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SYSTEMS AND METHODS FOR CONDUCTING CONTACTLESS PAYMENTS USING A MOBILE DEVICE AND A MAGSTRIPE PAYMENT CARD

  • US 20120150687A1
  • Filed: 12/13/2011
  • Published: 06/14/2012
  • Est. Priority Date: 12/13/2010
  • Status: Active Grant
First Claim
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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.

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