Capital One Financial has been granted a patent for a card that utilizes location-based activation of card identifiers. The card features an electrophoretic display and can store multiple location-specific identifiers, activating the relevant one based on the user’s device location to facilitate transaction processing. GlobalData’s report on Capital One Financial gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Capital One Financial, Virtual banking assistant was a key innovation area identified from patents. Capital One Financial's grant share as of July 2024 was 54%. Grant share is based on the ratio of number of grants to total number of patents.
Location-based activation of card identifiers for transactions
The patent US12073381B2 describes a card designed for storing and presenting location-specific card identifiers that correspond to the location of a user device. The card features a memory and a display, and it operates by receiving requests from a user device to generate location-specific identifiers. The process involves obtaining the device's location and creation time, generating the identifier, and storing it in memory. The card can later determine if the current location of the user device matches the original creation location and time, allowing it to switch the identifier from an inactive to an active state, enabling transaction processing. The card can also establish a wireless connection with the user device to facilitate these operations.
Additionally, the patent outlines methods for generating multiple location-specific identifiers, each associated with user accounts, creation times, and expiration parameters. The card can disable identifiers based on time thresholds or location mismatches. It is noted that the card can take various forms, including credit cards, debit cards, travel passes, or payment tokens. The patent also includes provisions for a non-transitory computer-readable medium that executes operations related to the generation and management of these identifiers, ensuring synchronization with the user device to maintain accurate location data. Overall, the technology aims to enhance the functionality and security of card-based transactions by leveraging location-specific information.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
