VeriFone has been granted a patent for systems and methods that enable alternative payment mechanism (APM) transactions using ultra-wideband (UWB) radio technology. The method involves a payment terminal selecting a customer electronic device within a predetermined distance, communicating payment transaction details to the device, receiving an APM payment message from the device, and transmitting it to the APM payment provider for decisioning and confirmation. GlobalData’s report on VeriFone gives a 360-degree view of the company including its patenting strategy. Buy the report here.
According to GlobalData’s company profile on VeriFone, Transaction splitting was a key innovation area identified from patents. VeriFone's grant share as of September 2023 was 53%. Grant share is based on the ratio of number of grants to total number of patents.
The patent is granted for a method of facilitating payment transactions using ultra-wideband radio technology

A recently granted patent (Publication Number: US11756034B2) describes a method and system for facilitating payment transactions using ultra-wideband (UWB) radio technology. The method involves a payment terminal computer program causing a payment terminal UWB radio to transmit a range request signal. The program then receives replies to the range request signal from customer electronic devices equipped with UWB radios. By analyzing the time of flight for the range request signal and the pair of reply signals, the program determines the distance between the payment terminal UWB radio and each customer electronic device.
Based on the determined distances, the program selects a customer electronic device within a predetermined distance to conduct the payment transaction. The program communicates payment transaction details, including a merchant identifier and transaction amount, to the selected customer electronic device using the payment terminal UWB radio. The selected customer electronic device then sends an encrypted APM payment message, including customer account information and an identifier for an APM payment provider, back to the payment terminal. The payment terminal program forwards the APM payment message to the APM payment provider, who makes a decision on the payment transaction based on the message. Finally, the payment terminal program receives a payment confirmation from the APM payment provider.
The patent also includes additional features, such as causing a wake-up signal to activate the UWB radios on customer electronic devices, communicating transaction confirmations to the selected customer electronic device, and including the APM payment provider identifier in a message header.
This patent introduces a method and system that leverage UWB radio technology to enable secure and efficient payment transactions. By utilizing the distance measurement capabilities of UWB radios, the system can select the closest customer electronic device for conducting the transaction. The use of encryption ensures the security of the APM payment message, which is then sent to the APM payment provider for decisioning. Overall, this technology has the potential to enhance the convenience and reliability of payment transactions, offering benefits to both merchants and customers.
To know more about GlobalData’s detailed insights on VeriFone, buy the report here.
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