SECURE AND PORTABLE PAYMENT SYSTEM

• US 20090327130A1
• Filed: 09/03/2009
• Published: 12/31/2009
• Est. Priority Date: 06/12/2006
• Status: Active Grant

• Current Assignee: Encotone Ltd.
• Original Assignee: Encotone Ltd.
• Inventors: Labaton, Isaac J.
• Granted Patent: US 8,322,602 B2
• Time in Patent Office: Days
• US Class Current: 705/41
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/223 based on the use of peer-to-peer networks
• CPC Class Codes: G06Q 20/3223 Realising banking transactions through M-devices
• CPC Class Codes: G06Q 20/3227 using secure elements embedded in M-devices
• CPC Class Codes: G06Q 20/3263 characterised by activation or deactivation of payment capabilities
• CPC Class Codes: G06Q 20/3821 Electronic credentials
• CPC Class Codes: G06Q 20/3825 Use of electronic signatures
• CPC Class Codes: G07F 7/0886 the card reader being portable for interacting with a POS or ECR in realizing a payment transaction
• CPC Class Codes: G10L 17/00 Speaker identification or verification techniques

Abstract

Payment systems are provided that utilize a portable device, and in particular, payment systems that utilize a first portable device that belongs to a seller and a second portable device that belongs to a buyer, but do not utilize a point of sale (POS) device.

Claims

1. A method for receiving a payment for a financial transaction utilizing a portable device, comprising the steps of:

selecting a software application stored on the portable device;

entering a personal identification number;

entering an amount for the financial transaction;

generating a seller digital signature;

receiving a purchaser digital signature;

transmitting the purchaser digital signature and the seller digital signature to a central server;

decoding the purchaser digital signature and the seller digital signature;

verifying the decoded purchaser digital signature and the decoded seller digital signature;

identifying a seller from the seller digital signature;

comparing the amounts; and

crediting an account owned by the seller.

2. The method of claim 1, wherein the seller digital signature comprises:

a time and a date for the financial transaction; and

the amount for the financial transaction.

3. A method for making a payment for a financial transaction utilizing a portable device, comprising the steps of:

selecting a software application stored on the portable device;

entering a personal identification number;

entering an amount for the financial transaction;

generating an acoustic signal, wherein the acoustic signal includes a purchaser digital signature;

generating, by a speaker of the portable device, the acoustic signal;

receiving, by a microphone of a seller portable device, the acoustic signal; and

transmitting the acoustic signal decoded to a central server.