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Space efficient method of redeeming electronic payments

  • US 5,857,023 A
  • Filed: 11/25/1996
  • Issued: 01/05/1999
  • Est. Priority Date: 11/25/1996
  • Status: Expired due to Term
First Claim
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1. A method of using a machine to redeem for a seller electronic payments generated by and received from a customer using a master key unknown to the seller, the machine including a memory storing instructions of the method in machine readable form, the method comprising:

  • a) storing the master key in the memory;

    b) receiving from the seller a redemption request including a seller identifier, a first value of a payment index, and an electronic payment associated with the first value of the payment index;

    c) authenticating the electronic payment by comparing the electronic payment to a hash of a string including the master key, the seller identifier, and the first value of the payment index;

    d) if the electronic payment is authenticated;

    1) determining an amount due to the seller; and

    2) crediting the seller for the amount due.

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