TECHNOLOGY LICENSING PROGRAMs

Digital wallets let buyers connect with sellers using wireless and/or near-field communications (NFC) channels to undertake financial transactions using smartphones, tablets, wearables and more. 

A financial transaction is an agreement, or communication carried out between a buyer and a seller to exchange an asset for payment. It involves a change in the status of the finances of two or more businesses or individuals. The buyer and seller are separate entities or objects, often involving the exchange of items of value, such as information, goods, services and money. It is still a transaction if the goods are exchanged at one time, and the money at another. This is known as a two-part transaction: part one is giving the money, part two is receiving the goods.

The buyer and seller are separate entities or objects, often involving the exchange of items of value, such as information, goods, services and money. It is still a transaction if the goods are exchanged at one time, and the money at another. This is known as a two-part transaction: part one is giving the money, part two is receiving the goods. 

A financial transaction always involves one or more financial asset. Either buyer or seller can initiate such a transaction, hence one is the originator/initiator and the other is the responder. From liquidity point of view, one is the liquidity provider, the other party is the liquidity consumer. The liquidity provider is also called offer and the liquidity consumer is also called taker. While bidder and asker are much more confusing. Some people use both bid & ask for liquidity provision, while some other people use offer & ask for liquidity provision. 

Financial transactions processes, functions and methods cover the buying, selling, trading, as well as all other functions and processes of the products/services involved (e.g., the administration, accounting, custody, etc.). 

Personal Electronic Devices (PEDs) include but are not limited to handheld computing platforms (e.g., cell phones, smartphones), wrist-worn computing systems (e.g. smart digital watches), or other mobile computing systems (e.g., tablets, laptops). Moreover, a PED may be any mobile computing device used by a user and capable of communication using a cellular wireless communication channel.

Byers and sellers may conduct financial transactions via an intermediary communication network such as the Internet, use cellular communication channels or near-field communication (NFC).