METHOD OF VIRTUAL TRANSACTION USING MOBILE ELECTRONIC DEVICES OR FIXED ELECTRONIC DEVICES OR A COMBINATION OF BOTH, FOR GLOBAL COMMERCIAL OR NONCOMMERCIAL PURPOSES

• US 20130006848A1
• Filed: 06/22/2012
• Published: 01/03/2013
• Est. Priority Date: 11/12/2010
• Status: Abandoned Application

• Current Assignee: Avinash Kuttuva
• Original Assignee: Avinash Kuttuva
• Inventors: Kuttuva, Avinash
• Application Number:
  US13/530,845
• Publication Number:
  US 20130006848A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/3223 Realising banking transactions through M-devices
• CPC Class Codes: G06Q 20/3276 using a pictured code, e.g. barcode or QR-code, being read by the M-device

Abstract

A payment system that enables parties to conduct financial transaction between person to person, person to business, business to business, person to a group of people, group of people to a person etc. (collectively called users) using mobile and non-mobile interfaces for online and physical points of transaction. The system also enables users to share funds between each other. Shared funds are accessible by the beneficiary user as if the funds are available in his/her account. However, when the shared funds are selected to make a payment, the funds are debited from the benefactor'"'"'s account up to the set limits. The system prevents the exposure of critical account information between users while sharing or paying, to prevent fraudulent activities. In addition, the system enables users to seamlessly verify each other'"'"'s identity prior to executing transaction. The system allows for real time transaction between parties, without limitations on proximity.

Claims

1. A method by which payments and other financial transactions can be made without exposing personal and financial information comprising:

a server, to store data and process transactions;

a graphical user interface, from which transaction requests can be executed by the users;

portable and non portable computing devices with internet connection such as a smart phone, a tablet, a laptop, a computer or other similar devices;

users, are persons that have already created an account as in claim 2;

a qr code, that can be scanned by the users instead of manually entering the receivers information and to automatically initiate a specific response that owner of the qr code intends as shown in drawings and described.