Groupon has been granted a patent for a payment system that enables secure transactions using a unique code to identify user accounts. The system generates wallet identifying data to secure data transfers between mobile devices, merchant devices, and servers. Transactions are approved based on consumer approval data secured using the wallet identifying data. GlobalData’s report on Groupon gives a 360-degree view of the company including its patenting strategy. Buy the report here.
According to GlobalData’s company profile on Groupon, Dynamic premium pricing was a key innovation area identified from patents. Groupon's grant share as of May 2024 was 44%. Grant share is based on the ratio of number of grants to total number of patents.
Secure mobile payments system with wallet identifying data
A recently granted patent (Publication Number: US11983693B2) discloses a payment system designed to facilitate secure transactions using a secure communication protocol. The system includes a processor and memory with computer-executable program instructions to generate a unique random code identifying a user's payment account, create wallet identifying data for secure data transfers between a mobile device, merchant device, and remote server, and validate consumer approval data for transactions. Trigger conditions such as merchant identifier, location, type, and monetary amount are used to approve transactions between the involved parties.
Furthermore, the system can retrieve payment account information, receive and store consumer identifying data, and associate it with the wallet identifying data. The method involves transmitting approval requests, validating data transfers, and facilitating transactions based on the stored information. The system ensures secure communication between the mobile device, merchant device, and remote server, enhancing the overall security and efficiency of transactions. Trigger conditions play a crucial role in determining the approval of transactions, ensuring that all necessary criteria are met before proceeding with the transaction. The patent outlines a comprehensive system that aims to streamline and secure payment processes in a digital environment, catering to the increasing demand for secure and efficient transaction methods in today's digital landscape.
To know more about GlobalData’s detailed insights on Groupon, buy the report here.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
