Systems and methods for conducting contactless payments using a mobile device and a magstripe payment card
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United States of America Patent
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Sep 10, 2013
Grant Date -
Jun 14, 2012
app pub date -
Dec 13, 2011
filing date -
Dec 13, 2010
priority date (Note) -
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status (Latency Note)
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Abstract
Systems and methods for conducting contactless payments using a mobile device and a magstripe payment card are provided. One such method includes 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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