Wirelessly executing financial transactions

US8341083B1 · kind B1 · utility

Assignee

• DeviceFidelity, Inc. · US

Inventor

• Deepak Jain · Garland, US

Key dates

• Filing date: Sep 5, 2008
• Grant date: Dec 25, 2012
• Expiry date: Apr 7, 2031

Classification

• Technology area (CPC Y): Emerging Cross-Sectional Technologies
• CPC primary: Y02D30/70
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

The present disclosure is directed to a system and method for wirelessly executing financial transactions. A payment card includes an interface, a communication module, secure memory, a user-interface module, and a processing module. The interface connects to a slot of a mobile host device. The communication module wirelessly receives RF signals from and transmits RF signals to a retail terminal. The secure memory stores user credentials and a payment application used to execute financial transactions with the retail terminal. The user credentials and the payment application are associated with a financial institution. The user-interface module presents and receives information through the GUI of the mobile host device. The processing module executes the payment application using the user credentials in response to at least a transaction request received by the communication module and transmits a transaction response to the retail terminal based, at least in part, on the executed application.