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Wednesday, May 22, 2024

How software enables offline payments for the Digital Euro on existing devices, promoting universal accessibility.

Fluency, a company specializing in innovative solutions for digital payments, recently announced the completion of a highly secure offline Central Bank Digital Currency (CBDC) software solution. Named Aureum™, this system does not rely on the presence of a Secure Element in the device, making it accessible to a wider audience.

In a world where technological advancements continue to shape the way we interact with currency, it’s crucial to ensure that digital means of payment remain inclusive to all members of society. However, reliance on new contactless devices for accessing digital currencies can be a barrier for individuals who do not have access to such technology.

The Bank of International Settlements previously highlighted this issue in their “Project Polaris: Handbook for offline CBDC payments.” Their research recognized that many countries do not have widespread smartphone or EMV-based smartcard usage, making it difficult for certain populations to access digital currencies. The project underscored the importance of ensuring accessibility to digital currencies regardless of the availability of certain types of technology.

With the implementation of the Digital Euro on the horizon, it’s important to consider how to seamlessly integrate this new currency into the lives of all those who rely on it. Fluency’s Aureum™ offers a solution that enhances accessibility and security for users. The system can be used with or without a Secure Element and can be deployed on existing devices without requiring the manufacture of new mobile devices or SIM cards.

Furthermore, Fluency’s approach is characterized by its compatibility with a variety of devices and technologies, including Bluetooth, NFC, QR codes, and cards. By allowing for usage with both new and old devices, Fluency’s system is not only more accessible, but also helps reduce costs for those who may not have the resources to upgrade to the latest technology.

Moreover, Aureum™ offers multifaceted security features that are designed to safeguard transactions even in the event of a security breach. Its multi-layered security protocol and resolution mechanism provide resilience against potential attacks and help prevent double-spending, enhancing security for users.

Inga Mullins, Chief Executive Officer at Fluency, emphasized the company’s commitment to ensuring inclusive access to digital currencies. Fluency’s goal is to facilitate 24/7 access to secure offline payments through durable and upgradable software, without requiring users to invest in new hardware. The company firmly believes that a software solution like Aureum™ is the most viable path to enabling secure and accessible digital currency adoption for all users.

According to Fluency, the key to widespread digital currency adoption lies in overcoming barriers and limitations often associated with hardware-dependent solutions. In doing so, accessible and secure offline payments can be delivered to a broader audience, ensuring that everyone has the opportunity to engage with digital currencies.

For more information about Fluency and Aureum™, please visit [Fluency Global Website] to explore the innovative solutions they offer for secure and accessible digital payments.

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