System and method for using a prepaid card
First Claim
Patent Images
1. A method for transferring money between two parties, comprising:
- a) issuing at least two prepaid cards sharing an associated prepaid card account to a first party;
b) sending at least one of said prepaid cards to a second party;
c) adding value to said card account by one of the first party or second party using one of said prepaid cards in the possession of the party adding said value;
d) using one of said prepaid cards in a card transaction by the party other than the one adding said value in step (c).
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Accused Products
Abstract
A system and method for transferring money by use of a prepaid card account is disclosed wherein two cards are issued to the user accountholder, one of which is provided to another user, and either user may add value to the prepaid account so that the other user may use the card and that value in a financial transaction.
350 Citations
28 Claims
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1. A method for transferring money between two parties, comprising:
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a) issuing at least two prepaid cards sharing an associated prepaid card account to a first party;
b) sending at least one of said prepaid cards to a second party;
c) adding value to said card account by one of the first party or second party using one of said prepaid cards in the possession of the party adding said value;
d) using one of said prepaid cards in a card transaction by the party other than the one adding said value in step (c). - View Dependent Claims (2, 3, 4, 5, 6)
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7. A system for conducting a financial transaction by a prepaid card user with a prepaid card, comprising:
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a card issuer for issuing said prepaid card having first pre-encoded card identification data with an associated account, to said prepaid card user;
a terminal for allowing said user to select a personal identification number, which selection allows for initiating activation of said card, and for loading said associated account with a balance, said terminal further capable of receiving, subsequent to activation, at the time of said transaction, second pre-encoded card identification data and a second personal identification number entered by said user for that transaction;
a card processing center in communication with said terminal for storing said first data, first personal identification number and said balance, said center for receiving from said terminal at the time of said transaction second pre-encoded card identification data and said second personal identification number, and for verifying the transaction'"'"'s validity upon matching said stored first data and first personal identification number with said second pre-encoded card identification data and entered second personal identification number. - View Dependent Claims (8, 9, 10, 11, 12, 13, 14)
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15. A method for using a prepaid card by a user, comprising;
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issuing said prepaid card with a card number associated with an account;
purchasing said issued prepaid card and activating said card at time of purchase, said activation step comprising;
selecting a personal identification number;
selecting a non-preset opening balance for said account; and
transmitting over a communications network to and storing by a card processing center said card number, personal identification number and said balance;
utilizing said activated card to conduct a financial transaction, said utilization step comprising;
transmitting to said card processing center a second card number and second PIN;
verifying said transaction'"'"'s validity as a function of a comparison between said card number and PIN and said second card number and second PIN, respectively, whereby in the event they match the transaction'"'"'s validity is verified. - View Dependent Claims (16, 17, 18, 19, 20, 21)
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22. A system for using a prepaid card in a financial transaction comprising:
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an issuer for issuing said prepaid card with card identification data but without a personal identification number or value pre-stored on said card;
terminal means for dispensing to a user said prepaid card and for initiating activation of said card upon selection by said user of a personal identification number, said selection occurring through use of said terminal, said terminal means further for allowing said user to load said card with value;
central processing means for receiving from said terminal means over a communications network said card identification data, personal identification number and said value, and for completing activation by establishing a user card account comprising the received data, number and value;
transaction means connected to said central processing means for initiating said transaction by receiving second card identification data and second personal identification number and forwarding said data and number to said central processing means;
verification means connected to said central processing means for verifying the transaction'"'"'s validity by comparing said data and number with said second data and number. - View Dependent Claims (23, 24, 25, 26, 27, 28)
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Specification