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Tyfone Receives Patent for Mobile Electronic Wallet Technology

tyfone-logo-150.jpgTyfone has announced the it was awarded a second patent - US 7,581,678, is entitled “Electronic Transaction Card - for its innovations in smart card-based electronic wallet technology.

According to Tyfone, "using time-varying magnetic fields, Tyfone’s patented technology enables 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."

In the growing contactless payment marketplace, Tyfone’s patented technologies and u4ia secure memory card platform enable a Trusted Service Manager (TSM) to bring scale to the ecosystem by enabling existing market-deployed handsets to become NFC ready. This leads to significant benefits to consumers and the key stakeholders such as banks, transportation companies, mobile operators and merchants, without change to the current ecosystem and without incurring significant cost to enable it.

Unlike other software-only technologies that refer to their application as an electronic wallet, Tyfone’s platform includes a neutral secure element -- thereby making it a true electronic container or “wallet.” This solution allows 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.

A key application for Tyfone’s newly patented technology is using SideTapTM 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.

“To Tyfone, this patent is the culmination of tireless work developing a neutral solution not only as a viable implementation of NFC that can be broadly used today, but also as a truly game-changing technology,” said Dr. Siva Narendra, chief technology officer at Tyfone. “As was demonstrated when initial testing was completed with the key stakeholders in the NFC value chain, Tyfone’s newly patented technology brings us one step closer to a ubiquitous contactless payment reality. Tyfone’s secure memory card technology is out of the R&D lab, has been tried and tested and is ready for the next stage in evolving the stakeholders’ existing business models into new revenue opportunities.”

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