With Apple Pay debuting this month, there's been a lot frustration exhibited by some in the Android community clamoring that they were first to market with Google Wallet. True, but it really never caught on. Shortly After Apple announced that Apple Pay will be an Apple Watch feature in 2015, Samsung and PayPal struck a deal to add PayPal to Samsung Gear. A day prior to that announcement, two major mobile payment system patents from Samsung came to light at the US Patent and Trademark Office. Some of you may want to explore these patent filings in depth so that you could stay on top of the mechanisms that are behind this next consumer wave. Our report will point you in the right direction.
#1: Secure Mobile Payment using Media Binding
Samsung states that their patent application is about a method for a mobile payment system which includes generating, by a financial institution, a unique credential based on user access information and media binding information that is cryptographically bound to media using a unique media identification. The financial institution stores the credential and media binding information in the form of authentication code in a memory used by an electronic device. The stored credential and media binding information is accessed using the user access information for a payment transaction. A digital certificate is generated using the credential and media binding information. The digital certificate is presented to the financial institution for the payment transaction. The memory is authenticated and binding of the credential to the memory is verified prior to completing the payment transaction.
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For more details on this particular Samsung mobile patent system, see their patent application 20140279566
#2: MOBILE PAYMENT USING CLOUD COMPUTING
Samsung states that this particular patent application is about a method for a mobile payment system that uses the Cloud.
Samsung's patent FIG. 4 noted above illustrates an architecture of a cloud computing environment #160 for mobile payment using an electronic device. In one embodiment, the hosting of the mobile application and storage of an e-wallet module and digital credit cards (1-N 145 issued as digital certificates) are provided in the private cloud computing environment where credit card issuers (e.g., financial institutions) provide the processing for their respective issued digital credit cards 1-N 145. In one embodiment, the cloud computing environment is private and only hosted by a numbers of banks and financial institutions (e.g., credit card issuers # 410).
For more details on this particular Samsung mobile patent system related to Cloud services, see their patent application 20140279115
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