Method and system for restricting the usage of payment accounts

• US 20040260647A1
• Filed: 07/13/2004
• Published: 12/23/2004
• Est. Priority Date: 09/28/2000
• Status: Active Grant

• Current Assignee: Microsoft Technology Licensing LLC (Microsoft Corporation)
• Original Assignee: Microsoft Corporation
• Inventors: Blinn, Arnold Neil, Coco, Joseph N.
• Granted Patent: US 7,395,242 B2
• Time in Patent Office: Days
• US Class Current: 705/41
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/29 characterised by micropayments
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 20/403 Solvency checks
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A user'"'"'s ability to spend and/or receive funds for payment accounts maintained in an electronic wallet are limited. These limitations include restrictions on where the user is able to spend the funds in a payment account (e.g., at which merchants the funds can be spent, whether the funds can be withdrawn from an ATM, etc.). These limitations may also include restrictions on what other payment accounts the user can receive funds from and/or transfer funds to, thereby limiting person-to-person fund transfers.

Claims

1. A method comprising:

creating, by a merchant, a payment account corresponding to a particular user;

verifying the authenticity of the payment account via a universal credit card platform; and

allowing the funds in the payment account to be spent only at the merchant.

2. A method as recited in claim 1, further comprising issuing a physical card corresponding to the payment account.

3. A method as recited in claim 1, further comprising adding the payment account to an electronic wallet corresponding to the particular user.

4. A method as recited in claim 1, wherein the allowing comprises associating restrictions with the payment account so that funds of the payment account will only be approved for purchases made from the merchant.

5. One or more computer-readable memories containing a computer program that is executable by a processor to perform the method recited in claim 1.