18100809. TOUCH PHONE TRANSACTIONS simplified abstract (Capital One Services, LLC)
Contents
TOUCH PHONE TRANSACTIONS
Organization Name
Inventor(s)
Benjamin Rappoport of Chevy Chase MD (US)
TOUCH PHONE TRANSACTIONS - A simplified explanation of the abstract
This abstract first appeared for US patent application 18100809 titled 'TOUCH PHONE TRANSACTIONS
Simplified Explanation: The patent application describes a method, system, and computer program product for conducting transactions using contactless cards. The process involves a near-field communication (NFC) exchange between two devices, with one device associated with an electronic deposit account capable of receiving funds.
- Near-field communication (NFC) exchange between two devices
- Electronic deposit account for receiving funds
- Identification data exchange based on NFC
- Authentication data processing for security
- Electronic transfer of funds to the deposit account
Potential Applications: 1. Contactless payment systems 2. Secure electronic transactions 3. Mobile banking applications
Problems Solved: 1. Secure and convenient transactions 2. Elimination of physical card swiping 3. Faster payment processing
Benefits: 1. Enhanced security with authentication data 2. Convenient and quick transactions 3. Reduced risk of fraud
Commercial Applications: The technology can be utilized in retail stores, public transportation systems, and online payment platforms to streamline transactions and enhance security measures.
Prior Art: Prior art related to this technology may include patents or research papers on contactless payment systems, NFC technology, and electronic fund transfers.
Frequently Updated Research: Researchers may be exploring advancements in NFC technology, security protocols for contactless transactions, and improvements in electronic payment systems.
Questions about Contactless Card Transactions: 1. How does the NFC exchange process work in contactless card transactions? 2. What are the security measures in place to protect electronic fund transfers in this system?
Question 1: How does the NFC exchange process work in contactless card transactions?
Answer 1: In contactless card transactions, the NFC exchange involves communication between two devices in close proximity, allowing for the transfer of data such as identification information and authentication data.
Question 2: What are the security measures in place to protect electronic fund transfers in this system?
Answer 2: Security measures in this system include authentication data processing, encryption of sensitive information, and secure communication protocols to safeguard electronic fund transfers.
Original Abstract Submitted
A method, a system, and a computer program product for executing transactions using contactless cards. A near-field communication (NFC) exchange is executed between a first device and a second device upon the first device being detected by the second device to be located within a predetermined distance of the second device. The first device is associated with an electronic deposit account capable of receiving an electronic transfer of funds. At least one identification data associated with the first device is received from the first device based on the NFC exchange and sent to a server. A response from the server is processed and includes an authentication data corresponding to the first device and associated with the sent identification data. A request for electronically transferring predetermined electronic funds to the electronic deposit account is received. Electronically transfer of the predetermined electronic funds to the electronic deposit account is performed based on the processing of the authentication data.
