SECURE PAYMENTS WITH GLOBAL MOBILE VIRTUAL WALLET

• US 20120267432A1
• Filed: 06/26/2012
• Published: 10/25/2012
• Est. Priority Date: 11/12/2010
• Status: Abandoned Application

• Current Assignee: Avinash Kuttuva
• Original Assignee: Avinash Kuttuva
• Inventors: KUTTUVA, Avinash
• Application Number:
  US13/533,542
• Publication Number:
  US 20120267432A1
• Time in Patent Office: Days
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/223 based on the use of peer-to-peer networks
• CPC Class Codes: G06Q 20/26 Debit schemes, e.g. "pay now"
• CPC Class Codes: G06Q 20/326 Payment applications installed on the mobile devices
• CPC Class Codes: G06Q 20/3274 using a pictured code, e.g. barcode or QR-code, being displayed on the M-device
• CPC Class Codes: G06Q 20/3276 using a pictured code, e.g. barcode or QR-code, being read by the M-device

Abstract

A mobile payment system for facilitating secure financial transactions in person-to-person, person-to-business, business-to-business, person-to-a-group-of-people, group-of-people-to-a-person, etc. using mobile and non-mobile user interfaces for online and physical points of transaction using a standard procedure for various circumstances locally and internationally. The system involves use of a specially-configured QR code which is displayed by a payee, and scanned by a payor using a specially-configured software application running on a smartphone or other computing devices. The QR code communicates a payee-identification code and instructions for initiating a payment transaction. The application interprets the QR code and processes the data contained therein to complete a payment transaction in accordance with the instructions.

Claims

1. A payment system comprising:

a payor electronic computing device comprising;

a microprocessor for executing instructions;

a memory operably connected to the microprocessor;

an imaging device; and

instructions stored in the memory and executable by the microprocessor to;

interpret a code scanned by the imaging device to identify a payee identification code associated with a payee;

interpret a code scanned by the imaging device to identify instructions for conducting a payment transaction to transfer funds to the payee;

gather payment information from a payor via the payor electronic computing device in accordance with the instructions; and

initiate a payment transaction for transferring funds from the payor to the payee.

2. The payment system of claim 1, further comprising a system electronic computing device for creating a code encapsulating the payee identification code.

3. The payment system of claim 1, wherein the code comprises a QR code.

4. The payment system of claim 3, wherein the QR code encapsulates the payee identification code.

5. The payment system of claim 3, wherein the QR code encapsulates the instructions for conducting a payment transaction.

6. The payment system of claim 1, further comprising:

a payment processing system for receiving from the payor electronic computing device instructions for completing a transaction involving tendering a payment to a payee.

7. The payment system of claim 1, further comprising:

a payee notification system configured to receive confirmation of completion of the transaction from the payment processing system, and to signal completion of the payment transaction to the payee.

8. The payment system of claim 7, wherein the payee notification system is configured to display a confirmatory message via a payee electronic computing device.

9. The payment system of claim 1, further comprising instructions stored in the memory and executable by the microprocessor for selecting from a list of payment sources available to the payor a recommended payment source for use in making a payment to the payee.

10. The payment system of claim 9, further comprising instructions stored in the memory and executable by the microprocessor for displaying via the payor electronic computing device the recommended payment source as a preferred payment source in a list of available payment sources.

11. The payment system of claim 1, wherein the list of payment sources comprises a plurality of payment sources in a plurality of distinct currencies.

12. A payment system comprising:

a payor electronic computing device comprising;

a microprocessor for executing instructions;

a memory operably connected to the microprocessor; and

instructions stored in the memory and executable by the microprocessor to;

receive a code uniquely associated with a particular payee;

gather payment information from a payor via the payor electronic computing device; and

initiate a payment transaction for transferring funds from a funding source associated with the payor to the particular payee identified by the code.

13. A payment system comprising:

a payor electronic computing device comprising;

a microprocessor for executing instructions;

a display operably connected to the microprocessor;

a memory operably connected to the microprocessor; and

instructions stored in the memory and executable by the microprocessor to;

receive a code uniquely associated with a particular payee;

gather payment source information from a payor via a user interface window displayed via the display of the payor electronic computing device; and

communicate payment instructions to a payment processing system, the payment instructions identifying at least the particular payee identified by the code; and

the payment processing system comprising;

a microprocessor for executing instructions;

a memory operably connected to the microprocessor and storing payee information in association with a payee identification code, and payor funding source information in association with a payor; and

instructions stored in the memory and executable by the microprocessor to;

initiate the payment transaction for transferring funds from a funding source associated with the payor to the particular payee identified by the code.

14. A payment system comprising:

a payor electronic computing device comprising;

a microprocessor for executing instructions;

a display operably connected to the microprocessor;

a memory operably connected to the microprocessor; and

instructions stored in the memory and executable by the microprocessor to;

receive a code uniquely identifying a particular payee;

gather payment amount information from a payor via a user interface window displayed via the display of the payor electronic computing device; and

communicate payment instructions to a payment processing system, the payment instructions identifying at least the payment amount and the particular payee identified by the code; and

the payment processing system comprising;

a microprocessor for executing instructions;

a memory operably connected to the microprocessor and storing payee financial information in association with a payee identification code, and payor funding source information in association with a payor; and

instructions stored in the memory and executable by the microprocessor to;

upon receipt of payment instructions from a payor, to initiate the payment transaction for transferring funds from a funding source associated with the payor to the particular payee identified by the code in the amount identified by the received payment instructions.