Atlanta, GA, April 22, 2015 — Acculynk, a unique technology driven payment solutions provider, announced today that it was issued Patent number 8,978,975 on March 17, 2015. The patent protects the use of a merchant NFC device to prompt a consumer’s NFC device for the entry of a personal identifier, which is sent on for approval and the approval code is transmitted back to the merchant. This process of authentication, will help to reduce fraudulent activity for NFC transactions.
Specifically, the merchant, using an NFC payment device, emits an electromagnetic field. When the consumer’s NFC mobile phone is placed within close proximity to the NFC merchant reader, the consumer’s mobile phone senses the electromagnetic field and transmits a personal identifier (PI) to the merchant’s device, which can be a personal identification number (PIN). The consumer can then leverage the PaySecure technology to enter their PIN and validate the transaction.
“We are very excited about this patent,” says Nandan Sheth, President and COO of Acculynk. “With the expected explosive growth of NFC transactions, combined with the need to reduce fraud, this patent holds tremendous value to Acculynk, merchants and consumers that want to pay with their smartphones. We see immediate demand for this type of authentication solution with networks, issuers and mobile wallet providers.”