In September of 2011 Microsoft put in for a patent on a “Mobile Wallet and Digital payment” service, and they just released that fact that they did that now. According to reports this “m-card” would be your mobile wallet. (Hence the name I guess.)
You would swipe your phone over reader than to complete the transaction “a physical input button that can initiate a password entry, a payment, or a password entry completion.” From there it would act like any other card from what I can understand.
If you want the technical jargon here is some of that for you:
The filing covers a “method that facilitates securing a wireless digital transaction” for “at least one of a good or a service.” Microsoft refers to mobile devices that “can include at least one mobile payment card (m-card), wherein the m-card is created by establishing a PKC-secured link to an account associated with a form of currency.” The link between a mobile device and a terminal is created via near field communication (NFC), Bluetooth, Wi-Fi, or RFID.
Microsoft’s “m-card” feature is similar to a virtual credit card whose data is transmitted to a payment terminal using upon request. Only a portion of the m-card is sent to and received by the payment terminal, which will then be authenticated the organization that issued m-card and associated it with “at least one of a bank, a credit card company, an investment fund, an online brokerage, a web site, a business, a company, or a financial institution.”
Got it? Good. Bottom line here is that Microsoft is planning on using the upcoming NFC technology that will be available in upcoming versions of Windows Phones to make their own mobile wallet. In my opinion this can’t come soon enough. Mobile wallets are already starting to come to the forefront in places like India yet everywhere else it’s barely making a dent. I would like to see NFC technology get ramped up faster and having my phone doing things like, Mobile Wallets, unlocking my front door, unlocking and starting my car, etc…
Via: Tom’s Guide
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