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System and method for utilizing a universal prepaid card

  • US 10,068,225 B2
  • Filed: 06/03/2015
  • Issued: 09/04/2018
  • Est. Priority Date: 08/18/2007
  • Status: Active Grant
First Claim
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1. A computer system implementing a network transaction service, the computer system comprising:

  • a network communication interface being remotely connected, over one or more networks, to mobile computing devices of customers of a merchant;

    a set of memory resources storing instructions;

    one or more processors executing the instructions, wherein execution of the instructions by the one or more processors causes the computer system to;

    activate a universal prepaid card for use at a merchant location of the merchant, the universal prepaid card physically residing at the merchant location;

    maintain a list of users of the network transaction service who are authorized to use the universal prepaid card as customers of the merchant, each user being associated with a customer funding account;

    link the universal prepaid card to a merchant account associated with the merchant;

    receive, via the network communication interface, position data from the mobile computing device of a given user of the network transaction service to determine that the given user is located at the merchant location;

    receive, via the network communication interface, request data from the mobile computing device of the given user, the request data identifying the given user and comprising a transaction request from the given user to use the universal prepaid card at the merchant location;

    based on the position data indicating that the given user is located at the merchant location, determine the merchant account of the merchant;

    based on the request data, transfer funds from a shared fund account, associated with the network transaction service, to the merchant account to fulfill the transaction request from the given user; and

    transfer funds from the customer funding account of the given user to the shared fund account in an amount corresponding to the transaction request.

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