SALT LAKE CITY -- Smart Chip Technologies Inc. (OTCBB:SCTN) has patented the process of allocating, storing and redeeming loyalty rewards and incentives between smart devices in Mexico.
Smart cards, palm-type organizers, cell phones, and any base device, such as merchant terminals, local and remote servers, ATMs, PCs, satellites and mainframe computers are among the devices included in the patent.
In October, at the Card Tech/Secur Tech ACT Canada Conference, SCTN successfully demonstrated the integration of its proprietary loyalty software with the Visa Open Platform smart card architecture and the Internet. Additionally, SCTN operates what is believed to be the longest-running smart card program in the United States.
The program, called the Education Funding Program, utilizes SCTN's patent, its proprietary smart card application and loyalty program accounting software, which was co-developed by IBM (NYSE:IBM). Mexico has traditionally given a high priority to the education of its people. With the approval of the patent in Mexico, the EFP can be extended across borders to increase funding for education.
SCTN will, in turn, provide loyalty program management and back-office services to those merchants.
The patent application was based on US Patent No. 5,806,045, which was granted in 1998 in the United States and in Australia (No. 703349) in 1999. The patent is also pending in Canada and Japan.
