The ‘Electronic Transaction Card’ patent covers the use of a memory card as an electronic wallet and the ability to use that memory card for the secure transmission of financial information.
An electronic transaction card communicates with an add-on slot of an intelligent electronic device. The add-on slot may be a memory card slot. The intelligent electronic device may be a mobile phone or other device with or without network connectivity. The electronic transaction card may have magnetic field producing circuitry compatible with magnetic card readers, smartcard circuitry, other point-of-sale interfaces, or any combination thereof.
“Tyfone has international patent filings in PCT (Patent Cooperation Treaty) and non-PCT countries, especially in countries that have a significant share of the memory card manufacturing business,” Dr Siva Narendra, Tyfone’s chief technology officer, told NFCW.
“We cannot comment on specific implementations,” he added, however, in response to NFCW’s enquiry as to how Tyfone intends to pursue potential infringers and what kind of products it thinks will constitute an infringement. “Tyfone values intellectual property and recognises the rights conferred by the patent issuance. With the strength of the issued broad patent and the completion of product testing, Tyfone’s primary goal is to build a business that benefits consumers through a level playing field, neutral solution.”
“To Tyfone, this patent is the culmination of tireless work developing a neutral solution not only as a viable implementation of NFC that can be broadly used today, but also as a truly game changing technology,” Narendra continued. “As was demonstrated when initial testing was completed with the key stakeholders in the NFC value chain, Tyfone’s newly patented technology brings us one step closer to a ubiquitous contactless payment reality. Tyfone’s secure memory card technology is out of the R&D lab, has been tried and tested and is ready for the next stage in evolving the stakeholders’ existing business models into new revenue opportunities.”