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Systems and methods for financial transaction through miniaturized card reader with decoding on a seller's mobile device

  • US 8,500,018 B2
  • Filed: 01/24/2011
  • Issued: 08/06/2013
  • Est. Priority Date: 10/13/2010
  • Status: Active Grant
First Claim
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1. A financial transaction card reader device, comprising:

  • a housing having a slot for swiping a magnetic stripe of a financial transaction card to complete a financial transaction between a buyer and seller;

    a read head in the housing for reading data stored on the magnetic stripe and for producing a signal indicative of data stored on the magnetic stripe;

    an output jack adapted to be inserted into a microphone input associated with a seller'"'"'s mobile device for providing the signal indicative of data stored on the magnetic stripe to the mobile devicecircuitry including an encryption system for providing at least a portion of a signal to the mobile device as encrypted;

    a discharge subsystem to force the card reader into a power cycle; and

    wherein decoding of the signal is performed in the mobile device.

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