Method of converting virtual cash to cash and deducting from a mobile phone cash account

• US 20090026257A1
• Filed: 02/11/2008
• Published: 01/29/2009
• Est. Priority Date: 08/22/2005
• Status: Active Grant

• Current Assignee: G-Xchange, Inc. (Asiacom Philippines, Inc.), Lightfleet Corporation, Utiba Pte Limited
• Original Assignee: G-Xchange, Inc. (Asiacom Philippines, Inc.), Utiba Pte Limited
• Inventors: Matotek, Richard, Mendoza, Glenn, Buizon-Tiambeng, Shydee, Teodoro, Fernando P., Quito, Melenita, Avendano, Joanne, Macatangay, Raul, Domingo, Louie, Jimenez, Sheila, Ho, Justin, Reyes, Kaytee, Pongol, Marlowe, Quinton, Verna, Reyes, Grace, Bustamante, Alain, Cayetano, Mickey, Barnham, Andrew, Dimanno, Jewel, Villanueva, Jenny, Camacho, Justine, Garcia, Rodell, Reyes, Jessica Ann
• Granted Patent: US 7,699,218 B2
• Time in Patent Office: Days
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/16 Payments settled via telecommunication systems

Abstract

The method of converting cash into virtual cash and loaded into a mobile phone cash account using telco'"'"'s cash product services comprising the steps of: —customer going to outlet to convert cash into virtual cash using telco'"'"'s product services; —customer filling up forms, showing identification; —frontliner of outlet verifying customer'"'"'s identification; —frontliner accessing the device and keying command containing—customer'"'"'s information, reference number of registration form, —customer'"'"'s or 3^rd party-recipient'"'"'s mobile phone number and amount of cash to be converted to virtual cash and sends this to telco; —frontliner collecting cash to be converted to virtual cash and the service fee and issues receipt to the customer; —customer receiving SMs acknowledgment from telco that the cash has been converted to virtual cash and loaded in the recipient'"'"'s mobile phone cash account; —frontliner'"'"'s device receiving a message from telco (with format matching the device) of acknowledgement with confirmation number.

Claims

1. The method of receiving cash from an outlet through a mobile phone comprising the steps of:

customer requesting for cash-out at an outlet;

customer showing identification and filling up a form;

frontliner accessing the device and keying in command containing customer'"'"'s amount of cash-out and sending the to telco;

telco verifying that customer'"'"'s mobile phone is register with the telco'"'"'s cash product services and that the amount of cash-out is available in the customer'"'"'s mobile phone cash account and sending information to the device of the frontliner of the outlet;

frontliner of the outlet verifying that customer is registered with teleco'"'"'s cash product service and advising the customer of the unique transaction code;

customer paying for cash-out fee;

customer keying in “

CASHOUT”

cash product command containing his PIN, amount to be cashed out, and his mobile phone number;

sending this command to telco;

outlet'"'"'s device receiving a confirmatory message from telco of cash product service transfer;

customer receiving a SMS acknowledgment from telco of the completion of the cash product service;

customer getting cash from the outlet;

outlet'"'"'s device receiving an acknowledgment of the completion of the transaction and confirmation number from telco in a format matching the outlet'"'"'s device.