Introduction
ProgressSoft has pioneered a groundbreaking real-time mobile payment system that utilizes blockchain-based Central Bank Digital Currency (CBDC) to enable instant fund transfers. This revolutionary solution eliminates the need for reconciliation, clearing, and settlement processes, marking a new era in mobile payments and financial transactions.
The ProgressSoft Mobile Payment System
Key features of this innovative system include:
- Instant Transactions: Enables real-time payments using blockchain-powered CBDC
- Dual Currency Support: Works with both traditional e-money and CBDC
- Seamless Transition: Allows gradual adoption of CBDC without disrupting existing financial ecosystems
PS-mPay Platform Overview
The PS-mPay mobile payment platform offers:
Comprehensive payment services using two forms of currency:
- Electronic money
- Blockchain-based CBDC
Advanced functionality that facilitates:
- Coexistence of different currency forms
- Smooth transition from traditional to digital currency systems
👉 Discover how blockchain is transforming finance
ProgressSoft CBDC Characteristics
The CBDC solution represents:
- The most advanced form of currency
- A virtually cost-free medium of exchange
- A secure store of value
- A stable unit of account
Built on mature distributed ledger technology, it features:
- Core exchange rate design
- One-to-one parity with fiat currency
- Advanced security protocols
Benefits of PS-CBDC
- Comprehensive Ledger: Provides immutable records for all transactions
- Real-Time Balance Queries: Enables instant wallet balance checks
- Monetary Policy Tools: Enhances implementation of national monetary policies
- Smart Contract Capabilities: Allows enforcement of business rules
The central bank serves as:
- The sole central authority
- Certificate issuer for all participating nodes
- Manager of the entire node network
👉 Learn about digital currency innovations
Industry Impact
This innovation represents just one of ProgressSoft's many pioneering solutions in ushering a new era of cashless payments worldwide.
Frequently Asked Questions
What makes this payment system unique?
It's the world's first mobile payment solution using blockchain-based CBDC for instant fund transfers without traditional clearing processes.
How does the dual currency system work?
The platform supports both traditional electronic money and CBDC, allowing gradual transition without disrupting existing systems.
What security features does the CBDC have?
It features advanced cryptography, distributed ledger technology, and one-to-one fiat currency parity for maximum security.
Who manages the CBDC network?
The central bank serves as the sole authority, managing certificates and participating nodes.
Can businesses implement custom rules?
Yes, through smart contract functionality that enables enforcement of specific business rules.
What are the benefits for monetary policy?
The system provides greater transparency and more effective tools for implementing national monetary policies.