Tyfone gains “Electronic Transaction Card” patent

image Global provider of MFS (mobile financial services) infrastructure and fully-integrated mobile NFC payments/secure transaction capabilities, Tyfone announced Monday it get awarded a second patent, US 7,581,678 “Electronic Transaction Card.”, for its innovations in smart card-based electronic wallet technology.With its new patented technology utilizing time varying magnetic fields Tyfone’s supplies the use of a memory card as an electronic wallet and/or the ability to use that memory card for the secure transmission of financial information. The technology is used in the company’s u4ia® (euphoria) Mobile Financial Services platform, which completed successful beta testing in June. Tyfone’s new technologies and u4ia secure memory card platform provides a TSM (Trusted Service Manager) with the ability to bring scale to the ecosystem by enabling existing market deployed handsets to become NFC ready. So, consumers and the key stakeholders such as banks, transportation companies, mobile operators and merchants will gain benefits, without change to the current ecosystem and without incurring significant cost to enable it.Tyfone’s platform featured with a neutral secure element-thereby making it a true electronic container or “wallet.” This solution lets a TSM to securely manage different consumer credit, debit, transportation and pre-paid accounts for use in a wide range of payment and other secure transactions.Using SideTap, utilized by Tyfone, consumers purchase goods at point of sale simply by tapping their mobile device at point of sale.


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