A New Digital Cash System Was Just Unveiled At A Secret Meeting For Bankers In New York

Nasdaq Halts Trading in Stocks, Options Amid Computer Error

Last month, a “secret meeting” that involved more than 100 executives from some of the biggest financial institutions in the United States was held in New York City. During this “secret meeting“, a company known as “Chain” unveiled a technology that transforms U.S. dollars into “pure digital assets”. Reportedly, there were representatives from Nasdaq, Citigroup, Visa, Fidelity, Fiserv and Pfizer in the room, and Chain also claims to be partnering with Capital One, State Street, and First Data. This “revolutionary” technology is intended to completely change the way that we use money, and it would represent a major step toward a cashless society. But if this new digital cash system is going to be so good for society, why was it unveiled during a secret meeting for Wall Street bankers? Is there something more going on here than we are being told? Read Article

Russia’s Central Bank announces ‘anti-sanctions’ National Payment Card System

visaThe Central Bank announced 1 April 2015 as the launch date for the National System of Payment Cards (NCPS) of the Russian Federation. This new system will operate inside Russia and control the issuing of bank cards connected with the international payment systems of Visa and MasterCard. This now means that the West will not be able to block the cards of Russians through the introduction of financial sanctions. However, not all international payment systems have been connected to the national system, according to Kommersant. “Beginning on 1 April, the National System of Payment Cards will carry out processing operations on domestic MasterCard cards of all banks included in the plan,” a statement published the same evening by the Central Bank said.  Read Article

To combat fraud, Visa wants to track your smartphone


Visa_Mobile_PaymentsThose days of calling your bank to let them know that, yes, you really are in Thailand, and yes, you really did use your credit card to buy $200 in sarongs, may be coming to an end. The payment processing company Visa will roll out a new feature this spring that will allow its cardholders to inform their banks where they are automatically, using the location function found in nearly every smartphone. Having your bank and Visa know where you are at all times may sound a little like “Big Brother.” But privacy experts are actually applauding the feature, saying that, if used correctly, it could protect cardholders and cut down on credit card fraud. Read Full Article

Biometric Is Set To Replace Passwords… Sooner Than You Think


biometric_passwordOnce the territory of futuristic films, soon biometrics may just spell the end for passwords, says V3. A new report by Visa has shown that nearly half of people aged 16 to 24 believe that passwords and PIN numbers will be old news by 2020. And 69% of those who took part in the study aged between 16 and 24 (Generation Z) believe that using biometric identification will be an easier and faster alternative to remembering passwords and PIN numbers. A large majority of them (76%) would be happy to adopt biometric security when making payments. Read Full Article