PORTABLE CHANGE DEVICE

• US 20130006783A1
• Filed: 07/06/2012
• Published: 01/03/2013
• Est. Priority Date: 09/28/2009
• Status: Abandoned Application

• Current Assignee: Christos E. Vrahnos
• Original Assignee: Christos E. Vrahnos
• Inventors: Vrahnos, Christos E.
• Application Number:
  US13/543,138
• Publication Number:
  US 20130006783A1
• Time in Patent Office: Days
• US Class Current: 705/17
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/347 Passive cards
• CPC Class Codes: G06Q 20/363 with the personal data of a user

Abstract

A method and system for conducting a monetary transaction regardless of currency at the point of sale is provided. The method includes receiving a portable device that corresponds with a financial account, where the financial account includes financial account monetary value. The information regarding the financial account is stored on a network device, such as a cloud network. A predetermined amount of monetary units are exchanged for purchase at a point of sale, where the purchase includes a purchase price that is measured in monetary units. The predetermined amount of monetary units is subtracted from the purchase price to determine a change amount where the change amount is measured in at least one of a banknote value and a coin value. Data associated with the coin value of the change amount is saved to the financial account and the financial account is credited with the coin value of the change amount.

Claims

1. A method of conducting a monetary transaction regardless of point of sale (POS) currency, comprising:

receiving a portable device that corresponds with a financial account, the financial account including a financial account monetary value, wherein information regarding the financial account is stored on a cloud network device;

exchanging a predetermined amount of monetary units for a purchase at a point of sale (POS), the purchase including a purchase price that is measured in monetary units;

subtracting the predetermined amount of monetary units from the purchase price to determine a change amount, the change amount measured in at least one of a banknote value and a coin value;

saving data associated with the coin value of the change amount to the financial account on the network device, where the financial account is credited with the coin value of the change amount; and

determining whether to convert the financial account monetary value from a first currency to a second currency depending upon the POS.

2. The method of claim 1, wherein the financial account monetary value is converted from U.S. currency to a foreign currency.

3. The method of claim 1, further including charging a predetermined fee to the financial account when the financial account is credited with the coin value of the change amount.

4. The method of claim 1, further comprising subtracting a second purchase price from the financial account, the second purchase price corresponding to a second purchase.

5. The method of claim 4, wherein a predetermined fee is charged to the financial account when the second purchase price is subtracted from the financial account.

6. The method of claim 1, further including displaying the financial account monetary value on the portable device.

7. The method of claim 6, wherein the portable device includes a digital screen for displaying the financial account monetary value.

8. The method of claim 1, wherein the portable device is one of a magnetic swipe card, a radio frequency identification card, an integrated circuit card, a bar code device, and an authentication token.

9. The method of claim 1, further including the steps of storing portable device user information data in a database, and providing access to such data to at least one third party preselected by said user of the portable device to provide incentives to said users of the portable device to purchase items at such third party.

10. The method of claim 9, wherein said information includes at least one of said user'"'"'s driver'"'"'s license number, personal identification number, name, telephone number, address, financial account value.

11. The method of claim 9, further including the steps of issuing an incentives and rewards program by said third party, wherein said third party is a group of participating merchants, and said information further including at least one of said user'"'"'s purchases, commercial activities, habits, credit balance, or rewards eligibility.

12. A system for conducting a monetary transaction regardless of point of sale (POS) currency, comprising:

a financial account including a financial account monetary value;

a portable device corresponding with the financial account;

a POS for exchanging a predetermined amount of monetary value for a purchase, said purchase including a purchase price;

a database storing the value of the financial account;

a communication device for reading and writing information from the database to the portable device, the communication device in communication with the portable device the POS and the database;

a change amount measured in at least one of a banknote and a coin value, wherein the change amount is determined by subtracting the predetermined amount of money from the purchase price; and

an automatic conversion of currency feature dependent upon POS location, wherein the financial account is credited with the coin value of the change amount in a currency by the communication device.

13. The system of claim 12, wherein the portable device includes a digital screen for displaying the financial account monetary value.

14. The system of claim 12, wherein the portable device is one of a magnetic swipe card, a radio frequency identification card, an integrated circuit card, a barcode device, and an authentication token.

15. The system of claim 12, wherein the financial account monetary value is measured in US currency.

16. The system of claim 12, wherein said currency is converted from US currency to a foreign currency.

17. The system of claim 12, further including a data base to store portable device user information data, and provide access to such data to at least one third party pre-selected by said user of the portable device to provide incentives to said users of the portable device to purchase items at such third party.

18. The system of claim 17, wherein said information includes at least one of said user'"'"'s driver'"'"'s license number, personal identification number, name, telephone number, address, financial account value.

19. The system of claim 17, further including an incentives and rewards program by said third party, wherein said third party is a group of participating merchants, and said information further includes at least one of said user'"'"'s purchases, commercial activities, habits, credit balance, or rewards eligibility.