US Patent Issued to Mastercard International on Aug. 18 for "Method and system for contactless transactions without user credentials" (American, Singaporean Inventors)

ALEXANDRIA, Va., Aug. 18 -- United States Patent no. 12,711,497, issued on Aug. 18, was assigned to Mastercard International Inc. (Purchase, N.Y.).

"Method and system for contactless transactions without user credentials" was invented by Abhinava Srivastava (Singapore), Sapankumar K. Mandloi (Stamford, Conn.) and Anthony Lopreiato (Scarsdale, N.Y.).

According to the abstract* released by the U.S. Patent & Trademark Office: "A method for generation of an application cryptogram for use in a payment transaction includes: storing, in a first memory, a single use key associated with a transaction account; electronically transmitting the single use key to a processing server; receiving an encrypted session key and a server encryption key from t...