Tyfone 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." READ MORE »

Tyfone has announced it has completed the Beta Testing phase of its u4ia™ Secure Memory Card (SMC) technology for secure contactless mobile payments. Tyfone also announced joint system testing with its manufacturing partner NXP, the co-inventor of NFC technology and leading vendor of NFC chips. READ MORE »

Satyam Computer Services has announced that it has entered into an alliance with Tyfone, a provider of mobile financial services, infrastructure and mobile payments capabilities to collaborate "to provide businesses with an even greater edge when competing in the mobile financial services sector. The alliance combines Satyam's deep domain expertise and system integration experience with Tyfone's complete mobile financial services infrastructure, and will provide institutions with enhanced solutions and technology." READ MORE »

Tyfone was one of the companies demoing at the recent Finovate Startup conference in San Francisco (see my notes here). In a press release this morning, Tyfone said they'll be at the Payments 2008 conference in Las Vegas next week demonstrating its mobile payments technology.

What's interesting about Tyfone's approach is their effort to be independent of both handset device suppliers as well as wireless operators. The Tyfone solution is based upon a 'mobile phone memory card with SmartCard RFID/Near Field Communications (NFC) technology' - that plugs into the memory card slot on mobile handsets suitably equipped. I'm not sure what percentage of handsets have those slots - but I suspect it'll grow as more functionality is added to them. READ MORE »