Patent ID: 10552809

Abstract:
Embodiments of the invention are directed to programming a payment device that can be in the same form factor as a typical credit or debit card and which can be programmed and reprogrammed with various payment profiles. The payment device is interfaced with a mobile device, such as through insertion into a module capable of holding the payment device within proximity to a main housing of the mobile device. The payment device can include both a magnetic stripe and an IC chip which is capable of near field communication. In embodiments of the invention, the mobile device, such as a cellular phone, includes a memory element. The memory element securely stores payment profiles of financial accounts which are commonly found on credit, debit, gift, transit and loyalty cards. When a payment profile stored in the memory element of the mobile phone is selected, the mobile phone writes the profile onto the payment device. The payment device can then be utilized to communicate payment profile information to a payment device reader during contact or contactless transaction.