Tyfone, a Portland, Ore. provider of mobile NFC payments/secure transaction capabilities, says it has received a U.S. patent for its electronic transaction card that allows a memory card to be used as an electronic wallet or for the secure transmission of financial information.
This technology is part of the company’s u4ia (euphoria) mobile financial services platform, which completed successful beta testing in June.
In the contactless payment marketplace, Tyfone’s patented technologies and u4ia secure memory card platform enables existing handsets to become NFC-ready. This can benefit consumers and stakeholders, such as banks, transportation companies, mobile operators and merchants, without the need to change the current ecosystem.
Tyfone’s platform includes a neutral secure element, thereby making it an 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 SideTap to conduct a contactless payment transaction. With SideTap consumers purchase goods at point of sale simply by tapping their mobile device against a POS reader.