Techniques For Conducting Financial Transactions Using Mobile Communication Devices

• US 20090171842A1
• Filed: 12/27/2007
• Published: 07/02/2009
• Est. Priority Date: 12/27/2007
• Status: Active Grant

• Current Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Original Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Inventors: Blythe, Simon
• Granted Patent: US 8,527,415 B2
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G01S 19/42 Determining position
• 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 20/3224 Transactions dependent on location of M-devices
• 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 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

The present invention advantageously combines communications aspects of mobile devices with financial transaction system capabilities in a novel manner. This advantageous combination enables a user to automatically initiate a financial transaction with a merchant upon the user being located in a particular geographic vicinity. Numerous types of transactions can be enabled using the present invention.

Claims

1. A system for conducting a financial transaction exchange comprising:

a payment terminal for charging a user account to complete a financial transaction; and

a payment device configured to automatically initiate said financial transaction by (i) sending a financial transaction instruction to said payment terminal, said instruction competent to charge said user account through said terminal, and (ii) calculating a geographic location for said device in response to receiving a plurality of distances signals, wherein said instruction is sent based on said calculated geographic location and an authorized activation of said device;

wherein said calculated geographic location is compared to a predefined geographic location using said payment device, and based on said comparison, if said calculated geographic location is within a predefined distance to said predefined geographic location, said instruction is sent to said payment terminal to charge a particular account a predefined transaction amount to automatically complete said financial transaction.

2. The system of claim 1, wherein said payment device comprises a global positioning system to provide said geographic location.

3. The system of claim 1, wherein said payment terminal and said payment device are coupled operatively via a network.

4. The system of claim 3, wherein said network is a wireless network.

6. The system of claim 1, further comprising a graphical user interface for selecting said predefined geographic location.

7. The system of claim 6, wherein said graphical user interface displays a map on said payment device for identifying said predefined geographic location.

8. The system of claim 1, wherein, said payment terminal transmits an acknowledgement to said payment device upon completion of said transaction.

9. The system of claim 1, further comprising a map server to provide a map to said payment device.

10. The system of claim 1, wherein said payment terminal charges a fee for processing said transaction.

5. (canceled)

11. A method of conducting a transaction exchange comprising:

providing a payment terminal with a computer device for charging a user account to complete a financial transaction; and

providing a payment device with a processing unit configured to automatically initiate said financial transaction by (i) sending a financial transaction instruction to said payment terminal, said instruction competent to charge said user account through said terminal, and (ii) calculating a geographic location for said device in response to receiving a plurality of distance signals, wherein said instruction is sent based on said calculated geographic location and an authorized activation of said device;

wherein said calculated geographic location is compared to a predefined geographic location using said payment device, and based on said comparison, if said calculated geographic location is within a predefined distance to said predefined geographic location, said instruction is sent to said payment terminal to charge a particular account a predefined transaction amount to automatically complete said financial transaction.

12. The method of claim 11, comprising using said payment device to calculate said geographic location using a trilateration technique.

13. The method of claim 11, comprising coupling operatively said payment terminal and said payment device using a network.

14. The method of claim 11, wherein said network is a wireless network.

15. The method of claim 11, wherein said payment device compares said calculated geographic location to a predefined geographic location using a GPS module.

16. The method of claim 11, further comprising identifying said predefined geographic location using a graphical user interface.

17. The method of claim 16, comprising displaying a map on said payment device for selecting said predefined geographic location.

18. The method of claim 21, further comprising transmitting an acknowledgement from said payment terminal to said payment device upon completion of said transaction.

19. The method of claim 11, further comprising providing a map to said payment device from a map server.

20. The method of claim 21, further comprising charging a fee for processing said transaction between said payment device and said payment terminal.

21. The method of claim 11, wherein said payment terminal completes said transaction.