Patent ID: 8662401
Filing Date: 2014-03-04
Classification: G06Q

Abstract:
1. A method for processing a financial transaction with a mobile device, the method comprising: utilizing a mobile device to conduct the financial transaction, wherein the mobile device comprises a payment user interface, a cellular processor to permit the mobile device to communicate over a cellular network, the cellular processor in communication with the user interface, and a near field communication (NFC) component in communication with the cellular processor that permits the mobile device to communicate with an NFC sensor separate from the cellular network, wherein the NFC component communicates with the NFC sensor for transmitting account payment information when the mobile device is in proximity to the NFC sensor and the NFC component is powered on, and wherein the NFC component does not communicate with the NFC sensor for transmitting the account payment information when the NFC component is powered off; the cellular processor receiving a selection signal, wherein the selection signal indicates the user desires to complete the transaction using the NFC component; in response to the selection signal, actuating a mobile wallet application resident on the mobile device in order to obtain the account payment information used to pay for the transaction; producing a display on a display screen of the mobile device requesting approval of the transaction; receiving an input approving the transaction; the mobile wallet application requesting payment account information from a NFC application resident on the mobile device, the NFC application actuating the NFC component, wherein the NFC component comprises a device that is activated to enable it to communicate by an activation switch that provides power to the NFC component; the NFC component obtaining the account payment information from memory in the mobile phone; the NFC application transmitting the account payment information; and following transmitting of the account payment information, the cellular processor powering off the NFC component to prevent the NFC component from communicating with any NFC sensors.