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ECB issues recommendations for secure mobile payments

Cashless Payments, NewsBy SMI 02/12/2013

The European Central Bank (ECB) has warned that mobile payment technology currently used by smartphone operating systems represent a security risk as customers increasingly adopt mobile payments for their day to day purchases. As previously reported, mobile phone payments are growing rapidly as smartphone technology becomes more widely available and as consumer trust in the…

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Nigeria considers ditching polymer

Banknotes, NewsBy SMI 02/12/2013

The Central Bank of Nigeria (CBN) is reportedly considering a move from polymer banknotes back to traditional paper. Low denominations banknotes have been issued with a polymer substrate – the N5, N10, N20 and N50 – since 2006 after the CBN signed a deal with Australia’s Securency International to print low value, high circulation Naira banknotes…

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Bitcoin virtual currency breaks $1,000 mark

Cashless Payments, News, TechnologyBy SMI 28/11/2013

Bitcoin, the world’s first free market, decentralised global currency, has surpassed US$1,000 (£613) for the first time according to MTGox, one of the virtual currency’s main exchanges. Bitcoin has seen fast growth since its introduction in 2008, allowing users the ability to make payments from person to person anonymously. This has caused some criticism, with…

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ECB to introduce new €10 banknote

Banknotes, NewsBy SMI 28/11/2013

The European Central Bank (ECB) announced that a new Europa series €10 banknote will be unveiled on January 13, 2014 and issued later in the year. The Partnership Program, held by the ECB and the national Central Banks (NCB) in the Euro area on November 26, 2013, aimed to help banknote equipment manufacturers and suppliers,…

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Visa Launch V.me Digital Wallet Service

Cashless Payments, NewsBy SMI 27/11/2013

Today sees the launch of a new online payment system from Visa. It allows consumers to make online payments “simply and securely”. At a time where online purchases are rapidly increasing, businesses are realising how important it is to make things easy for their customers. The use of smartphones and electronic tablets has been a…

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Eavesdropping Contactless Payments

Cashless Payments, News, TechnologyBy SMI 27/11/2013

In a paper published in September by the Department of Computing, University of Surrey, UK, researchers demonstrated how contactless payments could be interferred with, effectively “eavesdropping” on the payment systems which use Near Field Communication (NFC) / Radio Frequency Identification (RFID) technology to transfer payment data. With the required technology being increasingly made available, be…

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