Western Union has patented a method to enhance security for mobile device operations during funds transfer. The method involves capturing an image of currency, determining its value and country of origin, locating a currency exchange, locking in an exchange rate, and generating a barcode for easy retrieval of the rate. GlobalData’s report on Western Union gives a 360-degree view of the company including its patenting strategy. Buy the report here.

According to GlobalData’s company profile on Western Union, was a key innovation area identified from patents. Western Union's grant share as of January 2024 was 83%. Grant share is based on the ratio of number of grants to total number of patents.

Enhancing security for mobile currency exchange operations

Source: United States Patent and Trademark Office (USPTO). Credit: The Western Union Co

A recently granted patent (Publication Number: US11847638B2) outlines a method and system for enhancing security in mobile device operations. The method involves capturing an image of a currency using the device's camera, performing image recognition to determine the country and value of the currency, and then identifying a nearby currency exchange location based on the device's current location. The system then encodes this information into a barcode for easy retrieval of the exchange rate after scanning. Additionally, the method includes processing data from a global positioning system to determine the device's location and identifying preferred physical locations for enhanced security measures.

Furthermore, the patent details a mobile device equipped with a camera, display screen, and processing device to implement the security-enhancing method. The device captures currency images, determines exchange rates based on location and currency value, and encodes this information into a barcode for convenient access. By utilizing data from a global positioning system, the device can accurately determine its location and identify nearby currency exchange locations. The system also allows for the locking of currency values during a specified period, enhancing security measures for mobile transactions. Overall, the patented technology aims to provide a secure and efficient method for conducting currency exchange operations on mobile devices, ensuring user safety and convenience.

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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.