Visa. has been granted a patent for a method that enhances the security of portable consumer devices during transactions. The technique involves using two account identifiers, allowing the device to determine which identifier to transmit based on whether the transaction is a proximity transaction. GlobalData’s report on Visa 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 Visa, Contactless Card Payments was a key innovation area identified from patents. Visa's grant share as of June 2024 was 44%. Grant share is based on the ratio of number of grants to total number of patents.
Wireless transaction security for portable consumer devices
The patent US12045812B2 outlines a method and system for conducting wireless transactions between a reader device and a portable consumer device. The method involves the reader device, equipped with a wireless transmitter and receiver, sending a wireless interrogation signal to the portable consumer device, which contains a processor and storage elements. Upon detecting the signal, the portable consumer device identifies the transaction as wireless and transmits a second account identifier, which is associated with the same account as a first account identifier, back to the reader device. This second identifier is specifically designed for wireless transactions and is used to generate an authorization request message that is sent to an issuer computer for transaction approval.
The claims further detail various configurations and functionalities of the system. For instance, the portable consumer device can be a mobile phone or a card, and the storage elements may utilize different data storage technologies. The authorization request message can include additional information such as a merchant ID and an expiration date. The reader device is also capable of operating in a second mode, allowing it to receive the first account identifier through an electrical connection or magnetic interaction. Overall, the patent emphasizes the secure and efficient handling of account identifiers in wireless transactions, enhancing the user experience while maintaining transaction integrity.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
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.
