System and Method for Processing Financial Transactions

• US 20090150235A1
• Filed: 12/11/2007
• Published: 06/11/2009
• Est. Priority Date: 12/11/2007
• Status: Active Grant

• Current Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Original Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Inventors: Blythe, Simon
• Granted Patent: US 8,359,268 B2
• Time in Patent Office: Days
• US Class Current: 705/14.100
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/18 involving self-service terminals [SST], vending machines, kiosks or multimedia terminals
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/0265 Vehicular advertisement
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A system for processing financial transactions based on consumer preferences is disclosed. The system allows a user to specify on a payment device a consumer preference which is communicable to a payment terminal and is determinative in pricing goods and services.

Claims

1. A system for conducting a financial transaction comprising:

a payment device capable of sending at least one personal preference and a financial transaction instruction for purchasing at least one of a good and service; and

a payment terminal capable of (i) receiving said at least one personal preference and said financial instruction and (ii) processing said financial transaction instruction using said at least one personal preference.

2. The system of claim 1, wherein said personal preference is a user configurable parameter value.

3. The system of claim 2, wherein said user configurable parameter value is associated with at least one of demographic and lifestyle information.

4. The system of claim 1, further comprising a graphical user interface for selecting said at least one personal preference.

5. The system of claim 1, wherein said at least one personal preference is protected using a secure protocol.

6. The system of claim 1, wherein sending said at least one personal preference is user configurable.

7. The system of claim 1, wherein said payment terminal adjusts a purchase price for said at least one good or service by comparing said at least one personal preference to at least one incentive item.

8. The system of claim 7, wherein said adjusted purchase price is displayed on a display device of at least one of said payment terminal and said payment device.

9. The system of claim 1, wherein said payment device stores a profile of said at least one good or service purchased.

10. The system of claim 9, wherein said payment device transmits said profile to said payment terminal and said payment terminal adjusts a purchase price for said at least one good and service based on said profile.

11. The system of claim 1, wherein said at least one personal preference and financial transaction instruction are transmitted wirelessly to said payment terminal.

12. The system of claim 11, further comprising said payment device transmitting wirelessly a profile to said payment terminal and said payment terminal adjusting a purchase price for said at least one good and service based on at least one of said profile and said personal preference.

16. The method of claim 1, comprising protecting said at least one personal preference using a secure protocol.

17. The method of claim 1, wherein sending said at least one personal preference is user configurable.

18. The method of claim 1, comprising adjusting a purchase price for said at least one good or service based on said at least one personal preference.

19. The method of claim 18, comprising displaying said adjusted purchase price on a display device of at least one of said payment terminal and said payment device.

20. The system of claim 1, comprising storing a profile of said at least one good or service purchased on said payment device.

21. The method of claim 20, further comprising:

transmitting said profile to said payment terminal; and

adjusting a purchase price for said at least one good and service based on said profile.

13. A method for conducting a financial transaction comprising:

providing a payment device capable of sending at least one personal preference and a financial transaction instruction for purchasing at least one of a good and service; and

providing a payment terminal capable of (i) receiving said at least one personal preference and said financial instruction and (ii) processing said financial transaction instruction using said at least one personal preference.

14. The method of claim 13, comprising associating at least one of demographic and lifestyle information with said personal preference.

15. The method of claim 13, further comprising providing a graphical user interface for selecting said at least one personal preference.

22. The method of claim 13, comprising transmitting wirelessly said at least one personal preference and financial transaction instruction from said payment device to said payment terminal.

23. The method of claim 13, further comprising:

transmitting wirelessly a profile from said payment device to said payment terminal; and

adjusting a purchase price for said at least one good and service based on at least one of said profile and said personal preference.