GoNow Technologies Issued Core Patent for Magstripe Card for Mobile eWallets

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The patent covers two-way secure wireless communication between a smartphone or other computing device and a GoNow Card, a universal, reprogrammable magstripe card with data stored in a fully encrypted secure element on the card.

GoNow Technologies, an innovator in mobile wallet technology, has been granted a patent by the U.S. Patent and Trademark Office for two-way, secure, wireless communication between a smartphone or other computing device and a reprogrammable card with data storage in a fully encrypted, secure element on the GoNow Card.

The value of a reprogrammable card, paired with an eWallet on a smartphone, has now been recognized as the key way to enable 100% acceptance of phone based eWallets. When paired with any eWallet application on a smartphone, a single reprogrammable GoNow Card can store more than 50 credit, debit, ATM, loyalty or gift cards. The user simply selects the payment or other card on the phone eWallet, or from a set already on the card, and the magstripe on the card is instantly programmed with the key data for the card selected. The GoNow Card can then be used at any traditional magstripe, Dip, ATM or other reader, with no changes necessary to current retailer terminals or back office systems.

The patent invention number is 8,671,055 and covers a computing device which receives card data in an encrypted form and transmits the encrypted card data to a universal card via a short range wireless communication. The universal card decrypts the card data and stores secure card data (e.g., full card number, authentication values, etc.) in a secure element. The universal card sends non-secure card data (e.g., last 4 digits of card number, expiration date, etc.) back to the computing device.

“Both convenience and security are paramount to users, retailers and financial institutions today. GoNow technology will finally unlock the potential of phone based eWallets, which has been hampered by low acceptance and security concerns”, says Ron Fridman, GoNow’s Chief Technology Officer. “This patent, along with 7 other pending patents, confirms the leadership position of GoNow Technologies in bringing mobile payment technology to the mass market”, says Niles Noblitt, Board Director and investor in GoNow.

The technology is currently moving into field trials with major technology companies and financial institutions.

About GoNow: GoNow Technologies (http://www.gonowcard.com) is the innovator in mobile wallet technology. It is the creator of the GoNow eWallet card, a “super smart” card that can be re-programmed wirelessly by the phone to become any credit, debit, loyalty or stored value card. The company is funded by prominent angel investor Groups including Jumpstart New Jersey Angel Network, Boston Harbor Angels and Ben Franklin Technology Partners of the Commonwealth of Pennsylvania.

Contact: Joseph O’Neill, Vice President, Business Development, GoNow Technologies.
Tel: 484-466-6964. Email: JONeill(at)gonowcard(dot)com

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