METHOD AND SYSTEM FOR MULTICURRENCY TRANSACTIONS

• US 20160148192A1
• Filed: 11/21/2014
• Published: 05/26/2016
• Est. Priority Date: 11/21/2014
• Status: Abandoned Application

• Current Assignee: Revolut Ltd.
• Original Assignee: Revolut Ltd.
• Inventors: STORONSKY, Nikolay
• Application Number:
  US14/549,837
• Publication Number:
  US 20160148192A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/351 Virtual cards
• CPC Class Codes: G06Q 20/3678 e-cash details, e.g. blinded, divisible or detecting double spending
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists

Abstract

A system or method of operating a user held multicurrency card in a transaction with a seller operating in a first currency (first currency?); the system or method comprising: a card capable of being read by a reader; an e-wallet associated with the card and holding data relating to the card, a plurality of amounts of a plurality of currencies stored on e-wallet; a back-end system for receiving card data from the reader and a payment amount required by the seller via a network and for interfacing with the e-wallet to enable authorization of any payments; wherein in use the back-end system receives the data from the reader for a transaction and determines if the e-wallet has sufficient money in the first currency to settle the transaction and if so authorizes settlement of the payment amount.

Claims

1. A system of operating a user held multicurrency card in a transaction with a seller operating in a first currency;

the system comprising;

a card capable of being read by a reader;

an e-wallet associated with the card, the user and a plurality of amounts of a plurality of currencies stored thereon;

a back-end system for receiving card data from the reader and a payment amount required by the seller via a network and for interfacing with the e-wallet to enable authorization of any payments;

wherein in use the back-end system receives the data from the reader for a transaction and determines if the e-wallet has sufficient money in the first currency to settle the transaction and if so authorizes settlement of the payment amount.

2. A system according to claim 1, further comprising, if the e-wallet has not got sufficient money to settle the transaction, automatic conversion of an amount from a second currency to the payment amount in the first currency and authorizing settlement of the payment amount in the first currency.

3. A system according to claim 1, wherein the e-wallet is connected to a currency exchange module to effect any currency exchange required in settling the payment amount.

4. A system according to claim 1, wherein the user selects the currency to be used for the transaction at the time of the transaction.

5. A system according to claim 1, wherein the back-end system instigates settlement of the payment amount via a banking payment network.

6. A system according to claim 1, wherein the authorization and the settlement of the payment amount are notified to the seller via the network.

7. A system according to claim 1, wherein the currency may include virtual, crypto- or alternative currencies.

8. A system according to claim 1, wherein the card may be a virtual card.

9. A system according to claim 1, wherein the card is a card function device.

10. A system according to claims 9, wherein the card data comprises a token, a key, face recognition data, voice recognition data, fingerprint data or eye recognition data.

21. A card or e-wallet for use in the system of claim 1.

22. A card according to claim 21, in the form of a card function device.

23. An e-wallet according to claim 21, for use in a multicurrency transaction.

11. A method of operating a user held multicurrency card in transactions with a seller operating in a first currency, wherein the card is associated with an e-wallet which holds data relating to the card, the user and a plurality of amounts of a plurality of currencies stored thereon and wherein the e-wallet interfaces with a back-end system;

the method comprising;

reading a card at a point of sale;

transferring data from the point of sale to the back-end system via a network,

at the back-end system, receiving card data from the point of sale and a payment amount required by the seller,

interfacing with the e-wallet associated with the card to enable authorization of any payments;

such that in use the back-end system receives the data from the reader for a transaction and determines if the e-wallet has sufficient money in the first currency to settle the transaction and if so authorizes settlement of the payment amount.

12. A method according to claim 11, further comprising, if the e-wallet has not got sufficient money to settle the transaction, automatically converting an amount from a second currency to the payment amount in the first currency and authorizing settlement of the payment amount in the first currency.

13. A method according to claim 11, further comprising connecting the e-wallet to a currency exchange module to effect any currency exchange required in settling the payment amount.

14. A method according to claim 11, further comprising the user selecting the currency to be used for the transaction at the time of the transaction.

15. A method according to claim 11, further comprising instigating settling the payment amount via a banking infrastructure.

16. A method according to claim 11, further comprising notifying the authorization and the settlement of the payment amount to the seller via the network.

17. A method according to claim 11, wherein the currency may include virtual, crypto- or alternative currencies.

18. A method according to claim 11, wherein the card may be a virtual card.

19. A method according to claim 11, wherein the card is a card function device.

20. A system according to claim 19, wherein the card data comprises a token, a key, face recognition data, voice recognition data, fingerprint data or eye recognition data.