Paydiant Patent Enables Mobile Transactions Using Any Account
Feb. 22, 2013
Paydiant, a Wellesley, Mass.-based white-label mobile payment, mobile wallet and offer redemption platform, said this week it has secured a patent for a process enabling mobile contactless transactions at the point of sale. The company said the patent describes how a mobile device can make transactions using any number or type of accounts including credit, debit, gift, deposit, checking and loyalty accounts. The patented solution enables a completely tailored customer experience where the mobile wallet can suggest the most desirable account to use for a given transaction, and present offers to the consumer based on user, merchant or wallet-issuer specified rules or preferences.
“This patent describes the optimal way to structure and conduct mobile wallet transactions based on our years of experience and research in the payments space,” said Paydiant’s co-founder, Kevin Laracey. “Intellectual property is important to our business in this burgeoning category. We are pleased that the USPTO has recognized our invention.”