Patent ID: 8150772

Claim:
A method for authenticating a financial transaction with a vendor at a point of sale (POS), the method comprising: storing an application program in a first secure element (SE) of a mobile phone equipped with a user biometric trait input device, the application program programmed to cause a biometric trait of the user to be read via the biometric trait input device, request verification of the biometric trait and authentication of the financial transaction from a second SE of the phone separate from the first SE, and generate transaction instruction codes to effect and authenticate the financial transaction upon verification of the user's identity by the second SE; and, storing credentials of the user in the second SE of the phone, the second SE being operable in response to the request from the application program to verify the user's identity from the biometric trait of the user input to the phone, generate data authenticating the financial transaction in response to the verification of the user's identity, and transmit the authenticating data back to the first SE, wherein the authenticating of the financial transaction is performed by a third party service provider acting as a trusted service manager (TSM) in cooperation with and on behalf of one or more third party credit or payment service providers, and wherein the instruction codes include all of the information necessary to both effect and authenticate the transaction without the need for the third party credit or payment service providers having to provide it.