Blaze Mobile is selling US patent number 8,630,905, an NFC payments patent entitled “Single Tap Transactions using a Secure Element” that dates back to 2007. The patent sale is being handled by ICAP Patent Brokerage.
“It’s time to bring this technology to the broader market, and we believe that by making our intellectual property available to a major player in mobile payments, we can accelerate that outcome while providing a significant competitive advantage to the new owner,” says Michelle Fisher, CEO of Blaze Mobile and the inventor named on the recently-granted patent.
“With an early priority date of 2007, the disclosed patent broadly covers secure mobile payments, using near field communications technology to link mobile communications devices with contactless payment systems,” ICAP explains.
“The patent enables users to conduct payment transactions at a retail merchant POS, access banking services, and store payment or banking information. Importantly, the invention integrates a range of security features to guard against the risks inherent in data transmissions between mobile communications devices and a management server.
“In several key embodiments, sensitive or confidential information is securely stored on a remote server using PCI guidelines rather than on the mobile device itself, ensuring that such data will never be compromised due to theft or loss of the device.
“It further employs unique wallet IDs, sitekeys, user-defined PINs, and tokens to specify access and privileges for different services and prevent fraudulent or accidental purchases. Additional features allow users to remotely lock or disable the device in real time, or shut down payment applications after a designated period of inactivity.”