SYSTEMS AND METHODS FOR CONDUCTING CONTACTLESS PAYMENTS USING A MOBILE DEVICE AND A MAGSTRIPE PAYMENT CARD
First Claim
1. A method for conducting contactless payments using a mobile device, the method comprising:
- receiving, at the mobile device and prior to a requested financial transaction, a dynamic authentication token from a server, the dynamic authentication token indicative of a predetermined authentication of a magstripe payment card based on data obtained during a swipe of the magstripe payment card;
wirelessly transmitting, in response to a request to facilitate a financial transaction, the dynamic authentication token from the mobile device to a contactless payment terminal; and
sending the dynamic authentication token and information related to the requested financial transaction to the server for authorization of the requested financial transaction.
1 Assignment
0 Petitions
Accused Products
Abstract
Systems and methods for conducting contactless payments using a mobile device and a magstripe payment card are provided. One such method includes receiving, at the mobile device and prior to a requested financial transaction, a dynamic authentication token from a server, the dynamic authentication token indicative of a predetermined authentication of a magstripe payment card based on data obtained during a swipe of the magstripe payment card; wirelessly transmitting, in response to a request to facilitate a financial transaction, the dynamic authentication token from the mobile device to a contactless payment terminal; and sending the dynamic authentication token and information related to the requested financial transaction to the server for authorization of the requested financial transaction.
64 Citations
26 Claims
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1. A method for conducting contactless payments using a mobile device, the method comprising:
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receiving, at the mobile device and prior to a requested financial transaction, a dynamic authentication token from a server, the dynamic authentication token indicative of a predetermined authentication of a magstripe payment card based on data obtained during a swipe of the magstripe payment card; wirelessly transmitting, in response to a request to facilitate a financial transaction, the dynamic authentication token from the mobile device to a contactless payment terminal; and sending the dynamic authentication token and information related to the requested financial transaction to the server for authorization of the requested financial transaction. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A system for conducting contactless payments using a mobile device, the system comprising:
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a server; a mobile device configured to store a dynamic authentication token indicative of a predetermined authentication of a magstripe payment card based on data obtained during a swipe of the magstripe payment card, wherein the mobile device is configured to transmit the dynamic authentication token if a financial transaction is requested; and a contactless payment terminal configured to; receive the dynamic authentication token; and send the dynamic authentication token and information related to the requested financial transaction to the server for authorization of the requested financial transaction. - View Dependent Claims (15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26)
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Specification