The launch aims to address challenges posed by unreliable internet access, particularly in rural and developing areas where connectivity issues such as power outages or weak signals are prevalent.
Offline payments, as defined by the Bank for International Settlements (BIS), involve transferring digital money tokens between devices without requiring networked connections to ledger or backend systems. G+D Filia Unplugged integrates seamlessly with existing digital payment systems, including tokenized deposit systems, instant payments, and mobile money services. It incorporates three layers of security and features similar to cash, aiming to support reliability and trust in transactions conducted offline.
A closer look at the tech
The technology behind G+D Filia Unplugged allows for peer-to-peer (P2P) and payment-to-business (P2B) transactions via simple smart cards or hardware wallets, using Near Field Communication (NFC) for operation without online connectivity.
The introduction of such a solution not only enhances payment resilience but also has the potential to support financial inclusion efforts globally, potentially benefiting approximately 1.4 billion unbanked individuals. Offline functionality is also important for Central Bank Digital Currencies (CBDCs), as identified by recent BIS studies cited by the company press release and demonstrated in CBDC pilot projects worldwide. This capability aligns CBDCs with cash-like features, emphasising data security, privacy, and operational independence from internet access.
Regarding these new developments, representatives from G+D, underscored the significance of offline payments in digital systems, highlighting their potential to enhance financial inclusion, resilience, and innovation within the tokenized economy.