Contactless mobile payment system
a mobile payment and contactless technology, applied in the field of contactless mobile payments, can solve the problems of overwhelming majority of such initiatives, credit card legacy architecture never redesigned, outdated credit card processing architecture, etc., and achieve the effect of enhancing user experience and payment services
Inactive Publication Date: 2020-11-19
SOFRONAS DIONISIOS A
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AI Technical Summary
Benefits of technology
This solution reduces transaction costs, enhances consumer experience, and improves security by eliminating the need for storing sensitive information on devices, while allowing for flexible transaction authorization and robust fraud prevention mechanisms.
Problems solved by technology
The overwhelming majority of such initiatives have failed since the Consumers never adopted them.
The major reasons for all prior failed attempts to create a successful mobile payment solution mainly relates to cost and consumer adaptation.
Today's credit card processing architecture is outdated, as it was first introduced in the 1960s, and the credit card legacy architecture was never redesigned from the ground up to meet the new technological standards available today.
A disadvantage of payment systems using mobile devices is that they require storing sensitive information such as credit and debit card information on the mobile device and transmitting this information to the POS terminal.
This creates security issues and represents an obstacle to a widespread use, For example, the document US 2014 / 0330626 A1 describes how a consumer can hold their NFC enabled mobile device in proximity to an NFC enabled POS terminal and with a single “wave” or “tap” to automatically redeem coupons, pay for a purchase using a default payment card or a selected card.
The system described in US 2014 / 0330626 A1 has the additional disadvantage that the consumer has to obtain the secure element or “sticker” on which payment credentials are stored and which is to be used with the mobile device.
This represents a major obstacle for a widespread use of payment systems using mobile devices.
Method used
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[0048]This document describes a mobile payment system. The system described facilitates mobile payments from one party, e.g. a customer, to another, e.g. a merchant, via a communications network having at least one wireless link. In most implementations, the mobile payment method is used for purchasing customer goods and services, however it can also be used for anything else that relates to the exchange of money, funds, coupons or loyalty points between two parties.
[0049]FIG. 1A illustrates one implementation of a mobile payment system, which includes a mobile device 200, a point-of-sale terminal (POS) 300, a transaction server 500 and a financial institution 600. In one implementation a merchant enters a transaction amount on the POS terminal 300. When the customer mobile device 200 is brought in close proximity to the POS terminal 300, the payment transaction is automatically initiated.
[0050]In one implementation the POS 300 reads the mobile device identification (ID) 207 and loc...
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This disclosure relates to methods and systems for mobile payments, where financial transactions can be conducted between customers and merchants via mobile devices when the mobile devices are brought in close proximity to each other. A customer enters a payment authorization code on a mobile device in order to authorize payment transactions. The disclosed system design and functionality allows for intuitive, real time, inexpensive and secure payment and cash-exchange transactions.
Description
FIELD OF INVENTION[0001]This invention relates generally to the field of contactless mobile payments and more specifically to mobile payments using generic mobile devices, such as smart phones, which support a wireless interface, such as near field communication (NFC) or radio frequency identification (RFID), to conduct contactless payments, when the mobile devices are brought in close proximity to each other.BACKGROUND OF THE INVENTION[0002]Several attempts have been made over the past years to develop an ecosystem where electronic payments could become a viable alternative to micropayments and cash transactions. The overwhelming majority of such initiatives have failed since the Consumers never adopted them.[0003]The major reasons for all prior failed attempts to create a successful mobile payment solution mainly relates to cost and consumer adaptation. Up to date, mobile payment solutions emulate the existing credit card processing mechanisms where only the physical credit card i...
Claims
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IPC IPC(8): G06Q20/32G06Q20/02G06Q20/20
CPCG06Q20/3278G06Q20/20G06Q20/027
InventorSOFRONAS, DIONISIOS A.
OwnerSOFRONAS DIONISIOS A