Patent grant sets the stage for massive growth in Mobile Payments.

As the world sees the 2.5 billionth mobile phone connection, Mobile VPT Europe PLC announces the European Patent Office approval for grant of its patent entitled ‘Communication Method and Apparatus Improvement (publication number EP1068753)’. The patent encompasses the use of GSM / 3G mobile devices, be they phones, PDA’s or other similar devices for authenticating users and transacting mobile commerce. This patent grant serves to strengthen Mobile VPT Europe’s mission to make its technology ubiquitous across mobile devices and will enable the company to provide consumers with maximum transaction security and authentication while reducing costs through an open mobile transaction network. Mobile phones will be able to operate “chip and pin” transactions from any location, be it a taxi, or a car boot sale, using secure “two factor authentication”. The same technology can be applied across Internet payments, providing a further diverse network and safeguard against identity theft.
“The granting of our patent fundamentally reinforces the work we have done over the last few years and with it we intend to change the mobile commerce paradigm by – changing the way the world moves money – securely and without repudiation” said Keith Benson, Founder and Executive Chairman.
Central claims of the patent are that any GSM or 3G phone whose core processor receives any user authenticating interrogation signal that is redirected other than to the operator’s SIM card is an embodiment of this European Patent.

The above Press release can also be found at Business Wire.

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