Smartphone Mobile Wallet: Patent for Secured Transactions

US7707113: Method And System For Setting Levels Of Electronic Wallet Security

Assignee: Sprint

Summary: A portable electronic device may include an electronic wallet application that provides a variety of financial and payment capabilities. The electronic wallet application supports paying for products or services with the device in much the same way as presenting a credit card, a debit card, a smart card, a transit card, or a toll tag for payment. The portable electronic device may communicate with a point-of-sale (POS) terminal using contactless communication means, for example near field communication (NFC) technology, to provide the appropriate financial information to complete a payment transaction. This invention relate to a method for a portable electronic device to provide secured payment from an electronic wallet.

The first Claim: A method of completing a payment transaction using an electronic wallet on a portable device, comprising:

storing, by the electronic wallet stored in a memory of the portable device and being executed by a processor of the mobile device, multiple payment cards, wherein the electronic wallet has first, second, and third user configured levels of electronic wallet security for providing payment information to complete a transaction when the portable device is active;

responsive to receiving, by the electronic wallet, a third set of selections from a user, executing the electronic wallet at the third level of electronic wallet security, wherein the third set of selections comprises a selection for a payment card to remain on, and wherein the third level of electronic wallet security comprises providing payment information without launching the electronic wallet and without requiring a PIN input to complete the payment transaction;

responsive to receiving, by the electronic wallet, a second set of selections from a user, executing the electronic wallet at the second level of electronic wallet security, wherein the second set of selections comprises a selection for remembering the PIN, and wherein the second level of electronic wallet security comprises providing payment information by launching the electronic wallet without requiring the PIN input to complete the payment transaction;

responsive to receiving, by the electronic wallet, a first set of selections from a user or responsive to a first initialization of the electronic wallet, executing the electronic wallet at the first level of electronic wallet security, wherein the first level of electronic wallet security comprises providing payment information by launching the electronic wallet and requiring the PIN input to complete the payment transaction;

and providing, by the electronic wallet, payment information to complete the payment transaction based on a current level of user configured electronic wallet security.


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