Blaze Mobile Acquires NFC Payment Patent

by Aeyne Schriber on May 20, 2012 in Mobile

Blaze Mobile recently acquired a new NFC patent for making secure mobile banking and payment transactions.  Blaze Mobile is a leading company which provides mobile payment and Near Field Communications solutions for mobile payment processing.

Near Field Communications (NFC) technology allows two devices which are equipped with an NFC chip to communicate with one another and within close proximity to each other.  For example, if your smartphone contains an NFC chip and you wave it near a payment terminal equipped with an NFC chip, the two devices communicate with one another to execute a purchase.  Instead of having to enter all of your personal and financial information, you simply tap your mobile phone on the NFC-enabled device which makes for more secure payment processing.

The new patent acquired by Blaze Mobile allows you to perform transactions which involve bill payments, transfer of funds between bank accounts, and peer-to-peer transactions.  The transactions are funded using Near Field Communications technology where you can hold your mobile device near the Point of Service (POS) device to execute the transaction.  The POS device can be a PC, monitor, keyboard, or terminal.  This process allows you to pay your bills or conduct your banking transactions conveniently and securely from your home, office, or retail outlet.  Once you complete the transaction you automatically receive a digital receipt.  The receipt is transferred to the NFC compartment of your mobile device.

In addition to the acquisition of the patent, Blaze Mobile has been working on additional mobile solutions in response to predictions on the future of mobile payment processing.  According to EDC or Edgar Dunn and Company, mobile payments are expected to exceed $300 billion around the globe by the year 2016.  Recent surveys by the federal government in the US found that more than 25 percent of consumers have engaged in online and mobile banking within the last year.

Blaze Mobile offers a wide variety of mobile ecommerce solutions which accommodate the health care industry, retailers, financial institutions, and online commerce platforms.  The NFC technology provides a more secure and convenient way to process transactions without having to reveal your financial information each time you make a purchase.

These are just a few of the recent developments in the world of mobile ecommerce.  If you continue to follow the trend it is likely you will begin to see more developments as the industry begins to take off.  If you are not up to speed with what is happening in mobile ecommerce hopefully this information will spur your interest to follow the future trends in the industry and consider getting involved with this new medium of commerce.

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