Visa has announced the development of a programmable financial platform for Real Digital - a digital currency of the Central Bank of Brazil (CBDC) that is scheduled for launch in 2024.
According to the local media report, the service is based on Universal Payment Channel technologies and uses Microsoft's transaction verification.
Visa is the world's second largest card payment organization, facilitating electronic money transfers around the world.
The company said the regular platform is designed for small and medium-sized businesses, which are usually limited to the local market structure and are not able to negotiate such favorable contracts.
Moreover, the platform is particularly attractive to individual farmers and agricultural businesses. It will improve access to global capital markets, facilitate interoperability between currencies, improve operational processes and open up new growth opportunities.
Catherine Gu, Global Head of CBDC at Visa, pointed out that the contribution of small businesses in Brazil is critical and the solution can contribute to this. She added:
"The contribution of small businesses is critical to the local economy, especially in Brazil where they employ more than half of the population and generate nearly a third of the country's GDP - at Visa, we are committed to helping them grow by exploring new technologies that enable them to more easily sustain and expand their business operations."
Brazil's central bank has planned to implement CBDC in 2024.