System and method for funding a collective account by use of an electronic tag
First Claim
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1. A method for distributing a reward, comprising:
- associating by a financial institution an RFID tag with an individual account and the financial institution, wherein a tagholder is the holder of the individual account, wherein further the financial institution comprises one or more host computers;
aggregating by the financial institution purchase amounts for purchases made from a plurality of merchants using the individual account as a payment source;
determining by the financial institution if any of the purchases that were made using the individual account as a payment source were made by presenting the RFID tag to merchants;
aggregating by the financial institution purchase amounts for purchases made from a plurality of merchants by presenting the RFID tag to merchants;
calculating by a host computer a reward based at least in part on RFID tag usage; and
attributing the reward to the individual account.
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Abstract
A system and method for funding a collective account via aggregating usage of electronic tags is disclosed. The system and method promotes the use of electronic tags, and the funding of collective accounts that may be associated with charitable or other philanthropic causes. Further benefits may be realized by replenishing the prefunded account that serves as the source of funds for the electronic tag to an affinity account that also benefits the charitable or other philanthropic cause.
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Citations
27 Claims
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1. A method for distributing a reward, comprising:
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associating by a financial institution an RFID tag with an individual account and the financial institution, wherein a tagholder is the holder of the individual account, wherein further the financial institution comprises one or more host computers; aggregating by the financial institution purchase amounts for purchases made from a plurality of merchants using the individual account as a payment source; determining by the financial institution if any of the purchases that were made using the individual account as a payment source were made by presenting the RFID tag to merchants; aggregating by the financial institution purchase amounts for purchases made from a plurality of merchants by presenting the RFID tag to merchants; calculating by a host computer a reward based at least in part on RFID tag usage; and attributing the reward to the individual account. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A system for distributing a reward, comprising:
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a central processor of a financial institution configured to associate an RFID tag with an individual account, the financial institution and at least one organization, wherein a tagholder is the holder of the individual account, wherein further the financial institution comprises one or more host computers, wherein the host computer is configured to aggregate purchase amounts for purchases made from a plurality of merchants using the individual account as a payment source; wherein the host computer is further configured to determine if any of the purchases that were made using the individual account as a payment source were made by presenting the RFID tag to merchants and then to aggregate purchase amounts for purchases from a plurality of merchants that were made by presenting the RFID tag to merchants; wherein further the host computer is configured to calculate a reward based at least in part on RFID tag usage; wherein the reward is attributed to the individual account. - View Dependent Claims (15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27)
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Specification