Method and system for conducting transactions using a payment card with account information encoded in bar code

• US 20030225623A1
• Filed: 01/03/2003
• Published: 12/04/2003
• Est. Priority Date: 01/04/2002
• Status: Abandoned Application

• Current Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Original Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Inventors: Wankmueller, John
• Application Number:
  US10/336,336
• Publication Number:
  US 20030225623A1
• Time in Patent Office: Days
• US Class Current: 705/17
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• 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 20/342 Cards defining paid or billed services or quantities
• CPC Class Codes: G07F 7/025 by means, e.g. cards, providing billing information at the time of purchase, e.g. identification of seller or purchaser, quantity of goods delivered or to be delivered

Abstract

A system for conducting financial transactions is provided comprising: payment cards having stored account information in bar-coded format; and terminals each equipped with at least one optical bar code reader for reading the account information in bar-coded format, the terminals utilizing the account information for processing over a payment network and authorizing the financial transaction.

Claims

1. A system for conducting financial transactions comprising:

payment cards having stored account information in bar-coded format; and

terminals equipped with at least one optical bar code reader for reading said account information in bar-coded format, said terminals utilizing said account information for processing over a payment network and obtaining authorization of said financial transaction.

2. The system of claim 1, wherein said optical bar code reader formats said optically read account information into conventional track data for said processing over said payment network.

3. The system of claim 2, wherein said optical bar code reader is omnidirectional so that said payment cards need not be aligned in any specific orientation with regard to the reader.

4. A method for conducting financial transactions comprising:

providing payment cards having stored account information in bar-coded format; and

providing terminals equipped with at least one optical bar code reader for reading said account information in bar-coded format, said terminals utilizing said account information for processing over a payment network and obtaining authorization of said financial transaction.

5. The method of claim 4, further comprising the step of formatting said optically read account information into conventional track data for said processing over said payment network.

6. The method of claim 5, wherein said optical bar code reader is omnidirectional so that said payment cards need not be aligned in any specific orientation with regard to the reader.