The UK Payments Council has announced they are to launch a new way to pay using a mobile phone number. The app, called “Paym”, is expected to be launched in April 2014 and will enable users to send and receive payments using just a mobile number. Customers of Bank of Scotland, Barclays, Cumberland Building Society,…
The Bank of England has launched an interactive app for smartphones enabling users to identify security features used in banknotes. The app is for iOS and Android devices and can is available to download from the Apple App Store and Google Play free of charge. The Bank of England say the app is aimed at…
Following the recent closure of bitcoin exchange Mt Gox, another bitcoin exchange company has been attacked by hackers. On March 3rd, Canada-based bitcoin exchange Flexcoin closed down after flaws in its software were discovered. A statement from Flexcoin’s website advises that the exchange was attached by hackers and 896 bitcoins were stolen, worth around US…
The troubled Bitcoin exchange MT Gox yesterday filed for bankruptcy. A statement issued by Mark Karpeles, Mt Gox’s Representative Director, confirms that the company’s total current liabilities value is almost double that of their assets. “As of now, the liabilities of MtGox Co., Ltd exceed its assets and its financial situation is as follows: Total…
Tim Cobbold, the Chief Executive of UK based commercial banknote printer De La Rue, has today announced that he is resigning. This move comes just three years after he was employed by De La Rue as a replacement for James Hussey who resigned after taking responsibility for the problems the firm encountered with paper production…
Mt Gox, one of the biggest Bitcoin exchanges, has gone offline. It has reportedly suffered a cyber attack which led to Mt Gox stopping Bitcoin transfers to external addresses on 7 February 2014. A loophole was discovered by thieves enabling them to trick the transaction process into sending double the correct number of Bitcoins. It is…
A major national campaign is being launched by Ireland’s Central Bank to persuade both businesses and the public to use online transactions instead of using cash and cheques. Ireland is the second biggest user of cheques in Europe, and also uses cash much more frequently than its neighbouring European countries. “The value of withdrawals from…
An initiative by the Reserve Bank of India (RBI) has seen vending machines filled with coins installed in various bank branches. The coin vending machines (CVMs) are to provide the public with access to coins if they find themselves short of the necessary coin denominations required when paying for items such as bus fares or…
Nominations for the 2013 Banknote of the Year award, hosted by the International Bank Note Society (IBNS) have now been named. The annual award recognises exceptional banknote designs, which have been put into circulation for use by the public during the year of the award. The IBNS states that banknotes put forward to be nominated…
The People’s Bank of China has announced a 318% increase in mobile payment values in 2013 compared to 2012. It advised that 16.74bn mobile transactions with a value of 9.64tn Yuan (US$ 1.66tn) were processed during the period. Online payments made via computers grew by 28.9% year on year, totalling 1,061tn Yuan in 2013. Phone…