Systems and methods for conducting contactless payments using a mobile device and a magstripe payment card
US8533123B2 · kind B2 · utility
Assignee
Inventor
Key dates
| Filing date | Dec 13, 2011 |
| Grant date | Sep 10, 2013 |
| Priority date | — |
| Expiry date | Feb 9, 2032 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q30/0613
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
Systems and methods for conducting contactless payments using a mobile device and a magstripe payment card are provided. One such method includes receiving, at the mobile device and prior to a requested financial transaction, a dynamic authentication token from a server, the dynamic authentication token indicative of a predetermined authentication of a magstripe payment card based on data obtained during a swipe of the magstripe payment card; wirelessly transmitting, in response to a request to facilitate a financial transaction, the dynamic authentication token from the mobile device to a contactless payment terminal; and sending the dynamic authentication token and information related to the requested financial transaction to the server for authorization of the requested financial transaction.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.