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The idea that a mobile phone can be a payment method isn’t a new one, but Tyfone got us all one step closer thanks to a new patent issued that brings a measure of security into the game.  The biggest obstacle to the concept is security (what if someone steals your phone) and some commonality in phones that allows everyone to use it.  Without those two issues satisfied, we’ll be hauling around small strips of plastic until the next century.

Tyfone received a patent for its memory card solution.  Using a memory card slot found in most phones, Tyfone’s memory card provides strong encryption.  Their idea brings mobile payments coupled with strong security to many (if not most) mobile phone users immediately with very little cost.

Using time-varying magnetic fields, Tyfone’s patented technology enables the use of a memory card as an electronic wallet and/or the ability to use that memory card for the secure transmission of financial information. This groundbreaking technology is used in the company’s u4ia (euphoria) Mobile Financial Services platform, which completed successful beta testing in June of this year.

The memory card is similar to EyeFi’s memory card that allows Wi-Fi uploading from things like cameras through the card.  Tyfone’s NFC card (near field communication) has an antenna on board.  The antenna potentially allows the card to communicate with things like MasterCard Paypass or Visa Paywave, two existing readers of NFC communications.  Users would simply slip the unique memory card into their phone and be ready to make payments.  Like EyeFi, the Tyfone cards would retain their storage ability so users benefit from the added functionality. 

Tyfone looks to bridge the vast mobile phone OS compatibility issues via the memory slot and the idea is pretty good.  Of course, there are shockingly still some phones that lack a SD or MircoSD card slot where other solutions will have to be addressed.

Company site: [Tyfone]