Amazon.com, Inc. (NASDAQ:AMZN) could launch a revolutionary mobile payment system that allows customers to purchase goods or services via their phone without revealing personal information.
The patent application, which was named “Anonymous mobile payments” was published through the U.S. Patent and Trademark Office on Tuesday. It will allow users to make purchases without revealing their name, phone number, or email address.
It would also utilize a special code to conceal sensitive information passed from the buyer to the seller. Although the code would have an expiration date, it could be used multiple times.
The patent is further described by Amazon.com, Inc. (NASDAQ:AMZN), “Anonymous mobile payments enable a user to make and/or receive payments without disclosing personal or private information to another party. In some aspects, a provider of a payment may request an anonymous payment for a specified value from a host. In response, the host may transmit to the provider a code that is available for redemption. The provider may then relay the code to a recipient, who may redeem the code from the host. In other aspects, a recipient may request a temporary identifier (special code) from a host. The recipient may relay the temporary identifier to a provider, who may in turn transmit a payment, via the host, using the temporary identifier. The recipient may then claim the payment from the host. In additional aspects, the codes of the anonymous payments may include expiration times and/or restrictions on a number of uses of the code.”
An anonymous mobile payment system sounds like a terrific idea, especially as more people tend to use their mobile phones to shop or make payments. This will also give Amazon.com, Inc. (NASDAQ:AMZN) an edge against competition. It could also change the way companies create mobile payment systems. Consumer privacy is crucial and companies are just starting to take note.