CONTACTLESS WIRELESS TRANSACTION PROCESSING SYSTEM

• US 20120203666A1
• Filed: 04/19/2011
• Published: 08/09/2012
• Est. Priority Date: 02/09/2011
• Status: Abandoned Application

• Current Assignee: Tycoon Unlimited Incorporated
• Original Assignee: Tycoon Unlimited Incorporated
• Inventors: Torossian, Arthur, Maxwell, David
• Application Number:
  US13/090,191
• Publication Number:
  US 20120203666A1
• Time in Patent Office: Days
• US Class Current: 705/26.41
• CPC Class Codes: G06Q 20/027 involving a payment switch or gateway
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/3223 Realising banking transactions through M-devices
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions

Abstract

A wireless transaction processing system that includes a seller associated with a transaction data, and a buyer having an Internet enabled device that can access an account associated with the wireless transaction processing system. The wireless transaction processing system, through the Internet enabled device of the buyer enables full processing of transactions without the use of physical cards.

Claims

1. A contactless wireless transaction processing system, comprising:

servers that provide a hub for communications and cashless transactions between diverse entities;

a third party processor server;

at least one buyer account and a buyer mobile Internet device selected and associated with the contactless wireless transaction processing system;

a transaction data generated for a selected goods or services associated with a registered seller account, with the transaction data having no information considered confidential;

the buyer mobile Internet device receives the transaction data, and upon confirmation, a transaction reference ID is dynamically generated by both the mobile Internet device and the contactless wireless transaction processing system platform, with the transaction reference ID associated with a transaction;

the buyer mobile Internet device transmits the transaction data with the transaction reference ID and GPS information of the buyer mobile Internet device and location to the contactless wireless transaction processing system for validation of buyer account and location, a seller account and the seller location, transaction reference ID, and transaction data;

with the third party process server authorizing the transaction after validation by the contactless wireless transaction processing system; and

with the seller account credited and the buyer account debited in accordance with the transaction data.

2. A transaction system, comprising:

an integrated contactless wireless transaction processing system that is integrated with a credit issuing entity;

at least one buyer account and a buyer mobile Internet device selected and associated with the integrated contactless wireless transaction processing system of the credit issuing entity;

a transaction data generated for a selected goods or services associated with a registered seller account during a purchase transaction, with the transaction data having no information considered confidential;

the buyer mobile Internet device receives the transaction data, and upon confirmation, a transaction reference ID is dynamically generated by both the buyer mobile Internet device and the contactless wireless transaction processing system platform, with the transaction reference ID associated with a transaction;

the buyer mobile internet device transmits the transaction data with the transaction reference ID and GPS information of the buyer mobile Internet device and location to the integrated contactless wireless transaction processing system of the credit issuing entity for validation of buyer account and location, seller account and location, the transaction reference ID, and transaction data;

with the credit issuing entity authorizing the transaction after validation by the integrated contactless wireless transaction processing system of the credit issuing entity;

wherein the authorization is communicated with a merchant service provider of seller account, with the seller account credited and the buyer account debited in accordance with the transaction data.

3. The transaction system as set forth in claim 2, wherein:

the association of the account with the integrated contactless wireless transaction processing system of the credit issuing entity commences when the account is established with the credit issuing entity.

4. The transaction system as set forth in claim 3, wherein:

after the association, a branded integrated contactless wireless transaction processing system of the credit issuing entity is downloaded as a branded mobile application to the mobile Internet device, enabling the mobile Internet device to communicate and access the associated account.

5. A computer program product for wireless transaction processing system for purchasing, the computer program product comprising a computer-readable medium having computer program instructions stored therein for causing one or more computers to perform operations of:

receiving a transaction data associated with a registered seller account, and upon confirmation, generating a transaction reference ID associated with a transaction;

transmitting the transaction data and the transaction reference ID with GPS information of a buyer account to an integrated contactless wireless transaction processing system of a credit issuing entity;

validating buyer account and location, seller account and location, transaction reference ID, and transaction data;

the credit issuing entity authorizing the transaction after validation by the integrated contactless wireless transaction processing system of the credit issuing entity;

communicating authorization with a merchant service provider of the seller account, with the seller account credited and the buyer account debited in accordance with the transaction data.

6. A direct fund transfer system, comprising:

a payee account and payee Internet enabled handheld device associated with a wireless transaction processing system;

a payer account and payer Internet enabled handheld device associated with a wireless transaction processing system;

payee identification information is internally retrieved by the payer Internet enabled handheld device or manual entered into the payer Internet enabled handheld device and upon confirmation, a transaction reference ID is dynamically generated by both the payer mobile Internet device and the wireless transaction processing system, with the transaction reference ID associated with a transaction;

the payer mobile Internet device transmits the transaction data with the transaction reference ID to the wireless transaction processing system for validation of payer account, payee account, and transaction reference ID and upon validation authorizes transfer of funds, crediting the payee account associated with the wireless transaction processing system and debiting the payer account associated with the wireless transaction processing system, with funds immediately available in payee account.