Member-Supported Mobile Payment System

• US 20070233615A1
• Filed: 03/30/2007
• Published: 10/04/2007
• Est. Priority Date: 03/30/2006
• Status: Active Grant

• Current Assignee: Obopay Mobile Technology India Pvt Limited (OBP Investments, Inc.)
• Original Assignee: Obopay Incorporated (OBP Investments, Inc.)
• Inventors: Tumminaro, John
• Granted Patent: US 8,249,965 B2
• Time in Patent Office: Days
• US Class Current: 705/75
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/32 using wireless devices
• CPC Class Codes: G06Q 20/322 Aspects of commerce using mobile devices [M-devices]
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: H04L 63/08 for authentication of entities cryptographic mechanisms or cryptographic arrangements for entity authentication H04L9/32
• CPC Class Codes: H04L 63/166 at the transport layer
• CPC Class Codes: H04M 3/16 with lock-out or secrecy provision in party-line systems

Abstract

A member-supported payment system is available to consumers and merchants without sign-up fees, subscription fees, or transaction fees to either consumers or merchants. In a specific implementation, the member payment system is a mobile payment system where consumers may conduct transactions using a mobile device such as a mobile telephone, smartphone, personal digital assistant, or similar portable wireless handheld device. Merchants will make a refundable one-time contribution. These contributions are stored in a pooled trust account by the system and the float dividends or interest on these contributions will fund the system.

Claims

1. A method comprising:

receiving a plurality of merchant contributions to fund a member payment system;

placing the merchant contributions into a pooled trust account, wherein merchants will not receive interest on their contributions;

permitting a plurality of consumers to become registered users of the mobile payment without charge;

permitting registered users to load or unload funds into a working account of the member payment system without charge; and

permitting merchants to load or unload funds into the working account of the member payment system without charge, whereby interest on pooled trust account funds the member payment system.

2. The method of claim 1 wherein the member payment system permits a registered user to request payment of money to another register user via a mobile phone.

3. The method of claim 1 wherein the member payment system permits a registered user to request payment of money to a merchant via a mobile phone.

4. The method of claim 1 wherein the member payment system manages transactions records of the registered users.

5. The method of claim 1 wherein the member payment system manages transactions records of the merchants.

6. The method of claim 1 wherein the member payment system manages transactions records of the registered users and merchants.

7. The method of claim 1 wherein when a merchant requests a refund of the merchant'"'"'s contribution to the member payment system, registered users will no longer be permitted to transfer money to the merchant.

8. The method of claim 1 wherein the merchant is not charged a periodic recurring transaction fee for being a participant of the member payment system.

9. The method of claim 1 wherein registered users may load or unload funds by way of at least one of Automated Clearing House (ACH) or direct deposit account (DDA).

10. The method of claim 1 comprising:

permitting a registered user to authorize paying a merchant through the member payment system by using a two-factor authorization scheme.

11. The method of claim 1 comprising:

permitting a registered user to authorize paying a merchant through the member payment system by using a mobile phone of the registered user and the user correctly entering a personal identification number.

12. The method of claim 1 wherein each registered user is provided a debit card.