Method for secure electronic tender

• US 10,453,055 B2
• Filed: 02/12/2013
• Issued: 10/22/2019
• Est. Priority Date: 02/12/2012
• Status: Active Grant

• Current Assignee: Cytherean Mandelbrot LLC
• Original Assignee: Cytherean Mandelbrot LLC
• Inventors: Stecewycz, Joseph
• Primary Examiner(s): Chein, Allen C
• Application Number:
  US13/765,683
• Publication Number:
  US 20140058858A1
• Time in Patent Office: Days
• Field of Search: None
• CPC Class Codes: G06K 19/0725 the arrangement being a circuit for emulating a plurality of record carriers, e.g. a single RFID tag capable of representing itself to a reader as a cloud of RFID tags
• CPC Class Codes: G06Q 20/0655 e-cash managed centrally
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/352 Contactless payments by cards
• CPC Class Codes: G06Q 20/3572 Multiple accounts on card
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 20/409 Device specific authentication in transaction processing
• CPC Class Codes: G07F 7/0806 Details of the card record carriers per se G06K

Abstract

The invention is a method of conducting a secure monetary transaction with a funded secure tender electronic card by: (i) pre-selecting a monetary amount as a card usage parameter for the secure tender electronic card, the monetary amount having a value of from zero cents to ninety nine cents, (ii) storing the card usage parameter in an electronic card server, and (iii) validating, via the electronic card server, a pending monetary transaction using the electronic card only when the transaction cents amount is equal to the stored card usage parameter.

Claims

1. A method of conducting a secure monetary transaction, said method comprising the steps of:

accessing, by a user, a secure tender electronic card server to select a monetary amount as a card usage parameter for a secure tender electronic card, said monetary amount having a value of from zero cents to ninety nine cents;

storing said card usage parameter in said secure tender electronic card server, said card usage parameter associated in said secure tender electronic card server with said secure tender electronic card;

presenting, by said user, said secure tender electronic card as payment for a pending monetary transaction amount, said pending monetary transaction amount including a pending transaction dollar amount and a pending transaction cents amount;

if said pending transaction cents amount equals said card usage parameter, validating the secure monetary transaction; and

,

if said pending transaction cents amount does not equal said card usage parameter, invalidating the secure monetary transaction.

2. The method of claim 1 wherein said secure tender electronic card comprises:

a card code radio frequency identification (RFID) with an identification chip, said identification chip having embedded therein a secure tender electronic card identification code associated with a secure tender electronic card account file resident in said secure tender electronic card server, said secure tender electronic card account file for storing said card usage parameter; and

a tender RFID with a tender chip having embedded therein a code associated with the monetary value of said secure tender electronic card.

3. The method of claim 2 further comprising the steps of:

transmitting said electronic card identification code to said secure tender electronic card server; and

retrieving, from said secure tender electronic card server, said card usage parameter from said secure tender electronic card account file.

4. The method of claim 2 wherein said tender RFID is associated with a plurality of distributed deposit accounts from which funds may be transferred for payment of said pending monetary transaction amount.

5. The method of claim 2 wherein said secure tender electronic card further comprises an expiration date, said expiration date associated with said secure tender electronic card identification code in said secure tender electronic card server.

6. The method of claim 5 wherein said expiration date is selected by said user when accessing said secure tender electronic card server.

7. The method of claim 1 wherein said card usage parameter further comprises a member of the group consisting of:

a valid transaction time interval, an approved vendor, an approved commodity, and an approved service.

8. The method of claim 1 wherein said secure tender electronic card server functions to determine if said pending transaction cents amount equals said card usage parameter.

9. The method of claim 1 wherein said card usage parameter comprises a monetary amount greater than a first pre-specified monetary dollars and cents amount and less than a second pre-specified monetary dollars and cents amount.

10. The method of claim 1 wherein said card usage parameter comprises a monetary amount equal to a pre-specified monetary dollars and cents amount.

11. A method of assuring secure payment in a monetary transaction, said method comprising the steps of:

associating by a user, in a secure tender electronic card server, a card usage parameter with a secure tender electronic card, said card usage parameter specified by said user to have a value of from zero cents to ninety nine cents;

presenting, by said user, said secure tender electronic card for payment during a pending monetary transaction at a point of sale terminal displaying a payment amount, said payment amount including a dollar payment amount and a cents payment amount;

if said point of sale terminal is notified by said secure tender electronic card server that said cents payment amount is equal to said usage parameter, completing said pending monetary transaction by transferring said payment amount to said point of sale terminal; and

if said point of sale terminal is notified by said secure tender electronic card server that said cents payment amount is not equal to said usage parameter, canceling said pending monetary transaction.

12. The method of claim 11 wherein said card usage parameter comprises at least one of:

(i) a pre-specified time-of-day interval during which said pending monetary transaction can be processed, and (ii) a pre-specified day of the week during which said pending monetary transaction can be completed.

13. The method of claim 11 wherein said secure tender electronic card server cancels said pending monetary transaction if said payment amount is less than a first pre-specified monetary value or greater than a second pre-specified monetary value.

14. A method of completing a secure monetary transaction, said method comprising the steps of:

purchasing, by a purchaser, a secure tender electronic card, said secure tender electronic card including an RFID with an identification chip, said identification chip having embedded therein a secure tender electronic card identification code associated with a secure tender electronic card account file, said secure tender electronic card account file resident in a secure tender electronic card server;

accessing, by said purchaser, said secure tender electronic card server to enable said purchaser to specify a value of from zero cents to ninety nine cents as a card usage parameter;

storing said card usage parameter in said secure tender electronic card account file;

presenting, by a presenter, said secure tender electronic card as payment for a pending monetary transaction amount, said pending monetary transaction amount including a dollar payment amount and a cents payment amount, said secure tender electronic card presented for at least one of a service or a commodity;

if said secure tender electronic card server determines that said cents payment amount equals said card usage parameter, validating the secure monetary transaction via said secure tender electronic card server; and

,

if said secure tender electronic card server determines that said cents payment amount does not equal said card usage parameter, invalidating the secure monetary transaction via said secure tender electronic card server.

15. The method of claim 14 wherein said secure tender electronic card further comprises a tender radio frequency identification, said tender radio frequency identification associated with a plurality of distributed deposit accounts from which funds may be transferred for payment of said payment amount.