Tyfone’s newly-patented mobile platform u4ia is set to enable identity authentication, as well as allow access to e-wallet information. The service is expected to be available even if the mobile phone is not connected to the network at the time of transaction. In addition, the service does not require any local storage of passwords in the clear.
In a recent and related development, Tyfone has been awarded another patent for its mobile electronic wallet technology in the US.
Thus, Tyfone’s patented technology is set to allow the use of a mobile phone with a memory card slot and a memory card compatible with the memory card slot to transmit transaction data to a reader device. The memory card includes circuitry used to produce a time-varying magnetic field that enables a contactless transaction. The circuitry used to produce a time-varying magnetic field may include smartcard circuitry.
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