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The Perspective of the Micro-Payment Ecosystem in the light of the Digital Rial Solution
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Mohammad Arbab Afzali *   |
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Abstract: (399 Views) |
The retail payment ecosystem in Iran is currently based on two main pillars: cash-based payments and electronic card/account-based payments, both of which face structural and operational challenges. This article, by providing a precise analysis of these challenges, introduces the Central Bank Digital Currency (CBDC), or Digital Rial, as a complementary tool that can help optimize and reorganize the country's retail payment system. The Digital Rial project began with preliminary studies in 2020and, after the proof-of-concept phase, entered its pilot phase in June 2024. Its successful results, including the creation of over 515,000 wallets and the execution of thousands of transactions, demonstrate its high potential. This research analyzes the technical architecture of this ecosystem, which is built upon the "Borna" platform and the Hyperledger Fabric distributed ledger technology. The findings indicate that this approach can lead to reduced technical costs, increased settlement speed, and improved oversight. Furthermore, it was determined that the Digital Rial does not act as a competitor to banks and FinTechs; rather, by adopting a cooperative approach, it paves the way for their broader participation and the definition of more diverse roles for them in the country's payment system.
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Article number: 1 |
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Full-Text [PDF 1711 kb]
(158 Downloads)
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Type of Study: Empirical Study |
Subject:
Monetary Policy, Central Banking, and the Supply of Money and Credit (E5)
Received: 2024/12/10 | Accepted: 2025/09/30 | Published: 2025/12/23
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