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.
The newly-patented platform is expected to include a SideTap element, enabling stakeholders to manage consumer credit, debit, pre-paid, loyalty, identification as well as transportation accounts for use in payment services and transactions. In addition to the SideTap memory card product, Tyfone’s technology includes the u4ia mobile money and transaction platform.
Tyfone’s patented technologies and u4ia memory card platform allow Trusted Service Managers (TSMs) to enable existing market-deployed handsets to become NFC ready. Among the envisaged beneficiaries of this technology are consumers as well as banks, transportation companies, mobile operators and merchants
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