Watch for transacting financial transactions

• US 7,900,824 B2
• Filed: 07/27/2007
• Issued: 03/08/2011
• Est. Priority Date: 08/03/2006
• Status: Active Grant

• Current Assignee: Visible Assets Incorporated (NOV, Inc.)
• Original Assignee: Visible Assets Incorporated (NOV, Inc.)
• Inventors: Stevens, John K., Waterhouse, Paul
• Primary Examiner(s): Kim, Ahshik
• Application Number:
  US11/829,247
• Publication Number:
  US 20080099553A1
• Time in Patent Office: 1,320 Days
• Field of Search: 235/380, 368/10, 368/29, 368/73
• US Class Current: 235/380
• CPC Class Codes: G04G 21/04 using radio waves radio-controlled time-pieces G04R
• CPC Class Codes: G04R 60/00 Constructional details

Abstract

An alternative for smart card financial transactions is provided in which the smart card functionality is provided as part of a watch containing a RuBee antenna and transceiver for transmitting the authorization information to a receiver separate from the watch. This form factor allows the user to maintain the card in a readily usable and convenient location. In addition, the watch can be used to allow the user to specifically authorize or override a financial transaction, and to view and/or store information about the financial transaction, as well as conventional functionality such as alarms, and calendars. The watch of the invention can also provide access control or identification in corporate environments if desired.

Claims

1. A watch comprising a watch body and a wrist band, wherein the watch body comprises:

(a) a time-keeping component,

(b) a memory element for storing authorization information for a financial transaction,

(c) a RuBee antenna and transceiver for transmitting the authorization information to a receiver separate from the watch, and

(d) a display for displaying output from the time-keeping component.

2. The watch of claim 1, further comprising one or more control buttons, wherein at least one of said buttons functions to control the antenna for transmitting of the authorization information.

3. The watch of claim 2, wherein said at least one control button functions to activate the antenna for transmitting of the authorization information.

4. The watch of claim 1, wherein the antenna also receives information concerning a financial transaction before or after transmitting the authorization information, further comprising a processor for displaying the received information on the display.

5. The watch of claim 4, further comprising one or more control buttons, wherein at least one of said buttons functions to control activation of the antenna for transmitting of the authorization information.

6. The watch of claim 5, wherein said at least one control button functions to activate the antenna for transmitting of the authorization information.

7. The watch of claim 1, wherein the antenna operates at a frequency of less than 1 megahertz.

8. A method of conducting a point of purchase financial transaction comprising the steps of:

(a) selecting a product to be purchased and identifying the product to a purchase control system, and

(b) transmitting to the purchase control system authorization information for a financial transaction, wherein the authorization information is transmitted from a watch comprising a watch body and a wrist band, wherein the watch body comprises;

(1) a time-keeping component,

(2) a memory element for storing authorization information for a financial transaction,

(3) a RuBee antenna and transceiver for transmitting the authorization information to the purchase control system, and

(4) a display for displaying output from the time-keeping component.

9. The method of claim 8, further comprising the step of transmitting a transaction amount from the purchase control system to the watch prior to transmittal of the authorization information from the watch.

10. The method of claim 8, wherein the watch further comprising one or more control buttons, wherein at least one of said buttons functions to control the antenna for transmitting of the authorization information, and wherein said at least one control button functions to activate the antenna for transmitting of the authorization information after approval by the user of the transaction amount.

11. The method of claim 10, wherein the watch stores the transaction amount in a user-viewable storage register.

12. The method of claim 8, wherein the watch further comprising one or more control buttons, wherein at least one of said buttons functions to control the antenna for transmitting of the authorization information.

13. The method of claim 12, further comprising the step of transmitting a transaction amount from the purchase control system to the watch after transmittal of the authorization information from the watch.

14. The method of claim 8, wherein the antenna operates at a frequency of less than 1 megahertz.

15. A method of conducting a financial transaction comprising the steps of:

(a) selecting a financial transaction to be conducted through a transaction control system, and

(b) transmitting to the transaction control system authorization information for the financial transaction, wherein the authorization information is transmitted from a watch comprising a watch body and a wrist band, wherein the watch body comprises;

(1) a time-keeping component,

(2) a memory element for storing authorization information for a financial transaction,

(3) a RuBee antenna and transceiver for transmitting the authorization information to the purchase control system, and

(4) a display for displaying output from the time-keeping component.

16. The method of claim 15, wherein the financial transaction is an ATM transaction.

17. The method of claim 16, wherein the ATM transaction is a cash withdrawal, and the amount of the cash withdrawal is entered using an interface of the transaction control system by the user without transmission of the amount from the watch.

18. The method of claim 17, further comprising the step of transmitting a transaction amount from the transaction control system to the watch prior to transmittal of the authorization information from the watch.

19. The method of claim 18, wherein the watch further comprising one or more control buttons, wherein at least one of said buttons functions to control the antenna for transmitting of the authorization information, and wherein said at least one control button functions to activate the antenna for transmitting of the authorization information after approval by the user of the transaction amount.

20. The method of claim 19, wherein the watch stores the transaction amount in a user-viewable storage register.

21. The method of claim 16, wherein the watch further comprising one or more control buttons, wherein at least one of said buttons functions to control the antenna for transmitting of the authorization information.

22. The method of claim 21, further comprising the step of transmitting a transaction amount from the purchase control system to the watch after transmittal of the authorization information from the watch.

23. The method of claim 16, wherein the antenna operates at a frequency of less than 1 megahertz.