Financial transaction using mobile devices
First Claim
1. A method of conducting a transaction between a first mobile device and a second mobile device in a network of a plurality of mobile devices, wherein each mobile device contains a radio frequency identification module with an identifier, comprising the steps of:
- providing digital wallets on each said mobile device for storing and processing digital value points;
providing digital certificates in the first mobile device and the second mobile device;
initiating a transaction by said first mobile device with said second mobile device;
exchanging radio frequency identification identifiers between the first mobile device and the second mobile device via radio frequency identification transmission and reception;
authenticating the unique identity of the second mobile device by the first mobile device using said received radio frequency identification identifier from the second mobile device;
transacting value points between the digital wallet of the first mobile device and the digital wallet of the second mobile device, wherein said transaction is carried out using radio frequency identification transmission; and
updating the balance of digital value points in the digital wallet of the first mobile device and the digital wallet of the second mobile device.
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Abstract
A method and system is disclosed herein for conducting money or value point transactions between a first mobile device and a second mobile device in a network of a plurality of mobile devices. Each mobile device contains a radio frequency identification module with a digital wallet on each said mobile device for storing and processing digital value points. Digital certificates are provided in each mobile phone for the purpose of authenticating the mobile devices. The transaction is initiated by the first mobile device with the second mobile device by exchanging RFID identifiers and digital certificates via radio frequency identification transmission and reception. Digital certificates can be exchanged between the digital wallets of the first and second mobile devices using radio frequency transmission. The method and system disclosed herein allows users equipped with RFID enabled mobile devices to transact over a short range without a need for connectivity to a banking infrastructure or a central network.
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Citations
13 Claims
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1. A method of conducting a transaction between a first mobile device and a second mobile device in a network of a plurality of mobile devices, wherein each mobile device contains a radio frequency identification module with an identifier, comprising the steps of:
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providing digital wallets on each said mobile device for storing and processing digital value points;
providing digital certificates in the first mobile device and the second mobile device;
initiating a transaction by said first mobile device with said second mobile device;
exchanging radio frequency identification identifiers between the first mobile device and the second mobile device via radio frequency identification transmission and reception;
authenticating the unique identity of the second mobile device by the first mobile device using said received radio frequency identification identifier from the second mobile device;
transacting value points between the digital wallet of the first mobile device and the digital wallet of the second mobile device, wherein said transaction is carried out using radio frequency identification transmission; and
updating the balance of digital value points in the digital wallet of the first mobile device and the digital wallet of the second mobile device. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A system of conducting a transaction between a first mobile device and a second mobile device in a network of a plurality of mobile devices, comprising:
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a plurality of mobile devices wherein each mobile device contains radio frequency identification device with a unique identifier, wherein the mobile device further comprises;
a radio frequency identification reader or writer capable of reading from or writing data into a radio frequency identification tag;
an electronic wallet for storing digital value points connected to said radio frequency identification reader or writer;
an authentication module for storing, comparing and authenticating the radio frequency identifier and digital certificate;
an update module for updating the balance of digital value points in the electronic wallet following a transaction of a radio frequency identification enabled mobile device with another radio frequency identification enabled mobile device, said update module being connected to the electronic wallet and the certificate module;
a certificate module for storing the radio frequency identification identifier and the digital certificate;
a communication network connecting the plurality of mobile devices to a primary account; and
a banking infrastructure connected to the internet further comprising a customer account that allocates cash to the primary account. - View Dependent Claims (13)
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Specification