BitMint identity-bearing digital money can be paid in a private transaction between payor and payee without reliance on network authentication. The payee must trust that the paid digital coin is bona fide, presenting a hard wallet (HW) to generate the required trust. Payment issued from the HW can be taken in by a second hard wallet, which will further pay to a third hard wallet, creating a payment ecology of digital money for long periods without the benefit of a communication network. Payment may be tethered to eventual terms of redemption. The hard wallet may be personalized — fitted with ownership security capability. The HW may be engineered in conjunction with a smart phone, so people can use a single device as a phone and as an off-line wallet.
Maldives Monetary Authority (MMA) has signed an agreement with TietoEVRY, to implement an Instant Payments System. The project also involves developing a digital bank solution with a mobile application to enable the creation of new services, promote innovation and increase competition in the Maldives. Also it will give nonbank payment service providers access to the account-to-account domestic payments scheme using open APIs, thus enabling digital and integrated payment services.