US Patent Issued to SHENZHEN PAX SMART NEW TECHNOLOGY on July 22 for "Encryption method and decryption method for payment key, payment authentication method, and terminal device" (Chinese Inventors)

ALEXANDRIA, Va., July 23 -- United States Patent no. 12,367,488, issued on July 22, was assigned to SHENZHEN PAX SMART NEW TECHNOLOGY Co. LTD. (Guangdong, China).

"Encryption method and decryption method for payment key, payment authentication method, and terminal device" was invented by Huan Wang (Guangdong, China), Aiping Zhou (Guangdong, China) and Youren Chen (Guangdong, China).

According to the abstract* released by the U.S. Patent & Trademark Office: "An encryption method and a decryption method for a payment key are provided. The encryption method includes: generating an AES file key and an AES key through a key store management system; generating, by the back-end system, a SM4 white box secret key, a SM2 public key and a SM2 priva...