trilium banner March 2012
     

15/09/2011

By Scott Thompson

Monitise has been granted a patent for its secure mobile payments and commerce technology. “Bank-grade security is at the heart of our growing mobile money business and we welcome this new patent being granted,” says Monitise group chief executive, Alastair Lukies.

The UK patent relates to how the company can generate ‘virtual card details’ on the mobile phone to enable a consumer to shop without them having to divulge data from their credit or debit cards such as personal account numbers, card expiry dates and security codes. The consumer chooses which account to use as the funding account for the virtual card. The card, in effect a prepaid digital voucher, can be created for a fixed amount or for a specified period of validity. The risk of fraud is further minimised because the consumer can shop without having to share their bank and credit card account information if they prefer not to.

“Having established award-winning and proven bank-grade technology, Monitise is committed to investing in its business and protecting its intellectual property as it develops new products and services for its clients and partners, both in the UK and in developed and emerging markets around the world,” says Lukies.

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