Cashless Payments with CBDC for Pilgrimage Transactions
- Industry: FinTech
- Location: USA
Introduction
A central bank program aimed to launch a Central Bank Digital Currency (CBDC) to enable secure, cashless transactions for pilgrims traveling to Karbala. The intention was to give pilgrims an effortless digital payment method that would remove the need for cash, provide special discounts, and enable easy conversion into fiat currency at the time of leaving.
- Private Blockchain (Hyperledger Fabric)
- Digital Wallets & QR Code Payments
- Smart Contracts
- Fraud Prevention & Security Measures
Business Problem
Managing financial transactions for millions of pilgrims presented high challenges such as transaction security risk, excessive costs of cash handling, and ineffectiveness of managing large-volume financial transactions. The central bank required a solution that would address secure, real-time transactions without overdependence on physical cash.
Our Solution
Tntra developed and conceptualized a blockchain-based CBDC platform with the following key features:
- Private Blockchain Network: Established on Hyperledger Fabric, making transactions secure and decentralized.
- Digital Wallet Integration: Allowed pilgrims to load and spend digital money through secure mobile wallets.
- QR Code Payments: Facilitated smooth, contactless payments at accepting merchants.
- Smart Contracts: Automated transaction processing and compliance enforcement.
- Fraud Prevention & Security: Applied advanced encryption and risk mitigation protocols to secure transactions.
Outcomes
- Simplified financial transactions for millions of pilgrims: Facilitated secure, quick, and easy digital payments.
- Higher take-up of cashless payments in religious tourism: Offers users an easy-to-use alternative to cash-based transactions.
- Improved security and fraud protection: Minimized risks associated with transactions through blockchain encryption and fraud detection features.
Conclusion
With the introduction of a blockchain-facilitated CBDC solution, Tntra transformed financial transactions in religious tourism. The system provided smooth, secure, and cashless transactions, thus adding convenience to pilgrims, as well as better financial security and efficiency for the central bank.
Tntra Diamond
Tntra's Diamond is a comprehensive approach to helping enterprises manage the constant interplay between Business Process Reengineering and Digital Transformation. Tntra’s domain specific methodologies lead to software services for mature systems and software product engineering for new requirements, further transitioning to a managed service model to ensure stability and scale.
Tntra's Diamond enables the enterprise to stay ahead of the transformation curve, while at the same time ensuring optimal business processes to meet the needs of the new economy.
