DUBLIN, Jan. 25, 2024 /PRNewswire/ -- The reliance on new devices can have a significant impact on Digital Euro access, as it can exclude a large number of citizens who do not have access to contactless technology.
A report released by the Bank of International Settlements in May 2023 entitled "Project Polaris: Handbook for offline CBDC payments" stated that:
It is known that secure elements are relatively expensive, and may not be suitable in all cases, particularly in countries where smartphones and EMV-based smartcards are still not widely available.
As a means of ensuring accessibility for everyone, the deployment of the Digital Euro should not be dependent on the availability of hardware-based, secure elements within the devices, since this would exclude almost half of the population of the Eurozone from participating in it.
With both software and hardware components integrated, Eurozone users have access to the Digital Euro from any device in the Eurozone and reduce the obsolescence of their devices. There is a possibility that the Digital Euro may provide dual protection, as well as a crisis-averting mechanism if either hardware or software fails. This dual-layered security design will enhance access and resilience.
The Fluency team has announced a new phase of its ground-breaking Central Bank Digital Currency (CBDC) software development, AureumTM. The result of this project was the completion of a highly secure CBDC end-to-end software offline solution that can be used with or without a Secure Element and then deployed onto current mobile devices without the need for the manufacture of new SIM cards or mobile devices.
In light of the fact that Fluency's solution is compatible with Bluetooth, NFC, and QR codes, as well as cards, it is able to be used with both new and old devices, making it a far more flexible and cost-effective solution.
Fluency's innovative offline solution offers enhanced security in mobile payments that significantly improve the system overall in addition to the secure element that is found in newer mobile devices. By leveraging a multi-layered security protocol approach, as well as a resolution mechanism that goes beyond the existing security methods in mobile payments, it is able to accomplish this. This ensures that the compromised transaction is protected even if the security element is compromised by a fault-inducing attack. Aside from that, it also serves as a formidable barrier, preventing double-spending from occurring
Aside from that, it also serves as a formidable barrier, preventing double-spending from occurring
The Chief Executive Officer at Fluency, Inga Mullins, stated: "We strongly support the implementation of a Digital Euro, which is why our offline software solution is especially designed to allow citizens the widest adoption and greatest access possible. In addition, users do not need to make any additional investments or replace their current devices in order to use it.
It is Fluency's view that enabling 24/7 access to safe and secure offline payments through durable and upgradable software is one of the best paths toward the adoption of Digital Euro, as it provides quality access that is not bound by potentially costly new hardware, resulting in a more rapid adoption of the digital currency. In contrast to hardware-only solutions that are limited by one device or chip, software solutions such as Fluency's Aureum are able to overcome the shortcomings and limitations of hardware-only solutions. Instead, they enable accessibility to be delivered securely to everyone."
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MasterCard, a global leader in payment solutions, recently announced Fluency as one of its CBDC partners in an effort to take advantage of the growing CBDC market...
As part of its strategy to capitalise on the growing CBDC market, MasterCard, a global leader in payments solutions, recently announced Fluency as its CBDC partner, as part of its plans to capitalise...

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