Systems/Methods Of Establishing A Capability, And Then Using The Capability, To Perform A Financial Transaction By A Smartphone

What is this patent about?

’793 is related to the field of mobile device security and, more specifically, to enabling financial transactions based on physiological parameters and proximity. The background acknowledges the increasing reliance on mobile devices for various functions, but notes a lack of adaptivity. Existing devices perform predetermined functions regardless of context, creating a need for more intelligent and context-aware operation, especially in scenarios like mobile payments.

The underlying idea behind ’793 is to enhance the security and convenience of mobile payments by using a combination of physiological authentication and proximity detection . The device monitors a user's physiological parameter (e.g., heart rate) and only enables the financial transaction function if the parameter meets a predefined criterion. Furthermore, the transaction is only initiated when the device is in close proximity to a vendor's access point, adding another layer of security and ensuring the user is physically present at the point of sale.

The claims of ’793 focus on a method and a wireless device (smartphone) that perform a financial transaction. The device first senses a physiological parameter and determines if it meets a criterion. If so, it requests and receives authorization to establish a financial transaction function. Finally, upon satisfying a proximity condition to a vendor's access point and re-verifying the physiological parameter, the device uses the established function to pay for a product by wirelessly transmitting information and deducting funds from an account.

In practice, the invention leverages a smartphone's built-in sensors (e.g., heart rate monitor) and wireless communication capabilities (e.g., Bluetooth, Wi-Fi). When a user approaches a point-of-sale system, the smartphone detects a short-range signal from the vendor's access point. Simultaneously, the phone verifies the user's physiological state. If both conditions are met, the phone initiates the payment process, securely transmitting payment information to the vendor's system using unlicensed frequencies .

This approach differs from traditional mobile payment systems that rely solely on passwords, PINs, or biometric scans. By incorporating a physiological parameter, the system adds a layer of liveness detection, making it more difficult for unauthorized users to conduct transactions. The proximity requirement further ensures that the transaction is initiated only when the user is physically present, mitigating the risk of remote fraud and enhancing the overall security and user experience.