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Mobile Payments

Tyfone awarded patent for mobile electronic wallet technology

Monday 21 September 2009 | 11:48 AM CET

US provider of mobile financial services infrastructure Tyfone has been awarded a patent for its new smart card-based electronic wallet technology.

Tyfone’s patented technology enables the use of a memory card as an electronic wallet, as well as the ability to use that memory card for the secure transmission of financial information. This technology is used in the company’s u4ia (euphoria) Mobile Financial Services platform, for which testing was completed in June 2009.

A key application for Tyfone’s newly patented technology is using SideTap to conduct a contactless payment transaction. Using SideTap, consumers purchase goods at point of sale simply by tapping their mobile device at point of sale.

Tyfone’s patented technologies and u4ia secure memory card platform allow Trusted Service Managers (TSM) 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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