Method for processing internet point of sale payment using automated teller machine switch settlement
First Claim
1. A computer-implemented method for effectuating electronic payments for purchases made by a mobile computing device user from a merchant, the method comprising the steps of:
- providing a mobile wallet stored on a mobile computing device, the mobile wallet serving as a portal to a bank account for use in purchasing, the mobile wallet further including at least one of a credit card number and a debit card number;
providing an application implemented by computer processing components on the mobile computing device, the application activating the mobile wallet;
performing steps through the mobile wallet including,receiving at the mobile computing device a secure user log-in to the mobile wallet in order to authenticate the mobile wallet user;
authenticating the mobile wallet user;
upon authentication, providing the mobile wallet user with an option to perform internet shopping;
approving an internet purchase initiated by the mobile wallet user from an internet merchant at the mobile wallet;
accessing and verifying payee information of the internet merchant including a merchant account at a merchant bank;
pushing credit from mobile wallet of the mobile device user over a network to the internet merchant account at the merchant bank; and
generating a purchase confirmation using the mobile wallet for transmission to the internet merchant.
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Accused Products
Abstract
Embodiments of the invention include a method and system for effectuating an electronic payment between a payor and a payee using an Electronic Funds Transfer (EFT) network. The method is implemented by a system having multiple processors. The payor may hold a payor account at a payor institution and the payee may have a payee account at a payee institution. The method includes generating a payment authorization identifying the payee institution, the payee account, and an amount of the payment and transmitting the payment authorization to the payor institution. The method further includes debiting the payor account by the amount of the payment; transmitting from the payor institution to the payee institution through the EFT network an EFT credit message representing a credit in the amount of the payment; and crediting the payee account in the amount of the payment in response to the receipt of the EFT credit message.
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Citations
30 Claims
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1. A computer-implemented method for effectuating electronic payments for purchases made by a mobile computing device user from a merchant, the method comprising the steps of:
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providing a mobile wallet stored on a mobile computing device, the mobile wallet serving as a portal to a bank account for use in purchasing, the mobile wallet further including at least one of a credit card number and a debit card number; providing an application implemented by computer processing components on the mobile computing device, the application activating the mobile wallet; performing steps through the mobile wallet including, receiving at the mobile computing device a secure user log-in to the mobile wallet in order to authenticate the mobile wallet user; authenticating the mobile wallet user; upon authentication, providing the mobile wallet user with an option to perform internet shopping; approving an internet purchase initiated by the mobile wallet user from an internet merchant at the mobile wallet; accessing and verifying payee information of the internet merchant including a merchant account at a merchant bank; pushing credit from mobile wallet of the mobile device user over a network to the internet merchant account at the merchant bank; and generating a purchase confirmation using the mobile wallet for transmission to the internet merchant. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. A computer-implemented system for effectuating electronic payments for purchases using a mobile computing device, the system comprising:
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a memory on the mobile computing device, the memory storing a mobile wallet, the mobile wallet serving as a portal to a bank account for use in purchasing, the mobile wallet further including at least one of a credit card number and a debit card number; and a computer processor on the mobile computing device executing processing instructions for; running an application on the mobile computing device for activating the mobile wallet; receiving at the mobile computing device a secure user log-in to the mobile wallet in order to authenticate a mobile wallet user; authenticating the mobile wallet user; upon authentication, providing the mobile wallet user with an option to perform internet shopping; approving an internet purchase initiated by the mobile wallet user from an internet merchant at the mobile wallet; accessing and verifying payee information of the internet merchant including a merchant account at a merchant bank; pushing credit from the mobile wallet of the mobile device user to the internet merchant account at the merchant bank; and generating a purchase confirmation using the mobile wallet for transmission to the internet merchant. - View Dependent Claims (18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30)
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Specification