P2P TRANSFER USING PREPAID CARD

• US 20100094753A1
• Filed: 04/16/2009
• Published: 04/15/2010
• Est. Priority Date: 10/13/2008
• Status: Active Grant

• Current Assignee: Visa International Service Association (Visa, Inc.)
• Original Assignee: Visa International Service Association (Visa, Inc.)
• Inventors: Carlson, Mark, Keshan, Surendra
• Granted Patent: US 8,352,368 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 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/223 based on the use of peer-to-peer networks
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• 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

A method and system for making a payment is disclosed. In the method, a Payor can specify an account from which to withdraw funds for the payment and specify an activation code necessary to activate the payment. The payment can be sent to a Payee in the form of a pre-paid transaction account. The account will not be activated unless the Payee provides the activation code. Funds can be withdrawn from the account specified by the Payor either in full at the time the payment is made or are withdrawn as the Payee uses the transaction account to access the funds.

Claims

1. A method of transferring funds comprising:

receiving from a first user a request to transfer funds to a second user, wherein the request includes contact information for the second user, a first activation code, an amount to transfer, and a first account identifier indicating a first account to be used as the source of the transferred funds;

creating a second account having a second account identifier wherein the second account is not initially activated;

funding the second account from the first account;

sending the second account identifier to the second user using the contact information;

receiving a second activation code from the second user; and

activating the second account if the first activation code is the same as the second activation code.

2. The method of claim 1 wherein funding the second account comprises withdrawing the amount to transfer from the first account and depositing the amount to transfer to the second account.

3. The method of claim 1 wherein funding the second account comprises withdrawing funds from the first account and depositing the funds into the second account as funds are withdrawn from the second account until the amount to transfer is reached.

4. The method of claim 1 wherein sending the second account identifier to the second user comprises sending a physical token to the second user.

5. The method of claim 4 wherein the physical token is a prepaid card.

6. A computer readable medium comprising computer code for performing the method of claim 1.

7. The computer readable medium of claim 6 wherein funding the second account comprises withdrawing the amount to transfer from the first account and depositing the amount to transfer to the second account.

8. The computer readable medium of claim 6 wherein funding the second account comprises withdrawing funds from the first account and depositing the funds into the second account as funds are withdrawn from the second account until the amount to transfer is reached.

9. The computer readable medium of claim 6 wherein sending the second account identifier to the second user comprises sending a physical token to the second user.

10. The computer readable medium of claim 9 wherein the physical token is a prepaid card.

11. A server computer comprising the computer readable medium of claim 6.

12. A method comprising:

sending a payment request to a payment processing network, wherein the request includes contact information for a second user, a first activation code, an amount to transfer, and a first account identifier indicating a first account to be used as the source of the transferred funds wherein the payment processing network is configured to;

create a second account having a second account identifier wherein the second account is not initially activated;

fund the second account with funds from the first account;

send the second account identifier to the second user using the contact information;

receive a second activation code from the second user; and

activate the second account if the first activation code is the same as the second activation code; and

communicating the first activation code to the second user.

13. The method of claim 12 wherein the payment request includes an indication that the payment will be funded immediately, wherein the amount to transfer is withdrawn from the first account and deposited into the second account immediately.

14. The method of claim 12 wherein the payment request includes an indication that the payment will be funded as used, wherein funds are withdrawn from the first account and deposited into the second account as they are used by the second user until the amount to transfer has been reached.

15. The method of claim 12 wherein the payment request includes an indication that the second shall be sent a prepaid card to access the funds.

16. The method of claim 12 wherein the payment request includes an indication that the recipient shall be sent an account identifier to access the funds.

17. The method of claim 12 wherein the method is performed by a first user of a first access device.

18. An access device comprising:

a processor; and

a computer readable medium coupled to the processor, the computer readable medium comprising;

code for sending a payment request to a payment processing network, wherein the request includes contact information for a second user, a first activation code, an amount to transfer, and a first account identifier indicating a first account to be used as the source of the transferred funds wherein the payment processing network is configured to;

create a second account having a second account identifier wherein the second account is not initially activated;

fund the second account with funds from the first account;

send the second account identifier to the second user using the contact information;

receive a second activation code from the second user; and

activate the second account if the first activation code is the same as the second activation code; and

code for communicating the first activation code to the second user.

19. The access device of claim 18 wherein the access device is a phone.