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Method for processing internet point of sale payment using automated teller machine switch settlement

  • US 8,175,967 B2
  • Filed: 05/06/2011
  • Issued: 05/08/2012
  • Est. Priority Date: 05/03/1999
  • Status: Expired due to Term
First Claim
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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:

  • 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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