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Posts Tagged: "Apple Pay"

PayPal Secures Patent for Augmented Reality Glasses

The unusual direction of innovative developments in the field of fintech is underscored by U.S. Patent No. 9953350, called Augmented Reality View of Product Instructions, which was issued to PayPal in late April. This patent protects a method by which an augmented reality view of an identified object is generated to include promotional material, recommendations, location to purchase the product and product instructions from a database correlated with the object. This technology enables the user’s ability to access information related to a product by creating an augmented reality in which users may be able to see product and service reviews and listings associated with buyers and sellers, recommendations, and product tutorials.

Digital wallet race heats up between Apple, Google and Samsung

The model for implementing digital wallets has largely relied upon what is known as the four-corner payment model by incorporating the use of payment cards, such as debit cards. Market research firm Research and Markets has reported that nearly three-quarters of all mobile digital wallets are funded by payment cards. By the end of 2013, 22 percent of the world’s population owned a smartphone, so it’s not inconceivable to think of a time in the future where credit and debit cards will become obviated by near-field communications (NFC) payment systems on smartphones entirely, despite the major rollout of payment cards with EMV computer chips by financial institutions. Today, we’ll take a look at the top three contenders in the mobile payment world to see what we can expect from each in the coming months.

Apple seeks patents on secure mobile payments and digital music systems

The Apple Pay mobile payment service created by the company should get an important security upgrade through the technology described within U.S. Patent Application No. 20150127549, which is titled Using Biometric Authentication for NFC-Based Payments. The electronic device claime includes a secure element with a payment applet and a processor which is configured to compare local authentication information for the device with stored authentication information. The processor also provides local validation information for the device to allow a payment applet to conduct a financial shopping center servicestransaction. This system relates to secure mobile payments and works without requiring a user to manually input authentication information for each transaction.

Google acquires Softcard, setting up mobile payment showdown with Apple

Softcard’s patents and their ability to protect Google Wallet against any potential legal challenges from Apple may be a much more important aspect of the acquisition than Softcard itself, which had struggled financially and laid off workers in the weeks leading up to Google’s purchase. There are many reasons for Softcard’s woes, including a need to rebrand the company after its original name, Isis, was co-opted by the Middle Eastern terrorist organization.