Tyfone received a patent for its mobile electronic wallet technology. Entitled “Mobile phone with electronic transaction card,” this patent, US 7,828,214, was issued on Nov. 9.

To transmit transaction data to a reader device, Tyfone’s patented technology enables the use of a mobile phone having a memory card slot and a memory card compatible with the memory card slot. Also, to produce a time varying magnetic field that enables a contactless transaction, the memory card includes a circuitry.

Tyfone designed the world's first secure memory card with integrated smart card chip (secure element), an NFC chip, and a miniature antenna. This patent-protected secure memory card is capable of operating in any standard memory card slot.

“Tyfone recognizes the value of this intellectual property and the hard work that it has taken to continue developing innovative solutions, confirmed by this patent issuance,” said Dr. Siva Narendra, chief technology officer at Tyfone, in a press release. “This patent will uniquely enable solutions that will allow consumers to benefit from the convergence of money and mobility. Our innovations allow financial institutions to provide secure, convenient and holistic solutions.”

Creating a digital container and functionality, unavailable in software-only solutions, Tyfone’s platform includes the SideTap neutral secure element, which allows the users to securely store content for a true electronic “wallet.” While allowing the users to maintain the storage capabilities of existing memory cards, this solution enables any stakeholder to securely manage multiple consumer credit, debit, pre-paid, loyalty, identification, and transportation accounts for use in a wide range of payment and other secure transactions.

In July 2008, the company joined with Satyam Computer Services (News - Alert) to provide businesses with an even greater edge when competing in the mobile financial services sector. The alliance integrates Satyam’s deep domain expertise and system integration experience with Tyfone’s comprehensive mobile financial services infrastructure and will provide institutions with enhanced solutions and technology. By joining with Satyam, Tyfone was able to provide comprehensive mobility solutions to the users.

Raju Shanbhag is a contributing editor for TMCnet. To read more of Raju’s articles, please visit his columnist page.

Edited by Jaclyn Allard