ALEXANDRIA, Va., Dec. 31 -- United States Patent no. 12,513,008, issued on Dec. 30, was assigned to OL SECURITY LLC (Wilmington, Del.).
"System and method for approving transactions" was invented by Robert W. Peterson (Plano, Texas).
According to the abstract* released by the U.S. Patent & Trademark Office: "In a transaction between a merchant and a payer, approval of the transaction may be provided by a payment processing system using authentication information provided from a mobile device of the payer. The authentication information may include a location of the payer mobile device which may be compared to a location of a merchant payment device such that the transaction is approved if the payer mobile device is within a defined distan...