The "Method to send payment data through various air interfaces without compromising user data" describes technology that can be used to conduct a secure commercial transaction.
After paying for an item using your phone, the retailer's point of sale (POS) device would be connected to a backend system designed to handle commercial transactions.
A secure link between your device and the POS would be established using a wireless technology such as WiFi and Bluetooth, according to the filing.
A second secure link between your phone and the backend server would be established and conduct a secure commercial transaction between the purchasing device and the backend server using payment data secured by "a shared secret" known to a secure element in the purchasing device and to the backend server.
A crypto key is generated from the "shared secret" and is stored on your phone. The server then creates a key based on the secret and compares it with the key from your phone. If the keys match, the server deems the transaction legitimate, and your credit card is charged.