A secure 2-way hand-shake protocol to initiate and complete mobile transactions (payments, loyalty card apps, card exchange, etc), P2P or POS, using Ultrasound Audio waves.
The project covers not the mobile payment as such, but only the protocol that can be used to execute the secure hand shake between the mobile and the POS, or between two mobiles.
Need for NO additional hardware, at the Merchant location. In some cases, where quality of speaker and mic is not upto par, may need a Tweeter/Mic box, that will cost around $15.
The low cost of implementation gives it the benefit of easy adaption. Can even replace QR codes, used by some wallets.
Business model would be to license it to exisitng Mobile phone wallets, & services like travel tickets, loyalty programs, on-campus ID, or stores that have their own mobile app, coupons/deal/offers apps, and p2p services, which could use a seamless and secure identification protocol, to identify & execute a secure handshake between 2 devices.