Blaze Mobile has been awarded a new patent for mobile banking and payment transactions, covering any transactions that comprise bill payment, peer-to-peer (P2P) funds transfer and funds transfer between bank accounts and credit cards.
In all cases, the patent covers the funding of the banking transactions using NFC technology.
“After the deciding to perform the transaction, the customer holds their NFC-enabled device near an NFC-enabled point of sale terminal, computer, keyboard or monitor to complete the transaction,” explained Blaze Mobile in a release. “Therefore, consumers can choose to pay a bill, or to send or receive a money transfer, and complete the entire process conveniently in a store, home or office.”
Upon completion of the transaction, the user (or users in the case of P2P transfer) receives a digital e-receipt that is stored in the NFC component of the mobile device.