System, method and apparatus for enabling transactions using a biometrically enabled programmable magnetic stripe

A method for enabling a transaction using an apparatus containing information associated with one or more users, a magnetic field generator disposed within the substrate and a biometric sensor, wherein the magnetic field generator is normally inactive and comprises a magnetic stripe either mounted on the substrate or disposed within the substrate, one or more induction coils disposed within the substrate underneath a length of the magnetic stripe and a control circuit disposed within the substrate that is connected to the one or more induction coils, the method comprising the steps of:

• receiving authentication data from the biometric sensor;
• determining whether the authentication data is valid for one of the users;
• and
• activating the magnetic field generator and generating a time-varying magnetic signal by pulsing the one or more induction coils underneath the magnetic stripe, wherein the time-varying magnetic signal is transmitted to a magnetic stripe reader and emulates a data stream generated by swiping a static magnetic stripe card through the magnetic stripe reader but is not created by swiping the magnetic stripe of the apparatus through the magnetic stripe reader or using an adapter to interface with the magnetic stripe reader, and that corresponds to the information associated with the authenticated user whenever the authentication data is valid.

A computer program embodied in a computer non-transitory readable medium for enabling a transaction using an apparatus containing information associated with one or more users, a magnetic field generator and a biometric sensor, wherein the magnetic field generator is normally inactive and comprises a magnetic stripe either mounted on a substrate or disposed within the substrate, one or more induction coils disposed within the substrate underneath a length of the magnetic stripe and a control circuit disposed within the substrate that is connected to the one or more induction coils, the computer program comprising:

• a code segment for receiving authentication data from the biometric sensor;
• a code segment for determining whether the authentication data is valid for one of the users;
• and
• a code segment for activating the magnetic field generator and generating a time-varying magnetic signal by pulsing the one or more induction coils underneath the magnetic stripe, wherein the time-varying magnetic signal is transmitted to a magnetic stripe reader and emulates a data stream generated by swiping a static magnetic stripe card through the magnetic stripe reader but is not created by swiping the magnetic stripe of the apparatus through the magnetic stripe reader or using an adapter to interface with the magnetic stripe reader, and that corresponds to the information associated with the authenticated user whenever the authentication data is valid.

A system comprising:

• one or more user devices, each user device comprising
• a substrate,
• a magnetic field generator disposed within the substrate, wherein the magnetic field generator is normally inactive and comprises a magnetic stripe either mounted on the substrate or disposed within the substrate, one or more induction coils disposed within the substrate underneath a length of the magnetic stripe and a control circuit disposed within the substrate that is connected to the one or more induction coils and generates a time-varying magnetic signal by pulsing the one or more induction coils underneath the magnetic stripe when activated by a processor, wherein the time-varying magnetic signal is transmitted to a magnetic stripe reader and emulates a data stream generated by swiping a static magnetic stripe card through the magnetic stripe reader but is not created by swiping the magnetic stripe of the apparatus through the magnetic stripe reader or using an adapter to interface with the magnetic stripe reader,
• a biometric sensor mounted on the substrate,
• a memory disposed within the substrate,
• the device processor disposed within the substrate and communicably coupled to the magnetic field generator, the biometric sensor and the memory, wherein the processor to processes biometric information received from the biometric sensor to verify that a user is authorized to use the apparatus and activate the magnetic field generator when the user is verified, and
• a power source disposed within the substrate and electrically connected to the magnetic field generator, the biometric sensor and the device processor;
• one or more system interfaces that communicate with the user device;
• and
• a system processor communicably coupled to the one or more system interfaces.