MOBILE WALLET PAYMENT PROCESSING

• US 20130346305A1
• Filed: 06/26/2012
• Published: 12/26/2013
• Est. Priority Date: 06/26/2012
• Status: Abandoned Application

• Current Assignee: Carta Worldwide, Inc.
• Original Assignee: Carta Worldwide, Inc.
• Inventors: Mendes, Rui
• Application Number:
  US13/533,057
• Publication Number:
  US 20130346305A1
• Time in Patent Office: Days
• US Class Current: 705/41
• CPC Class Codes: G06Q 20/351 Virtual cards

Abstract

A method and system for mobile wallet payment processing. A request may be received from a mobile wallet operative on a mobile device for a virtual credit card, the request including device identification and a predefined payment form. A virtual credit card is dynamically issued by a payment processor responsive to the request. The virtual card is communicated to the mobile wallet on the mobile device and used to authorize a transaction with a vendor. A payment request is received from the vendor by the payment processor, which includes the virtual credit card, transaction details, and the identification of the mobile device authorizing the transaction. Upon verification of the information in the payment request and available funds, the payment processor processes payment for the transaction using the virtual credit card, with the predefined payment form used to satisfy any charges incurred by the virtual credit card.

Claims

1. A method for mobile wallet payment processing, comprising:

receiving a request for a virtual credit card from a mobile wallet operative on an associated mobile device, the request including a device identification and a predefined payment form;

with a processor, dynamically issuing a virtual credit card responsive to the request, the virtual credit card associated with the device identification and the predefined payment form;

communicating the dynamically issued virtual credit card to the mobile wallet operative on the associated mobile device;

receiving a payment request for payment for at least one of a good or a service, the payment corresponding to a charge to the virtual credit card;

verifying funds associated with the virtual credit card relative to the charge of the payment request; and

rendering the payment to the vendor using the virtual credit card responsive to a verification of the funds associated with the virtual credit card.

2. The method of claim 1, wherein the payment request is received from at least one of the vendor or the mobile device.

3. The method of claim 2, wherein verifying funds on the virtual credit card further comprises dynamically loading funds onto the virtual credit card from the predefined payment form in accordance with the charge to the virtual credit card.

4. The method of claim 3, wherein the virtual credit card is a credit card, a charge card, or a prepaid card.

5. The method of claim 4, wherein predefined payment form includes at least one of a checking account, a credit card account, a debit card account, a charge card account, or a savings account.

6. The method of claim 2, wherein the payment request includes the device identification associated with the mobile device, further comprising:

comparing the device identification of the payment request to the device identification associated with the virtual credit card; and

rendering payment when the device identification of the payment request and the device identification associated with the virtual credit card correspond

7. The method of claim 2, wherein dynamically issuing the virtual credit card further comprises receiving at least one transaction detail from the mobile device corresponding to a transaction between the associated mobile device and the at least one vendor, wherein the virtual credit card is issued in accordance with the at least one received transaction detail.

8. The method of claim 7, wherein the at least one transaction detail includes a payment amount, further comprising dynamically loading funds onto the virtual credit card from the predefined payment source corresponding to the payment amount associated with the transaction.

9. The method of claim 8, wherein verifying funds associated with the virtual credit card further comprises comparing funds associated with the virtual credit card to the payment amount associated with the transaction, and

wherein dynamically loading funds onto the virtual credit card from the predefined payment source is in response to a result of the comparing indicating insufficient funds associated with the virtual credit card.

10. The method of claim 8, wherein verifying funds associated with the virtual credit card further comprises:

retrieving at least one transaction rule associated with the transaction and the predefined payment form; and

dynamically loading funds onto the virtual credit card from the predefined payment source is in accordance with the at least one retrieved transaction rule.

11. The method of claim 10, wherein the at least one transaction rule includes at least one of a preselected type of payment, a type of authorization, a type of validation, or a type of user identification.

12. A computer program product comprising a non-transitory recording medium storing instructions, which when executed on a computer causes the computer to perform the method of claim 1.

13. A system comprising memory storing instructions for performing the method of claim 1, and a processor in communication with the memory which implements the instructions.

14. A mobile wallet payment processing system, comprising:

a virtual credit card issuer configured for dynamically issuing a virtual credit card in response to a request received from a mobile wallet on an associated mobile device, the request including a device identification and a predefined payment form, and communicating the dynamically issued virtual credit card to the mobile wallet;

a payment processing component configured for;

analyzing a payment request for payment of a transaction for at least one of a good or a service, the payment corresponding to a charge to the virtual credit card,

verifying funds associated with the virtual credit card relative to the charge of the payment request, and

rendering the payment to the vendor using the virtual credit card responsive to a verification of the funds associated with the virtual credit card; and

a processor which implements at least one of the virtual credit card issuer and the payment processing component.

15. The system of claim 14, wherein the payment request is received from at least one of the vendor or the mobile device.

16. The system of claim 15, wherein the payment request includes the device identification associated with the mobile device, and wherein the payment processing component is further configured for:

comparing the device identification of the payment request to the device identification associated with the virtual credit card; and

rendering payment when the device identification of the payment request and the device identification associated with the virtual credit card correspond.

17. The system of claim 15, wherein the virtual credit card issuer is further configured for:

receiving at least one transaction detail from the mobile device corresponding to the transaction between the associated mobile device and the vendor, the at least one transaction detail including a payment amount;

comparing funds associated with the virtual credit card to the payment amount associated with the transaction; and

dynamically loading funds onto the virtual credit card from the predefined payment source corresponding to the payment amount associated with the transaction in response to a result of the comparing indicating insufficient funds associated with the virtual credit card.

18. The system of claim 17, wherein the virtual credit card issuer is further configured for:

retrieving at least one transaction rule associated with the transaction and the predefined payment form from an associated database; and

dynamically loading funds onto the virtual credit card from the predefined payment source in accordance with the at least one retrieved transaction rule.

19. A computer-implemented method for mobile wallet payment processing, comprising:

selecting at least one predefined payment form corresponding to at least one of a checking account, a savings account, a credit card account, a debit card account, or a charge account;

linking, with a processor, the at least one selected predefined payment source to a mobile wallet on an associated mobile device;

receiving a dynamically issued virtual credit card from an associated payment processor, the virtual credit card funded from the at least one selected predefined payment source linked to the mobile wallet;

receiving an authorization request from a vendor for payment for at least one of a good or a service, the payment corresponding to a charge to the virtual credit card; and

rendering the payment to the vendor using the virtual credit card responsive to an approval of the authorization request.

20. The computer-implemented method of claim 19, wherein rendering the payment further comprises:

communicating the virtual credit card, a device identification, and an authorization to at least one of the vendor and the payment processor;

receiving an approval from the payment processor responsive to a payment request from the vendor; and

rendering the payment to the vendor in response to the approval from the payment processor.