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P2P Money

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The French bank Credit Agricole has been testing a peer-2-peer fund transfer method, students can load upto 30 Euros in an electronic purse which is stored in their Nokia 6131 NFC phone. They can make payments in the cafeteria or send money back to their accounts. They can also transfer money from one student to another.

The transfer occurs using NFC and Bluetooth, and the communication is secured by encryption using keys stored on the phone, one assumes PKI, and funds are exchanged without contacting a central server. The logs are downloaded every time a user recharges his/her purse.

“We have a trace of all the money exchanged. There is no loss of money [and] no money created,” says Nicolas Pastorelly. I’ll believe it’s secure once somebody cracks it.

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Written by Daniël W. Crompton (webhat)

July 8, 2008 at 3:53 pm

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