US 11924743

US Patent 11924743: Systems/Methods of Establishing and Using a Capability to Execute Financial Transactions by a Smartphone

Title: Systems/methods of establishing a capability, and using the capability, to execute financial transactions by a smartphone

Assignee: Telcom Ventures LLC

Inventors: Peter D. Karabinis; Rajendra Singh

Filing Date: October 18, 2023

Issue Date: March 5, 2024

Abstract: Systems and methods are disclosed for establishing and using a capability at a smartphone to conduct financial transactions. This involves a two-step process: first, responding to sensed parameter values that meet a criterion by selectively establishing a master-slave relationship with another device and requesting authorization for the financial transaction capability. Upon receiving this authorization, the smartphone establishes the capability. Second, this established capability can then be used to conduct a financial transaction, such as paying for a product, when the smartphone is near a vendor's access point (e.g., a point of purchase counter) and the sensed parameter value still satisfies the criterion.

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Plain-Language Overview of Independent Claims:

Independent Claim 1 (Method Claim):
This claim describes a method for a smartphone to gain the ability to perform financial transactions. It states that:

1. The smartphone first senses a specific parameter (like a signal, speed, location, time, temperature, or even a physiological state) and determines if its value meets a predefined condition.
2. If the condition is met, the smartphone establishes a "master-slave" relationship with another device and requests authorization to set up its financial transaction capability.
3. Upon receiving this authorization, the smartphone then establishes the actual capability to conduct financial transactions.
4. The establishment of this master-slave relationship, the request for authorization, and the reception of authorization all involve wireless communication using Wi-Fi, Orthogonal Frequency Division Multiplexing (OFDM), and/or Orthogonal Frequency Division Multiple Access (OFDMA) air interface protocols.
5. The sensed parameter can be a variety of factors, including signals, numbers, words, codes, velocity, acceleration, time-of-day, position, humidity, temperature, height, brightness, darkness, blood pressure, heart rate, blood content, physiological state, or psychological state.

Independent Claim 8 (System Claim - Smartphone):
This claim describes a smartphone designed to perform operations to establish its financial transaction capability. It largely mirrors the method of Claim 1, stating that the smartphone is configured to:

1. Sense a parameter (like those listed in Claim 1) and determine if its value satisfies a criterion.
2. In response to meeting this condition, selectively establish a master-slave relationship and request authorization to establish its financial transaction capability.
3. Receive this authorization and, consequently, establish the capability to conduct financial transactions.
4. The wireless communication for establishing the master-slave relationship, requesting authorization, and receiving authorization is done using Wi-Fi, Orthogonal Frequency Division Multiplexing (OFDM), and/or Orthogonal Frequency Division Multiple Access (OFDMA) air interface protocols.
5. The sensed parameter includes the same broad range of factors as detailed in Claim 1.

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CAFC 2026 Dockets:
No specific dockets for US Patent 11924743 were found in the CAFC 2026 dockets as of the current date, April 26, 2026.