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Method And System For Controlling Risk Using Static Payment Data And An Intelligent Payment Device

  • US 20110010289A1
  • Filed: 05/01/2008
  • Published: 01/13/2011
  • Est. Priority Date: 05/03/2007
  • Status: Abandoned Application
First Claim
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1. A method of conducting a payment transaction between a merchant and a holder of a payment token, comprising:

  • receiving magnetic stripe data from a magnetic stripe on said payment token;

    determining the existence of an intelligent payment device associated with said payment token based at least in part on said magnetic stripe data;

    determining the existence of an intelligent point of interaction device accessible to said merchant, said intelligent point of interaction device being capable of conducting a contactless payment transaction with said intelligent payment device; and

    requiring said merchant to conduct said payment transaction using said intelligent payment device and said intelligent point of interaction device based at least in part on the result of said determining the existence of said intelligent payment device.

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