Contactless cards are on borrowed time - they're just an interim for phones

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In the UK, the proportion is two-thirds. Here, around 59pc of smartphones run on Android, while another 35pc are iPhones, according to Kantar Worldpanel ComTech, both of which offer m-pay options. Mobile payments are going to be far more ubiquitous than their plastic counterparts, relegating contactless cards to being an offline backup in dire phone battery situations.

From Contactless cards are on borrowed time - they're just an interim for phones

Actually, if the smartphones implement the standard properly (Apple don’t) then you should be able to use to your phone to pay even when the battery is dead because the microchips that do the payments get their energy from the electro-magnetic field of the reader, just as the microchips in a contactless card do.

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Financial Cryptography: Corda Day - a new force

Forum friend Ian Grigg, who I always take very seriously indeed on any such topic, wrote about Corda on his blog and concluded with a powerful statement. Bitcoin told the users it wanted an unstoppable currency - sure, works for a small group but not for the mass market. Ethereum told their users they need an unstoppable machine - which worked how spectacularly with the DAO? Not. What. We. Wanted. Corda is the only game in town because it's the only one that asked the users. It's that simple. From Financial Cryptography: Corda Day - a new force xxx It seems to me, however, what Ian is pointing to as the greatest strength of their approach is also the greatest weakness. A staple feature of unimaginative management consultants presentations about innovation is some variation on the statement by Henry Ford that if you had asked users what they wanted, they would have asked for faster horses coupled with some variation on the statement by Steve jobs that it was pointless ask...

Barclays slated after CIO takes a year to open a bank account

xxx The rigorous KYC procedures at US banks the New Jersey-based crime ring created more than 7,000 fake identities to get tens of thousands of credit cards From Woman Gets 3 Years for Role in $200M Credit Card Fraud Scam - ABC News xxx xxxx Barclays slated after CIO takes a year to open a bank account : "An adviser to a new charitable incorporated organisation that spent more than a year trying to open a bank account has blasted Barclays for its onerous demands and disproportionate due diligence." xxx In a recent survey for VocaLink, some two-thirds of respondents said that they saw value in the establishment of a central KYC utility. They are wrong. We don’t need a central KYC utility, we need a federated reputation infrastructure. Or, to put it another way, a financial services passport ( as I mentioned earlier in the year ).

There is no excuse for not taking cards

So we went to the pub. For lunch. Seven of us. Say £20 per head. £100+ quid. Say £50 quid gross for the pub. Colleague goes to order food and drinks and pay at the bar. Apologetic barmaid comes over to explain that their “card machine” is down, so she can only accept cash. Under normal circumstances I would have simply walked out, feeling it wholly inappropriate to reward such a poorly managed establishment and, as a functioning actor in a capitalist economy, done my duty to depress their lunchtime takings. Here’s what we wanted to say: This is absurd. This is 2016 not 1916. Your card machine is down? Well, so what! Are you seriously telling me that mein host has no mobile phone number capable of registering for PingIt or PayM? That none of the staff or the pub itself have a PayPal account that I can send the money to? That neither the owners nor managers not contingency planners thought to tuck an iZettle behind the bar to use when the clunky and expensive GPRS terminal fails for o...

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