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Wireless Money


By Nanook - Posted on 21 October 2010

The Wireless Money(tm) Patents

Wireless Money(tm) is a patented business process that enables:

1. secure wireless payments
2. very simple, 24/7, anywhere, product purchasing.

The availability of secure wireless payments would allow cell phones to replace paper checks, credit cards and cash to pay for purchases. The simplified 24/7 - anywhere system would create an entirely new structure for world commerce.

The first part of the patent is based on a very simple method of securing payments that requires no added hardware or encryption.

Consider what would happen if a new type of bank account was created that had an account number, or IDENTIFIER, that would ONLY allow money to be put INTO the account with that identifier. Let’s say the Red Cross had one of these identifiers - say it was “*DO* Red Cross”. Because it could only be used to put money into that account, they could actually publish that account identifier for all to see. Anyone who wanted to send money to them would just write on the "TO:" line on a check, " *DO* Red Cross" and give the check to anyone who processes checks. Another method which is just as simple can be used to protect the person’s account sending the check. These methods also apply to electronic transfers. SO, cell phones using this method can now move money with ZERO risk.

The second part of the patent is a group of processes to simply the purchase process. For example, you are sitting at home watching the Super Bowl, and they have a commemorative cup for sale. The purchase code is, for example, *2 ( yes, it can be that simple ). So you pick up your cell phone or home phone, click the auto dial button for Wireless Money, and type “ *2 “. It responds to you by name and asks how many you want. You type 3. It gives you a transaction summary and says press Y to accept or N for no. SO, 5 clicks and you’re done! The same simplification can be done for people window shopping in NYC at 2 in the morning, or reading the paper in a park, or from a computer: 24/7, anywhere purchasing.

Wireless Money is now protected by U.S. patent 7,729,984 and is available for licensing. For additional information, contact Bruce Nappi at bnappi {{at}} a3society.org .

Additional detail is provided in an Executive Summary below.