20240056315. SYSTEM AND METHOD FOR APPROVING TRANSACTIONS simplified abstract (OL SECURITY LIMITED LIABILITY COMPANY)

SYSTEM AND METHOD FOR APPROVING TRANSACTIONS

Organization Name

OL SECURITY LIMITED LIABILITY COMPANY

Inventor(s)

Robert W. Peterson of Plano TX (US)

SYSTEM AND METHOD FOR APPROVING TRANSACTIONS - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240056315 titled 'SYSTEM AND METHOD FOR APPROVING TRANSACTIONS

Simplified Explanation

The patent application describes a system where a transaction between a merchant and a payer can be approved using authentication information from the payer's mobile device, including the location of the device in relation to the merchant's payment device.

• The authentication information provided by the payer's mobile device is used to approve the transaction.
• The location of the payer's mobile device is compared to the location of the merchant's payment device.
• The transaction is approved if the payer's mobile device is within a defined distance of the merchant's payment device.

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1. 1. 1. Potential Applications

• Secure mobile payments
• Contactless transactions
• Fraud prevention in payment processing

1. 1. 1. Problems Solved

• Unauthorized transactions
• Improper use of payment information
• Ensuring the payer is present at the time of transaction

1. 1. 1. Benefits

• Increased security in transactions
• Convenient and efficient payment process
• Reduced risk of fraud and unauthorized transactions

Original Abstract Submitted

in a transaction between a merchant and a payer, approval of the transaction may be provided by a payment processing system using authentication information provided from a mobile device of the payer. the authentication information may include a location of the payer mobile device which may be compared to a location of a merchant payment device such that the transaction is approved if the payer mobile device is within a defined distance of the merchant payment device.