ALEXANDRIA, Va., July 23 -- United States Patent no. 12,367,492, issued on July 22, was assigned to PAYPAL INC. (San Jose, Calif.).
"Proximity-based token issuance system" was invented by Pankaj Sarin (Fremont, Calif.).
According to the abstract* released by the U.S. Patent & Trademark Office: "A token issuance system receives a first purchase request for at least one of a good or a service from a merchant at a merchant location. The system generates a payment token based on the purchase request such that the payment token is associated with a proximity condition. The system then determines that a location of a user device that is associated with the purchase request satisfies the proximity condition. In response to the determining that t...