Feeds

PayPal enables cash-by-slap

iPhones that go bump in the night

Internet Security Threat Report 2014

The latest version of PayPal's iPhone application allows users to transfer money by bumping their handsets together, putting one more nail into the NFC coffin.

PayPal's application allows those with an account to reimburse each other for a split bill, collect money for a leaving present or donate money to charity on a whim. But it's the incorporation of Bump Technologies' client that permits the transfer of funds to a complete stranger by tapping phones together.

The technology is used to identify two partners in the transaction - the exact time, the rough location, the force of the bump as measured by the accelerometer in the handsets. These, combined with various other clues, are used to identity the two parties involved, who can then request or hand over cash after entering a PIN.

Any confusion requires a repeated clarifying bump, and with both parties authorising the payment manually the security risks are minimal.

As such we're not going to see Bump replacing the mass-transit applications for proximity payments - just take a moment to imagine all that splintered plastic as commuters slap their iPhones against the tube gates - but it could enable small and informal transactions. The likes of market stalls and creches don't always take credit cards, so there's an opening here.

It's also an area where proximity payment systems, such as those espoused by the NFC Forum, have hoped to find a home on the basis that two people equipped with NFC phones would be able to do much the same thing. NFC World reckons that PayPal has enough presence to eat away at that potential, especially if the capability spreads beyond the iPhone. ®

Top 5 reasons to deploy VMware with Tegile

Whitepapers

Driving business with continuous operational intelligence
Introducing an innovative approach offered by ExtraHop for producing continuous operational intelligence.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
How to determine if cloud backup is right for your servers
Two key factors, technical feasibility and TCO economics, that backup and IT operations managers should consider when assessing cloud backup.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Internet Security Threat Report 2014
An overview and analysis of the year in global threat activity: identify, analyze, and provide commentary on emerging trends in the dynamic threat landscape.