Business Week is catching up with us. Their cover story is about virtual worlds. They delve into the cases of people earning real money from virtual commerce. For example: a 35-year-old former factory worker in Norwich, England, who chose to stay home when he and his working wife had their third child. He got on Second Life for fun and soon began creating animations for couples: when two avatars click on a little ball in which he embeds the automated animation program, they dance or cuddle together. They take up to a month to create. But they’re so popular, especially with women, that every day he sells more than 300 copies of them at $1 or less apiece. He hopes the $1,900 a week that he clears will help pay off his mortgage. “It’s a dream come true, really,” he says. “I still find it so hard to believe.”
Category: Uncategorized
You say RFID, I say contactless
The WSJ then went to MasterCard, who told them (accurately) that multiple layers of security are available to prevent MasterCard data from being stolen by electronic eavesdropping. They quote Art Kranzley, EVP of New Payment Technologies: “It is up to the companies that issue the card to decide which security measures to adopt… Customers who don’t want RFID in their PayPass payment cards can ask to be issued an old-fashioned chipless card”.
Despite the fact that this is a payment product with lots of security, that customers don’t have to have it and that Chase (with 7 million cards issued) say they haven’t seen any fraud, the WSJ — apparently oblivious to the fact that the ISO 14443 13.56MHz short-range PayPass interface is not the same as the EPC Class 1 915MHz long-range interface used to read retail tags, that retail tags are meant to be “open” so that anyone can read the electronic barcode, that retail tags don’t contain microprocessors and that there is no cryptography in retail tags — uncritically quotes a variety of anti-RFID sources, including the Campaign Against Supermarket Privacy Invasion and Numbering (CASPIAN),
Technorati Tags: contactless, retail
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Alliance and Leicester revisited
A short while ago we alerted you to the new Alliance and Leicester two factor authentication system. It’s now up and running.
That’s hardly the spirit, chaps
End the cash menace now!
The whole real/virtual thing is a bit fuzzy
Gone West
At the end of January, Western Union closed down their telegraph business. But its most important value-added network service, money transfers, continues. Over the course of the technology lifecycle, it earned far more more than the basic service ever did. Shouldn’t mobile operators spend their time trying to make money transfer work rather than messing around with music downloads?
Time to make sure the banks serve the poor
We – that is the New Economics Foundation – believe there is now clear evidence that the UK‘s biggest banks are cherry picking customers for premium accounts and failing to meet the needs of the poorest. That means the poor pay more for everyday services, and have to turn to loan sharks for credit.
Prepaid and contactless
MasterCard made a couple of interesting presentations to the Smart Card Club in London yesterday. Bruno Carpreau was explaining the OneSmart MasterCard Paypass product. This combines EMV with a contactless interface: the cards will work at any PayPass terminal in the US (operating in magnetic stripe mode) as well as any EMV terminal elsewhere (they also have magnetic stripes on for backward compatibility). Chris Reddish was explaining the range of MasterCard prepaid products and was generally very positive about the European prepaid market, predicting it to be around 80-85 billion euros in 2008. I gave a bullish talk on the combination of contactless and prepaid at the same event.
Technorati Tags: contactless, prepay

