Block. has been granted a patent for a payment service system that monitors proximity signals during financial transactions. The system determines the presence of a payment instrument or its user and can either process or decline the transaction based on this presence indication. GlobalData’s report on Block gives a 360-degree view of the company including its patenting strategy. Buy the report here.
According to GlobalData’s company profile on Block, Social commerce was a key innovation area identified from patents. Block's grant share as of June 2024 was 56%. Grant share is based on the ratio of number of grants to total number of patents.
Proximity-based transaction processing system for mobile payments
The granted patent US12045800B1 outlines a system and method for enhancing financial transaction security at point-of-sale (POS) devices through the use of mobile devices. The system involves one or more processors that receive an indication of a transaction initiation, including details about the payment instrument being used. Based on this information, the system identifies the mobile device linked to the payment instrument and requests it to monitor for signals from other nearby devices. The system then analyzes the received signal information against historical data from previous transactions to determine if a presence indication threshold is met, which would confirm the presence of the payment instrument or its user. Depending on this analysis, the system can either process or decline the transaction.
Additionally, the patent details various operations that can be performed based on the received signal information. This includes comparing geographic coordinates from the mobile device with the POS location, dynamically generating transaction rates based on the presence indication, and sending alerts if the presence threshold is not satisfied. The system can also detect communication signals from other devices associated with the user, further enhancing the security measures in place. Overall, the patent presents a comprehensive approach to improving transaction security by leveraging mobile device capabilities to monitor and validate the presence of payment instruments during financial transactions.
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