Apple has filed for a new patent regarding mobile payments. The patent suggests that Apple is moving towards the release of a new smartphone device capable of mobile payments, possibly within the iPhone6. It concerns a Secure Element (SE) within a mobile phone in which to store cardholder information, near-field-communication (NFC – which was omitted…
The use of the old £50 banknote design featuring Sir John Houblon is due is to stop from 1st May 2014. The Bank of England has been withdrawing the banknote from circulation since its replacement was launched in November 2011. Those wishing to use their old banknotes can do so until 30 April, after which…
O2 Wallet is due to close on 31 March 2014. The digital wallet app, first launched in April 2012, allows users to make and receive payments using just a phone number regardless of their mobile network or bank provider. It works similarly to a pre-paid card, whereby users top up their O2 Wallet balance with…
The European Central Bank (ECB) issued a press release this week confirming the total number of counterfeit euro banknotes which were withdrawn from circulation. During the second half of 2013 the total number of banknotes withdrawn saw an increase of 11.4% compared to the volume removed during the first half of 2013. Though this number…
The European Central Bank (ECB) has today issued a press release announcing the new €10 banknote. The new banknote, part of the recently released Europa series, will begin to circulate on the 23rd September 2014, allowing retailers and other cash handlers time to prepare for its release into circulation. The new banknote design will gradually…
It is known by many that Japan is a country which is very technically advanced. Cashless payments are commonly used in daily transactions and it would appear that Japan could be the ideal “Cashless Society”. Except it’s not. Total currency in circulation at the end of 2013 rose to Y90 trillion (US$860 billion) in Japan,…
A study titled “Supercritical Fluid Cleaning of Banknotes” has been published in the Industrial and Engineering Chemistry Research journal, where scientists claim they have created a method to “remove human grease, microbes and motor oil” from banknotes using supercritical fluid (“substances that maintain liquid and gas properties through manipulation of their temperature and pressure”). The…
The Central Bank of Sri Lanka has recently said that around 22 tonnes of their rupee coins are currently in India, having been left in religious places such as temples, churches and kovils. Sri Lankans on religious pilgrimage leave the coins as offerings, as well as items such as food, flowers or incense. However, the…
At midnight on the 1st January 2014, Latvia became the 18th country to join the euro currency. The changeover has caused a mixture of emotions, with some opinion polls suggesting almost 60% of the population did not want to move to the euro currency. However, business owners as well as the government believe it will…