FIELD OF INVENTION

[0001] The present invention relates to systems, devices, and methods for enabling mobile electronic devices to perform secured financial transactions. The present invention has particular but not exclusive application in enabling mobile electronic devices that are otherwise unable (or on which it is inadvisable) to perform secured financial transaction, to be able to do so. The present invention also applies to devices (non-mobile electronic devices) where the use of which requires a secure financial transaction to be performed. Reference to mobile electronic devices such as smartphones and tablets are by way of example only and the invention is not limited to this example.

BACKGROUND OF THE INVENTION

[0002] Many modern electronic devices such as mobile phones, tablets, and smart watches, are equipped with the necessary computing power, secured architecture, and the like to effect financial transactions such as point-of-sale (POS) credit card payments (e.g. Apple™ Pay, Samsung™ Pay, Android™ Pay). However, there are still a large number, if not a majority, of mobile electronic devices that do not have the computing power, secured architecture, and/or other necessary features to effect such financial transactions, or on which it is inadvisable for security reasons to perform such financial transactions. For example, the use of low (computing) powered, low functionality, “budget” smartphones are prevalent in many developing countries. Even in developed countries, such “budget” smartphones are widely used by various demographics for various reasons, including cost, disposability, functional needs, and the like.

OBJECT OF THE INVENTION

[0003] It is one object of the present invention to provide a means for enabling a mobile electronic device that is incapable of performing a financial transaction, or on which it is inadvisable to perform a financial transaction, to be capable of doing so and/or so as to not be inadvisable to do so.

SUMMARY OF THE INVENTION

[0004] According to a first aspect, the invention is an electronic module comprising therein and/or on a surface thereof one or more sets of electronic circuitry. The one or more sets of electronic circuitry provide the electronic module with a first communications means for communicating with a first device, a second communications means for communicating with a second device, and a secure processing means to perform secure data processing necessary for conducting a financial transaction, wherein the electronic module is a flexible, patch-like sticker or seal.

[0005] In one form, the first device is a mobile electronic device with which the electronic module is paired, and the electronic module is configured to receive from the first device, instructions for conducting the financial transaction.

[0006] In one form, the second device is an electronic financial transaction device with which the secure processing means is operable to interact by way of the second communications means, the second device and the secure processing means both conforming to a predetermined electronic payment standard.

[0007] In one form, the electronic module is operable to receive instructions from the first device, by way of the first communications means, and to perform a financial transaction with the second device by way of the second communications means, using data generated and processed by the secure processing means.

[0008] In one form, the first communications means is short-range communications chip and corresponding short-range communications antenna.

[0009] In a preferred form, the short-range communications chip is a Bluetooth™ communications chip and the short-range communications antenna is a Bluetooth™ compatible antenna.

[0010] In a preferred form, the second communications means is a near-field communications (NFC) chip and corresponding NFC antenna. [0011] Preferably the one or more sets of electronic circuitry of the electronic module comprises a secure payment chip to perform processes to effect a financial transaction with an external device according to a predefined electronic payment standard, a near-field communications (NFC) chip and corresponding NFC antenna to enable the secure payment chip to communicate with a NFC compatible external devices, a general purpose processor to actuate and control operational functions, a short-range communications chip and corresponding antenna to enable the general purpose processor to communicate with the compatible external devices, and a power source.

[0012] The electronic module preferably further comprises memory, a plurality of data busses and one or more power busses.

[0013] The electronic module more preferably has two data busses and the two data busses are separated from each other to isolate the secure payment chip and the general purpose processor from each other to protect the secure payment chip against penetration attempts and compromise by malicious code that may inadvertently run on the general purpose processor.

[0014] The electronic module preferably has a switch on the power bus connecting the power source to the secure payment chip and optionally the NFC chip and NFC antenna The switch is preferably connected to the general purpose processor which is operable to toggle the switch between an ON and OFF state.

[0015] The electronic module preferably has a secure payment chip that is operable to conduct all necessary processing, conduct all necessary authentications, generate all necessary data, and perform all necessary communications as per the EMV (or other relevant) standard to effect a transaction with an external electronic financial transaction device; said secure payment chip is associated with a payment account from which funds for the financial transaction are obtained.

[0016] The short-range communications chip is preferably a Bluetooth™ communications chip and the Bluetooth™ communications chip is operationally coupled with the corresponding antenna to facilitate the physical transmission and reception of communications signals. The Bluetooth™ communications chip preferably enables the electronic module to be paired with the electronic device to which it is adhered and to thereby interact therewith.

[0017] The NFC chip with the corresponding antenna preferably facilitates communication between the secure payment chip and another NFC compatible device to effect a financial transaction using contactless payment arrangements such as PayWave™.

[0018] The electronic module in another preferred form has WiFi chip functionality and or a physical internet port, instead of or in addition to the NFC chip.

[0019] The general purpose processor is preferably a microcontroller unit (MCU), a microprocessor unit (MPU) or other combination of one or more central processing units (CPU) and supporting hardware/chips. The general purpose processor preferably controls the overall operation of the electronic module including but not limited to running any operating system, firmware, software, drivers, and other programs to enable functionality.

[0020] The electronic module preferably has an encryption key pair consisting of a private key and a public key wherein the encryption key pair is used to pair the module with the mobile electronic device to facilitate communication between each other in a secure, encrypted manner. When paired, the module preferably provides the electronic device with the capability of performing secure financial transactions, which the mobile electronic device would not otherwise be able to perform.

[0021] The electronic module preferably actuates and controls the financial transaction including the generation, processing, and communication of data/information for the purposes of conducting a financial transaction and communicates processed results and or instructions to the mobile electronic device thereby mitigating security risks associated with the mobile electronic device that may have been compromised by malicious code.

[0022] The electronic module preferably has one or more wallets that can receive payments and make payments therefrom. Payments can preferably be received or made via NFC communications from a wallet of a different compatible device or a second electronic module. The electronic module preferably receives payment via the internet from a bank account, a wallet of a different compatible device, a second electronic module with internet access, a credit card or other compatible payment source.

[0023] According to another aspect, the invention is an electronic payment system comprising an electronic module as described in the first aspect of the invention and its various forms, a first device paired with the electronic module, and a software application executable on the first device and configured to control the electronic module. The electronic module includes a secure payment chip conforming to an electronic payment standard. The software application is operable to cause the first device to generate and transmit a signal to the electronic module to activate/deactivate the secure processing means, and when activated the secure processing means is operable to conduct a financial transaction with an external device conforming to the electronic payment standard.

[0024] The first device is preferably any suitable device with a processor and an operatively associated communication means. More preferably the first device is a mobile electronic device.

[0025] In an alternative form the first device can be a dumb device that is able to carry out a specific task. Attachment of an electronic module to the dumb device preferably enables the dumb device to receive payment and make a payment. On receipt of a payment, the electronic module preferably provides instructions to the dumb device to carryout the specific task in accordance with conditions and limits provided to the dumb device.

[0026] In another preferred form, the first device with the electronic module can perform its specific function when the electronic module provides instructions to an interface of the first device which turns on its functionality.

[0027] Where the turning on of the functionality also depends on a second device, the electronic module associated with the first device can communicate and interact with a second electronic module on the second device. For example, where a first device is a water pump but can only operate if it receives power from a second device which is a solar array, the first device can receive a payment for water but then needs to pay the second device for power. The first device can be a device having an operatively associated power switch, an operatively associated water pump, operatively associated starter motor or vehicle ignition, or an operatively associated on/off switches. The first device with operatively associated power on/off switches can be controlled. These type of first devices include appliances such as televisions, refrigerators, washing machines, dryers and dish washers, lights and lighting systems, air conditioning units, heaters, water pumps and internet access via modems and the like. The first device with operatively associated starter motor or vehicle ignition can control the use of vehicles including cars and trucks, tractors and farm equipment, boats and other motorised craft. The first device preferably includes an interface that has a processor or controller and an operatively associated communication means to allow them to interact with the respective electronic module.

[0028] According to a further aspect, the invention is an electronic payment system comprising an electronic module as described in the first aspect of the invention and its various forms, a mobile electronic device paired with the electronic module, and a software application executable on the mobile electronic device configured to control the electronic module. The electronic module includes a secure payment chip conforming to an electronic payment standard. The software application is operable to cause the mobile electronic device to generate and transmit a signal to the electronic module to activate/deactivate the secure processing means, and when activated the secure processing means is operable to conduct a financial transaction with an external device conforming to the electronic payment standard.

[0029] According to a further aspect, the invention is an electronic payment method comprising pairing a first device with an electronic module, the pairing including connecting the first device and the electronic module via a short-range communications means and exchanging public keys between the first device and the electronic module. The method further comprises sending an instruction from the first device to an electronic module paired thereto, to activate a secure processing means of the electronic module, and interacting the electronic module with an electronic financial transaction device to conduct a financial transaction between the secure processing means of the electronic module and the electronic financial transaction device using an electronic payment standard. [0030] In a further aspect, the invention is an electronic payment method comprising pairing a mobile electronic device with an electronic module, the pairing including connecting the mobile electronic device and the electronic module via a short-range communications means and exchanging public keys between the mobile electronic device and the electronic module. The method further comprises sending an instruction from a mobile electronic device to an electronic module paired thereto, to activate a secure processing means of the electronic module, and interacting the electronic module with an electronic financial transaction device to conduct a financial transaction between the secure processing means of the electronic module and the electronic financial transaction device using an electronic payment standard.

[0031] In one form, the electronic payment method further comprises the steps of the electronic module generating a one-time passcode (OTP), transmitting the OTP to the mobile electronic device, displaying the OTP on a screen of the mobile telecommunications device, and entering the displayed OTP into the electronic financial transaction device.

[0032]

[0033] The features described with respect to one aspect also apply where applicable to all other aspects of the invention. Furthermore, different combinations of described features are herein described and claimed even when not expressly stated.

[0034] The features described with respect to one aspect also apply where applicable to all other aspects of the invention. Furthermore, different combinations of described features are herein described and claimed even when not expressly stated.

BRIEF DESCRIPTION OF THE DRAWINGS

[0035] In order that the present invention can be more readily understood, reference will now be made to the accompanying drawings which illustrate preferred embodiments of the invention and wherein:

[0036] Figure 1 illustrates an electronic financial transaction module according to the invention; [0037] Figure 2 illustrates an electronic payment system according to the invention;

[0038] Figure 3 illustrates a pairing operation for pairing the electronic financial transaction module with a mobile electronic device to form the electronic payment system; and

[0039] Figure 4 illustrates an operation of the electronic payment system to effect a point-of-sale financial transaction.

DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENT

[0040] With reference to Fig. 1 , an electronic financial transaction module (EFTM) 10 according to a first aspect of the invention is described. According to a preferred embodiment, the EFTM 10 is a flexible, patch-like sticker or seal comprising therein or having formed thereon a number of circuits/circuitry, for example in the form of one or more flexible circuit boards. One side of the EFTM 10 preferably has an adhesive characteristic suitable to adhere the EFTM to a surface of a mobile electronic device 1000. The adhesive characteristic may be provided by way of, for example, an adhesive (e.g. glue), physical mechanism (e.g. Velcro™, male-female connector, catch), magnetic mechanism, and the like.

[0041] The circuits/circuitry comprised on or in the EFTM 10 according to one embodiment include a secure payment chip 10-1 (e.g. an EMV chip) for performing processes necessary to effect a financial transaction with an external device (e.g. a card reader) according to a predefined electronic payment standard (e.g. the EMV standard), a near-field communications (NFC) chip 10-4 and corresponding NFC antenna 10-5 for enabling the secure payment chip 10-1 to communicate with compatible devices external to the EFTM 10 via NFC, a general purpose processor 10-6 for controlling and providing functions to the EFTM 10, a short-range communications chip 10-2 (e.g. Bluetooth™) and corresponding antenna 10-3 for enabling the general purpose processor 10-6 to communicate with compatible devices external to the EFTM 10, and a power source 10-7. Other supporting hardware such as memories 10-8, data busses 10-9a, 10-9b, and power busses 10- 10a, 10-10b are also provided as required within the EFTM 10. Additionally, a switch 10-15 is provided on the power bus 10-10b connecting the power source 10-7 to at least the secure payment chip 10-1 , and preferably also one or more of the NFC chip 10-4 and NFC antenna 10-5. The switch 10-15 is connected to the general purpose processor 10-6, which is operable to toggle the switch 10-15 between an ON and OFF state.

[0042] The data busses 10-9a and 10-9b are preferably separate from each other, such that the secure payment chip 10-1 and the general purpose processor 10-6 are isolated from each other, whereby the secure payment chip 10-1 is secured against penetration attempts and compromise by malicious code that may inadvertently run on the general purpose processor 10-6.

[0043] The secure payment chip 10-1 is, for example, an EMV chip conforming to the EMV standard. The secure payment chip 10-1 is operable to conduct all necessary processing, conduct all necessary authentications, generate all necessary data, and perform all necessary communications as per the EMV (or other relevant) standard, to effect a transaction with an external electronic financial transaction device (e.g. a point-of-sale card reader) in accordance with the EMV (or other relevant) standard. As such actions and processes are well-documented by the relevant standard, details of such actions and processes are not explicitly described herein. The secure payment chip 10-1 is associated with a payment account, from which funds for the financial transaction are obtained. Typically, the payment account is with a financial institution such as a bank, who is also typically the issuer of the EFTM in the same way that they would be the issuer of traditional credit cards.

[0044] The short-range communications chip 10-2 provides a short-range communication means for the EFTM 10 to communicate with devices external to it, and is, for example, a Bluetooth™ communications chip. The short-range communications chip 10-2 is coupled with an appropriate antenna 10-3 to facilitate the physical transmission and reception of appropriate communications signals. As will be described in greater detail below, the short-range communications chip 10-2 allows the EFTM 10 to be paired with the mobile electronic device 1000, and to thereby interact therewith.

[0045] The NFC chip 10-4 is a communications chip conforming with the NFC standard. The NFC chip 10-4 facilitates communication between the EFTM 10 (in particular the secure payment chip 10-1) and another NFC compatible device such as the aforementioned electronic financial transaction device (e.g. point-of-sale card reader). The NFC chip 10-4 is coupled with an appropriate antenna 10-5 to facilitate the physical transmission and reception of appropriate communications signals. The NFC chip 10-4 allows the EFTM 10 to effect a financial transaction with the aforementioned electronic financial transaction device similar to how credit cards perform contactless payments (e.g. PayWave™)

[0046] The general purpose processor 10-6 is, for example, a microcontroller unit (MCU), a microprocessor unit (MPU) or other combination of one or more central processing units (CPU) and supporting hardware/chips. The general purpose processor 10-6 controls the overall operation of the EFTM 10, for example running any operating system, firmware, software, drivers, or other programs necessary or desired to be run by/in the EFTM 10. One piece of software that would be run on the general purpose processor 10-6 is, for example, software for pairing the EFTM 10 with a Bluetooth™ device via the short-range communications chip 10-2. Another piece of software that could be run on the general purpose processor 10-6 is a software client (or conversely a software server) configured to interact with a corresponding software server (or conversely a software client) running on another device (for example, the mobile electronic device 1000) to which the EFTM 10 is paired, or a peer-to-peer equivalent thereof. While displayed as a single power source, the power source 10-7 may alternatively comprise of multiple, isolated, power sources each powering one or more of the electronic circuitry making up the EFTM 10. For example, the power source 10-7 may comprise of two, separate and isolated power sources; one for powering the power bus 10-10b, secure payment chip 10-1 , NFC chip 10-4, and NFC antenna 10-5, and another for powering the general purpose processor 10-6, short-range communications chip 10-2, and short- range communications antenna 10-3.

[0047] The power source 10-7 may be, for example, a rechargeable or non- rechargeable battery, radiation harvesting battery, and the like.

[0048] The EFTM 10 is further provided with an encryption key pair consisting of a private key and a public key. The encryption key pair, as will be described in greater detail below, is used to pair the EFTM 10 with the mobile electronic device 1000 and allow the EFTM 10 and mobile electronic device 1000 to communicated in a secure, encrypted manner.

[0049] The EFTM 10, when paired with the mobile electronic device 1000 running an EFTM controlling application, is controllable by the mobile electronic device 1000 and EFTM controlling application to, amongst other things, activate/deactivate the secure payment chip 10-1 , set up the EFTM 10 (for example, to establish pairing), set various preferences (for example, lighting and/or visual preferences to indicate various operating modes of the EFTM), and the like. In this manner, the EFTM 10 provides to the mobile electronic device 1000 the capability of performing secure financial transactions, which the mobile electronic device 1000 may not otherwise have. Additionally, in this manner (and as will be described in greater detail below), the generation, processing, and communication of data/information for the purposes of conducting a financial transaction is conducted by and on the secure payment chip 10-1 as opposed to on the mobile electronic device 1000, such that security risks associated with the mobile electronic device 1000 being compromised (for example, malicious 3rd party applications) can be mitigated.

[0050] An operation of the EFTM 10 as part of an electronic payment system is described in greater detail later below with reference to Fig. 4.

[0051] With reference to Fig 2, an electronic payment system 20 according to a another aspect of the invention is described. The electronic payment system 20 according to one embodiment of the second aspect of the invention comprises the mobile electronic device 1000 and the EFTM 10 as described above.

[0052] The mobile electronic device 1000 is, for example, a smart phone but may also be a tablet, a smartwatch, or other mobile computing device. The mobile electronic device 1000 may be a device that does not have an NFC capability, which is generally the basic requirement for a device to be able to perform contactless POS financial transactions. The mobile electronic device 1000 has installed therein, and is operable to execute, an EFTM controlling application to control and otherwise facilitate communication between the mobile electronic device 1000 and the EFTM 10. [0053] The EFTM 10 is as described above, and in a preferred embodiment is adhered on the side having the aforementioned adhesive to a back surface of the mobile electronic device 1000. It should be understood that the EFTM 10 may alternatively be adhered to any convenient surface on or off the mobile electronic device 1000, so long as that surface places the EFTM 10 and the mobile electronic device 1000 within communication range of each other via the short-range communications chip 10-2 and corresponding antenna 10-3 of the EFTM 10 when it is desired to use the electronic payment system 20 to perform a financial transaction. For example, the EFTM 10 may be adhered to a protective case that holds/covers the mobile electronic device 1000, or to a band/strap attached to the mobile electronic device 1000 in the case that the mobile electronic device 1000 is a smart watch, and the like.

[0054] The electronic payment system 20 is formed by pairing the EFTM 10 with the mobile electronic device 1000. The pairing of the mobile electronic device 1000 with the EFTM 10 is preferably facilitated by way of the EFTM controlling application. Pairing of the mobile electronic device 1000 with the EFTM 10 involves at least a physical pairing at the “bearer” level to connect the mobile electronic device 1000 to the EFTM 10 via the short-range communications means (e.g. Bluetooth™), and a logical pairing at the “software” level to match and authenticate a specific EFTM 10 with a specific mobile electronic device 1000 so as to work together. An operation to pair the mobile electronic device 1000 with the EFTM 10 is described in greater detail below with reference to Fig. 3. The electronic payment system 20 is formed after the mobile electronic device 1000 is paired with the EFTM 10.

[0055] When formed, the electronic payment system 20 can be operated to perform financial transactions, such as a POS financial transaction. In such an operation, the mobile electronic device 1000 is operated to execute the EFTM controlling application. A user of the mobile electronic device 1000 then uses the EFTM controlling application to activate the secure payment chip 10-1 , for example by toggling the switch 10-15 to an ON state and thereby supply power to the secure payment chip 10-1 to permit the NFC chip 10-4 to then send and receive signals and other process transactions using the payment account associated therewith. An exemplary and more detailed operation of the electronic payment system 20 is described below with reference to Fig. 4.

[0056] With reference to Fig. 3, an operation 300 for pairing the EFTM 10 with the mobile electronic device 1000 is described.

[0057] At step 310, the physical pairing of the EFTM 10 with the mobile electronic device 1000 via the short-range communications means is performed. For example, if the short-range communications chip 10-2 is a Bluetooth™ communications chip and the short-range communications mean is therefore Bluetooth™, step 310 connects the EFTM 10 and the mobile electronic device 1000 via Bluetooth™. Such physical pairing is known, and the specific steps for doing so are specified by the protocols of the short-range communications means being used. As such, the further specific steps will not be described in detailed here.

[0058] At step 320, after the physical pairing of the EFTM 10 and the mobile electronic device 1000 has been completed, that is the EFTM 10 and the mobile electronic device 1000 have established a channel for signal communication with each other, software pairing commences. In a preferred embodiment of the operation 300, the software pairing of the EFTM 10 with the mobile electronic device 1000 involves the use and exchange of private and public keys to effect pairing.

[0059] Specifically, at step 320A, the EFTM 10 transmits to the mobile electronic device 1000 its aforementioned public key.

[0060] At step 320B, the EFTM controlling application generates a private- public key pair for the mobile electronic device 1000 or obtains a pre-generated private-public key pair, and transmits the public key of the key pair to the EFTM 10.

[0061] At step 320C, the respectively received public keys are respectively stored by the EFTM 10 and mobile electronic device 1000.

[0062] At step 330, a unique identifier of the EFTM 10 (e.g. Bluetooth™ Organizationally Unique Identifier (OUI), or other unique serial number) is optionally sent by the EFTM 10 to the mobile electronic device 1000. [0063] At step 340, a unique identifier of the mobile electronic device 1000 (e.g. International Mobile Equipment Identity (IMEI) number, or other unique serial number) is optionally sent by the mobile electronic device 1000 to the EFTM 10.

[0064] At step 350, the unique identifier of the EFTM 10, if sent at step 330, is associated with the public key sent by the EFTM 10 to the mobile electronic device 1000.

[0065] At step 360, the unique identifier of the mobile electronic device 1000, if sent at step 340, is associated with the public key sent by the mobile electronic device 1000 to the EFTM 10.

[0066] It should be understood that steps 320 to 360 may be completed in a variety of orders, and/or in parallel with each other, as would be apparent to a person skilled in the art.

[0067] The EFTM 10 and the mobile electronic device 1000 are considered paired when at least their respective public keys have been exchanged with each other.

[0068] The transmitting, and subsequent storing and association, of a unique identifier of the EFTM 10 to the mobile electronic device 1000 allows multiple EFTM 10 to be paired with the mobile electronic device 1000.

[0069] The public key transmitted by the mobile electronic device 1000 to the EFTM 10 is used by the EFTM 10 to encrypt all future information sent from the EFTM 10 to the mobile electronic device 1000. Similarly, the public key transmitted by the EFTM 10 to the mobile electronic device 1000 is used by the mobile electronic device 1000 to encrypt all future information sent from the mobile electronic device 1000 to the EFTM 10. Information sent by the EFTM 10 to the mobile electronic device 1000 (which has been encrypted with the public key belonging to the mobile electronic device 1000) is decrypted by the mobile electronic device 1000 using the private key of the mobile electronic device 1000. Similarly, information sent by the mobile electronic device 1000 to the EFTM 10 (which has been encrypted with the public key belonging to the EFTM 10) is decrypted by the EFTM 10 using the private key of the EFTM 10. [0070] The above pairing operation 300 needs only be performed once, at the time of first use/activation of the EFTM 10. Subsequent uses of the electronic payment system 20 need only require the physical pairing step to be repeated, and then only if the short-range communication means was ceased/suspended since the previous time of use.

[0071] With reference to Fig. 4, an exemplary operation 400 of the electronic payment system 20 to effect a POS financial transaction is described. The exemplary operation 400 assumes that an EFTM 10 has already been paired (physical and software) with the mobile electronic device 1000, in accordance with operation 300.

[0072] At step 410, the EFTM control application is executed on the mobile electronic device 1000. During the start-up of the EFTM control application (and preferably also when the EFTM control application is “resuming” from a standby state or a period of inactivity), the EFTM control application preferably prompts the user to authenticate himself. Authentication may be effected, for example, by entering a PIN, biometrics (e.g. fingerprint), and the like. If necessary, the EFTM control application then proceeds to re-establish a physical pairing/connection between the EFTM 10 and the mobile electronic device 1000.

[0073] At step 420, after the EFTM 10 and the mobile electronic device 1000 are (re)connected, the EFTM control applications makes available to the user of the mobile electronic device 1000 a range of control options and functions, including (but not limited to) for example:

• Active/Deactivate Secure Payment Chip: Activates or deactivates the secure payment chip 10-1 by toggling the switch 10-15. When deactivated, the switch 10-15 is toggled to an OFF state and the secure payment chip 10-1 is electrically isolated from the power source 10-7 and therefore turned off. When activated, the switch 10-15 is toggled to the ON state and the secure payment chip 10-15 is supplied with power from the power source 10-7.

Generate OTP: For EFTMs that use OTP authentication, this control option either causes the mobile electronic device 1000 to generate an OTP, or sends an instruction to the EFTM 10 to instruct the EFTM 10 generate an OTP. After generated, the OTP is sent back to the mobile electronic device 1000 (encrypted using the public key of the mobile electronic device 1000) if it was generated by the EFTM 10 and displayed on the mobile electronic device 1000.

• Sync OTP: For EFTMs that use OTP authentication, this control option causes the mobile electronic device 1000 to communicate with a server of the issuing financial institution to synchronise with each other the information necessary for generating an OTP (e.g. seed, time, etc.) such that both the mobile electronic device 1000 and the server can generate the same OTP.

• Change static PIN: For EFTMs that use static PIN authentication, allows the user to change/set the static PIN with the issuing financial institution. To effect this, the EFTM controlling application communicates with a server of the financial institution via the Internet to advise the server of the new static PIN.

• Set transaction limit: Sets a transaction limit for any one transaction. The transaction limit is communicated from the mobile electronic device 1000 to the server of the issuing financial institution via the Internet. This is a security measure.

• Set transaction window: Sets a window of time during which a transaction using the secure payment chip 10-1 is permitted. Outside of this window, all attempts to perform a transaction with the secure payment chip 10-1 are disallowed. The transaction window is communicated from the mobile electronic device 1000 to the server of the issuing financial institution via the Internet. Security measure.

[0074] For the purposes of this example, it is to be assumed that the EFTM 10 relies on OTP authentication, has a set transaction limit of $100 and has a set transaction window of 30 seconds.

[0075] At step 430, the user activates the secure payment chip 10-1 to enable it to be used to perform a POS financial transaction. Unlocking of the secure payment chip 10-1 can also be automatic, after authentication of the user at step 410.

[0076] At step 440, as the EFTM 10 in this example relies on OTP authentication (as opposed to static PIN authentication), the user next selects (or is prompted to select) the “Generate OTP” option from the EFTM control application. After selection of this option the EFTM 10, using for example the general purpose processor 10-6, the mobile electronic device 1000 generates a OTP. The generated OTP is communicated to the mobile electronic device 1000 if necessary and displayed thereon. Alternatively, an OTP may be automatically generated, stored, and displayed without a need for the user to explicitly initiate such action.

[0077] If the EFTM 10 relies on static PIN authentication, the generation of an OTP is not required.

[0078] At step 450, the user interacts the EFTM 10 and in particular the secure payment chip 10-1 , with a POS card reader using the NFC chip. For example, the user “taps” or “waves” the EFTM 10 on/near the POS card reader. In doing so, the card reader and the secure payment chip 10-1 interact and exchange information in a specified way, in accordance with the standard (e.g. EMV standard) to which the card reader and the secure payment chip 10-1 conform. The details for such interaction are known, and therefore not repeated here.

[0079] At step 460, the POS card reader can request the input of a PIN (into the card reader) by the user. The user enters the OTP displayed on the mobile electronic device at step 440 into the POS card reader, using for example a keypad of the POS card reader.

[0080] At step 470, the PIN inputted at step 460, together with an amount to be paid is sent by the POS card reader to the server of the issuing financial institution. The time elapsed since the transaction was first commenced can also be sent.

[0081] At step 480, the server of the issuing financial institution receives the PIN, the amount to be paid, and the elapsed time (if sent). The server then checks to see if the received PIN is a valid PIN, checks to see if the amount to be paid is within a transaction limit (if set), and if the elapsed time was sent also checks to see if the transaction occurred within a transaction window (if set).

[0082] At step 490, if all checks performed in step 480 are passed, and no other standard errors are raised (e.g. credit limit check, non-fraudulent/suspect transaction, expiry date valid, etc.) the server of the issuing financial transaction approves the transaction and sends notice of such approval back to the POS card reader, whereby the financial transaction is then approved and completed.

[0083] At step 495, the EFTM 10 is automatically locked following completion of the financial transaction. The EFTM 10 may also be automatically locked following the elapse of the transaction window duration, if one was set.

[0084] The EFTM 10 and electronic payment system 20 formed using the EFTM 10, allows any mobile electronic device 1000 that has a short-range communication means compatible with that of the EFTM 10, and able to run the EFTM controlling application, to be able to conduct electronic POS financial transactions, and to do so securely.

[0085] The secure payment chip 10-1 , according to a preferred embodiment, must be unlocked by the EFTM controlling application running on a paired mobile electronic device 1000 before the secure payment chip 10-1 can be used in an electronic financial transaction. Accordingly, any security risks associated with the EFTM 10 being lost, detached from the mobile electronic device 1000, or the secure payment chip 10-1 being “skimmed” is mitigated or outright prevented. In one embodiment, each EFTM 10 may only be paired once. That is, one EFTM 10 can only ever be paired with one mobile electronic device 1000.

[0086] As all processing necessary to effect a financial transaction is performed by and on the secure payment chip 10-1 , the risk of malicious software running on the mobile electronic device 1000 influencing, interfering or otherwise “hacking” such processes, including stealing information related to the financial transaction, is mitigated. Moreover, as communication between the EFTM 10 and the mobile electronic device 1000 is encrypted using private-public keys, the risk of malicious software running on the mobile electronic device 1000 (which malicious software would not have the required key pairs) influencing, interfering or otherwise “hacking” such processes is further mitigated, and further software/devices external to the mobile electronic device 1000 (e.g. attempting to eavesdrop, “packet sniff”, or intercept the communication occurring between the EFTM 10 and mobile electronic device 1000) are also prevented from doing so.

[0087] In a further preferred embodiment, the electronic financial transaction module sticker as described can be used with devices that have a near-field communications (NFC) electronically compatible payment component and a functional component. By way of example, a pump that has an NFC electronically compatible payment component that can communicate with an electronic financial transaction module sticker and can turn on and off the pump to deliver a volume of water. Payment can be made via a secure communication with the electronic financial transaction module sticker, the payment is processed and instructions are sent to the NFC electronically compatible component of the pump to release a predetermined volume of water. The water may be discharged when the transaction is completed, on the push of a button or flip of a switch on the pump, or with a pin or OTP provided by the electronic financial transaction module sticker and entering it on the pump control panel.

[0088] Furthermore, payment may be made remotely if the electronic financial transaction module sticker has internet access. Because the stickers allow the pumps or items to connect to the internet where internet is available, the payments can also be made remotely. For example, a person in a city can send a payment via the internet to wallet in a sticker on a remote village pump. The sticker will show a credit in a particular wallet. The sticker will send a PIN or OTP to the payer who then notifies a villager of the pin or OTP to enable them to access the credit.

[0089] In the same way other services such as providing electricity, internet access, gas, fuel and other commodities and services can be paid for using the system and method of the electronic financial transaction module sticker. For example, NFC electronically compatible component on a solar array allows a financial transaction to be made with an electronic financial transaction module sticker on a mobile phone to deliver power.

[0090] In a further example, a villager with their mobile phone which has their paired electronic financial transaction module sticker can make a financial transaction with a pump which has its operatively associated electronic financial transaction module sticker by transferring funds to the wallet of the pump operatively associated electronic financial transaction module sticker. After payment, the pump is turned on and water is pumped from the well. A villager can go to the pump and use his stored value wallet and electronic financial transaction module sticker on his phone and make a payment for 20 litres of water. The pump operatively associated electronic financial transaction module sticker has a wallet built into it that allows payment to be received. The pump then makes a payment to the solar array via the electronic financial transaction module sticker on the solar array. When the payment is received the array will switch on the flow of electricity to the pump to allow for the pump to deliver the water. In this way, different businesses that may have supplied the water pump and the solar array, will each be paid for their respective services.

[0091] In a similar example, an automated fuel pump can be enabled in the same way with a solar array. The user pays for 10 litres of fuel and the fuel pump pays for electricity. Both the fuel pump and the power supply have respectively operatively associated electronic financial transaction module stickers and the pump operatively associated electronic financial transaction module sticker makes an electronic payment to the power supply operatively associated electronic financial transaction module sticker. Different businesses have supplied the fuel pump and the solar array, but each receives payment if the pump and solar array have their respectively operatively associated electronic financial transaction module stickers.

[0092] The term operatively associated comprises pairing with Bluetooth™ communication functionality or any other suitable communication means.

[0093] In this way a pay-as-you-go system can be used for powered vehicles and equipment. For example, a sticker attached (operatively associated) to the ignition of a truck/car/other vehicle allows the vehicle to carry out a financial transaction. A user can go to the vehicle and make a payment for several hours of use. The vehicle can accept the payment and allow the vehicle to be unlocked and the engine started. Later, at another time the vehicle can make a payment to a fuel pump for fuel when it needs filling. The driver that drives the vehicle to the pump does not make the payment for the fuel because the vehicle interacts with the pump to make electronic payment. [0094] This process can be applied to any powered device, large or small, where it is advantageous to enable a pay-as-you-go process for the usage, and where the device function can be activated or deactivated.