The WadzPay platform can help governments and Central Banks to integrate their own CBDCs. CBDCs are the safest type of digital money available to the public. Users, including consumers, businesses and government bodies can use CBDCs to make payments for goods and services. The government could use CBDCs to collect taxes or make targetted benefit payments. Additional benefits of CBDCs include:
Spurring innovation
A CBDC could level the playing field for payment systems innovations and provide a foundation for private sector solutions to meet current and future demands for payment services. Today, the costs of creating a safe and robust form of private money are prohibitive. A CBDC could allow smaller players to create new services and distribution models built around the CBDC.
A CBDC could also do things that current digital money cannot do. For example, it could be programmable ― for example, payments could be made on a predetermined schedule or upon certain conditions being met ― and it could provide a cost-efficient way to make high-volume microtransactions.
Cross-border payments
CBDCs could help improve the cross-border payment system, which today is slow and expensive. One challenge with cross-border payments is that many CBDCs are based off different technological architecture. WadzPay solves this problem with our range of interoperable virtual assets solutions.
Financial inclusion
A CBDC could reduce barriers to financial inclusion and reduce transaction costs, which would be beneficial to low-income households. Additionally, it allows easy digital money distribution for those who may not have access to the current financial grid, or are geographically located in areas where cash distribution is impractical.
*WadzPay is a B2B technology provider. All regulated activities featured in WadzPay 2.0 are conducted by licensed entities in applicable jurisdictions.