Thread: Fingerprint scanning may be required in buying smart phones by year’s end

To ensure better security in the use of the so-called PromptPay electronic money transfer system through smart phones, the Bank of Thailand and the National Broadcasting and Telecommunications Commission have agreed to introduce fingerprint scanning for smart phone buyers probably by year's end.

Pre-paid and post-paid phone users who want to apply for “Prompt Pay service” will be required to have their fingerprints scanned the next time they buy a smart phone at yearend. The fingerprints will be kept in the data-bank for reference.

So when an electronic transfer is made by a phone user, the databank can check that the user is real and the transaction is approved electronically.

BoT governor Veerathai Santiprapob explained that the PromptPay is a closed electronic money transfer system unlike the normal online money transfer which is vulnerable to hacking. He asked members of the public to have faith in the system’s security.

Fingerprint scanning may be required in buying smart phones by year's end - Thai PBS English News

Big brother

What is "Prompt Pay service"?

^ Connected to this? https://teakdoor.com/thailand-and-as...nt-system.html (Banks move forward on cashless payment system)

Originally Posted by misskit

The fingerprints will be kept in the data-bank for reference.

Hmmmm. Lots of questions about that. Who can access? Police?

Do not a lot of people use fingerprint to unlock their phones nowadays?

Mixed feelings.
Yes, Big Brother....but on the other hand (pun not intended), I have nothing to hide so my prints on file will be useless and harmless.

Actually, why not scan the whole population and incoming tourists? Has to be good for crime busting.

No problems for me as long and they don't try to sell me something with the information they collect.

Originally Posted by misskit

^ Connected to this? https://teakdoor.com/thailand-and-as...nt-system.html (Banks move forward on cashless payment system)

Thanks, Misskit.

I won't be making any payments by phone so will they still require my fingerprints if I buy a new phone? The article is confusing (ThaiPBS standards have dropped remarkably.)

... have agreed to introduce fingerprint scanning for smart phone buyers probably by year's end.

Pre-paid and post-paid phone users who want to apply for “Prompt Pay service” will be required to have their fingerprints scanned the next time they buy a smart phone at yearend.

Originally Posted by baldrick

there is much hype at the moment about etherium blockchain and the ability to create smart contracts in the blockchain - Dapps is the new buzzword - which will make it easy for people to make secure microtransactions via the etherium blockchain with the cash ( ether ) in escrow on the blockchain and only released when both parties agree or in the case of a disagreement then a thrid party will be selected randomly and by reputation ( reputation is stored on the blockchain as part of your encrypted blockchain identity ) and they will have the power to cast the decider.

cider you say

So, does this mean PromptPay transactions are possible only from phones with built-in fingerprint scanners?

Originally Posted by misskit

No problems for me as long and they don't try to sell me something with the information they collect.

It's possible someone might try to sell you your freedom by saying they found your prints on an empty blue diamond box.

Originally Posted by Kurgen

Originally Posted by baldrick

there is much hype at the moment about etherium blockchain and the ability to create smart contracts in the blockchain - Dapps is the new buzzword - which will make it easy for people to make secure microtransactions via the etherium blockchain with the cash ( ether ) in escrow on the blockchain and only released when both parties agree or in the case of a disagreement then a thrid party will be selected randomly and by reputation ( reputation is stored on the blockchain as part of your encrypted blockchain identity ) and they will have the power to cast the decider.

cider you say

He said hash, not cider.

Originally Posted by misskit

Originally Posted by Kurgen

Originally Posted by baldrick

there is much hype at the moment about etherium blockchain and the ability to create smart contracts in the blockchain - Dapps is the new buzzword - which will make it easy for people to make secure microtransactions via the etherium blockchain with the cash ( ether ) in escrow on the blockchain and only released when both parties agree or in the case of a disagreement then a thrid party will be selected randomly and by reputation ( reputation is stored on the blockchain as part of your encrypted blockchain identity ) and they will have the power to cast the decider.

cider you say

He said hash, not cider.

Pretty sure board rules allow posts only in English or Thai. No frigging idea what baldrick posts in. "technobabble/geekspeak" maybe.

WTF did Badders just say? Was it something about coming out??? I don't even understand bitcoin...

perhaps I should mention that the etherium world is having a online lau khow binge today

last night some one exploited a flaw in a contract that was written to encompass a community corporation invested in by many - this flaw has allowed them to siphon of a large amount of cash , but because of the way the contract was written , it can't be taken for 28 days ( 27 days left )

becase of the size of the haul and that many of the developers were invested in the finance of this company , there is a strong push to change the code of the etherium blockchain to neuter the ether tokens that are being siphoned off by the attacker - but this would be a big blow to the idea behind the etherium blockchain computing machine.

though the bottom line is that any change needs to be used by a majority of miners or else it will wither and die , and the miners will just use the old code.

me I don't give much of a fcuk , but this come to jesus moment is interesting to watch and it is all part of the growing pains of this new technology that is the blockchain

reddit thread is here
https://www.reddit.com/r/ethereum/co...vulnerability/

Originally Posted by baldrick

Originally Posted by nidhogg

Do not a lot of people use fingerprint to unlock their phones nowadays?

yes - though the note 7 is supposed to have retinal scanning which will then probably become the in thing

Originally Posted by misskit

BoT governor Veerathai Santiprapob explained that the PromptPay is a closed electronic money transfer system unlike the normal online money transfer which is vulnerable to hacking

veerathai should stick to what he knows - more and more malware is being installed on phones - mainly android - as people install retarded applications and accept all permissions, then when some chinese miscreant owns your phone they do not need you to unlock it.

phones need to be more secure before they become wallets , but the business model of delivering advertising does not help

some sort of hadrware digital wallet may help , you will plug it in when you want to use it.

there is much hype at the moment about etherium blockchain and the ability to create smart contracts in the blockchain - Dapps is the new buzzword - which will make it easy for people to make secure microtransactions via the etherium blockchain with the cash ( ether ) in escrow on the blockchain and only released when both parties agree or in the case of a disagreement then a thrid party will be selected randomly and by reputation ( reputation is stored on the blockchain as part of your encrypted blockchain identity ) and they will have the power to cast the decider.

out of interest I have started mining ether using a cloud mining company - https://www.genesis-mining.com/ - 37 USD for 1 Megahash per second of power for a year - not to make money , but earn some ether for experimentation.

if you sign up you can use " upe6Ix " as a coupon to get 3% off - and I will get a reward of a little more hash

Interesting info.
And I like being rewarded in hash.

It's the idiots who have used similar so called "smart" phone based payment systems voluntarily over the last few years that have helped bring this about. Nice work assholes.

Originally Posted by BobR

It's the idiots who have used similar so called "smart" phone based payment systems voluntarily over the last few years that have helped bring this about. Nice work assholes.

unsure what you are on about - there are a few apps that use the NFC ( near field communication ) capabilities of your phone - tap and pay at the 7-11 etc - and some apps that will read the info on your MRT cards etc and tell you what the balance is etc - I installed taginfo to see what I could read from my cards - credit and debit , passport etc - not very much

but the blockchain is bypassing a lot of this current usage - below is an excerpt from the book "blockchain revolution by Don Tapscott " about a filipina woman working in canada as a cleaner who sends her mother 200$ every month via western union with all its charges and the need to travel to where an agent is

There are two main obstacles to creating a blockchain-based payment network for the world’s poor. First, many of the people sending the money get paid in cash and those on the receiving end live in a predominantly cash-based economy. Second, most people in the developed and developing world alike don’t have the knowledge and tools to use blockchain effectively. While cash may very well go the way of the dodo, until employers start beaming value to smart wallets in the developed world, and tiny streetside merchants in Manila, Port-au-Prince, and Lagos start accepting digital payments, we will still need hard currency. Western Union understands that, and that’s why it is still very relevant today, with more than 500,000 agents all over the world.45 If you’re looking to exchange your remittance for cash, your options are limited. Western Union wouldn’t be effective if it had only one agent. Its network has allowed it to maintain a monopoly position on the entire market for decades. There have been few if any companies with a seamless, easy-to-use “killer app” technology. Until now.
Enter Abra, and other companies like it. With a name like Abra, one would expect to see a little “cadabra,” and the company does not disappoint. Abra is building a global digital asset management system on the bitcoin blockchain. Its stated mission is to turn every smart phone into a teller that can dispense physical cash to any other member of the network. We wanted to test whether this solution improved Analie’s experience.
Analie and her mom both downloaded the app to their Android smart phones. Analie’s balance to start was in Canadian dollars. At the click of a button, Analie initiated the transfer to her mom. She got it, in pesos, almost instantly. At this point, her mom had the choice of keeping pesos on her phone as a store of value and choosing to spend them at a growing number of merchants that now accept Abra as a payment system. By creating a payment mechanism and store of value, Abra effectively displaces the conventional banking system’s two most essential roles: payments and value storage. This alone is a revolutionary concept, but here’s where it gets really interesting: Mom wants cash. She pays her rent, buys her food, and manages virtually all other expenses in cash. She checks the app and notices there are four other Abra users within a four-block radius of her. She messages them all to see who will exchange her digital pesos for physical pesos and at what price. The four come back to her with different “bids” for their services. One person will do it for 3 percent, another for 2 percent, and two more for 1.5 percent. Mom decides to go with the teller offering 2 percent—not because it’s the cheapest but because this teller has a five-star rating and has agreed to meet her halfway. They meet and she swaps her Abra pesos for physical pesos, the teller makes his commission, and they both walk away happy. Abra takes a 25-basis-point fee on conversion.
The entire process, from money leaving Toronto to the Filipino recipient holding cash, takes less than an hour and costs 25 basis points net, inclusive of foreign exchange and all other transaction costs. Whereas every Western Union transaction requires up to seven or eight intermediaries—corresponding banks, local banks, Western Union, the individual agents, and others—the Abra transaction requires only three: two peers and the Abra platform. “I get it now. That’s really cool!” said Analie, ecstatically

so what happens if you buy a phone overseas and bring it back with you?

This is one to avoid.

I mean if some arsehole leaks your password, at least you can change it.

This Nation article explains blockchain and what it can do.


How blockchain will change your world

Nophakhun Limsamarnphun

The Bank of Thailand, the Securities and Exchange Commission and other regulatory bodies are closely watching the development of the blockchain database and other financial technology as the country joins the rest of world in promoting fintech and other start-ups.

Blockchain, which led to the creation of digital currency Bitcoin, has been described IBM executive Robert Morris as a set of distributed ledgers with a majority consensus verifying the records.

The result is cheaper, faster and more reliable records that are more difficult to corrupt or change.

The technology is useful and has the potential to replace the current Swift system which has been hacked. The latest victim of a Swift hack was Bangladesh's central bank, which lost $81 million to attackers who were able to violate the software.

Swift is currently the world's predominant fund-transfer system, operated by about 3,000 financial institutions around the globe.

Blockchain, however, also has many other applications that promise smarter transactions in the financial sphere and elsewhere.

Blockchains can be used along the entire length of supply chains to ensure sufficient verification and thus prevent fraud. Banking, stock trading, insurance, shipping and virtually any other transaction of values will be more efficient and secure. This, in turn, opens up new opportunities for businesses and industries.

First, according to IBM, blockchain services will help create and manage networks that power a new category of distributed ledger applications. These applications can access existing transactions to support new payment, settlement, supply chain and other business processes.

Second, Internet of Things data will be enabled on blockchain via devices such as WiFi location-tracking, barcode-scan events and device-reported data. These devices can then communicate with blockchain-based ledgers to update or validate smart contracts.

This could be applied, for example, in the movement of an Internet-connected package along multiple distribution points.

In other words, the technology will likely change the entire global logistics business.

In developing new blockchain applications, IBM has also worked with the London Stock Exchange to improve management of risks and increase transparency in global financial markets.

In Thailand, both the central bank and the SEC are preparing measures to facilitate and regulate the coming wave of fin-tech start-ups, such as those planning to offer peer-to-peer lending, crowd-funding and other new forms of financial and related services.

These start-ups have the potential to change the landscape of financial services in the Thai market and become new competitors to existing services provided by banks and other financial institutions.

For example, a peer-to-peer lending service may compete against existing automobile-leasing services as social media offer up a group of potential lenders to someone who wants funds to buy a new car.

Rather than applying for an auto loan with a traditional leasing firm, the person may go to social media and apply for a peer-to-peer loan on a reputable start-up platform which can digitally link, say, 10 potential lenders with the car buyer who's requesting a loan.

This new way of getting and providing car loans may be available shortly as regulators forge a new set of rules and regulations for the digital economy.



How blockchain will change your world - The Nation

Govt uses prize money to attract more people to the e-payment system

BANGKOK, 30 June 2016 (NNNT)-The government is set to offer a 5.5 million baht prize each month to shoppers in an effort to encourage them to adopt an e-payment method when buying products.

Finance Minister Apisak Tantivorawong, says that people are able to apply and register for the online method of payment called ‘Prompt-Pay’ at the government’s specialized financial institutions and commercial banks from July 15th onwards.

The Prompt Pay system was introduced by the Bank of Thailand (BoT) two weeks ago to allow money to be transferred between accounts without using an account number. The new system only requires either an identification number or a phone number before the transaction is made.

To further promote the use of e-payments, Mr. Apisak said stores that have been registered with the Department of Business Development will be asked to install an electric data capture (EDC) machine in September, to let shoppers pay without using cash.

A lucky draw will also be held once a month to award 5.5 million baht to a lucky shopper who has paid via an e-payment method and another 1.5 million baht to a lucky store owner who has installed the EDC machine. The Finance Minister claimed the money will come from organizations that support the Prompt Pay system not the government’s budget.

National News Bureau Of Thailand | Govt uses prize money to attract more people to the e-payment system

Privacy law ‘needed for PromptPay’

THAILAND NEEDS to enact a credible data-privacy bill before the government launches the PromptPay electronic money-transfer service requiring citizens to give their personal data to the service provider, according to industry experts.

Legal and information technology specialist Paiboon Amornpinyokiat said personal information such as addresses, age, gender, religious beliefs and blood group would show up in the PromptPay database since the concept is to link all data in the Interior Ministry's national ID card system.

At present, applicants for the PromptPay service need to use their national ID number and at least one of their mobile numbers to link with a chosen personal bank account.

Money transfers of Bt5,000 or less will be free of charge while those receiving government welfare or tax returns will receive the money electronically.

According to Paiboon, a proposed data-privacy law is needed to protect people using the service since there could be abuse or mistakes in data processing.

more Privacy law ?needed for PromptPay? - The Nation

Originally Posted by baldrick

last night some one exploited a flaw in a contract that was written to encompass a community corporation invested in by many - this flaw has allowed them to siphon of a large amount of cash , but because of the way the contract was written , it can't be taken for 28 days ( 27 days left )

The 28 days has passed. What's the latest?