US Patent Issued to JIO PLATFORMS on June 16 for "System and method of multiple closed-loop secured transaction" (Indian Inventors)

ALEXANDRIA, Va., June 16 -- United States Patent no. 12,657,571, issued on June 16, was assigned to JIO PLATFORMS Ltd. (Ahmedabad, India).

"System and method of multiple closed-loop secured transaction" was invented by Pradeep Garani (Karnataka, India) and Nimish Jain (Karnataka, India).

According to the abstract* released by the U.S. Patent & Trademark Office: "The present invention relates to a system and a method for performing a closed-loop secured transactions using NFC. The method comprises of receiving a payment selection comprising of instrument selection at a secure element of a first user device. The instrument selection is used to automatically select the closed-loop kernel. The invention further encompasses using symmetric key...