Member-supported mobile payment system

• US 8,249,965 B2
• Filed: 03/30/2007
• Issued: 08/21/2012
• Est. Priority Date: 03/30/2006
• Status: Expired due to Fees

• Current Assignee: Obopay Mobile Technology India Pvt Limited (OBP Investments, Inc.)
• Original Assignee: Obopay Incorporated (OBP Investments, Inc.)
• Inventors: Tumminaro, John
• Primary Examiner(s): Robinson, Kito R
• Application Number:
  US11/694,894
• Publication Number:
  US 20070233615A1
• Time in Patent Office: 1,971 Days
• Field of Search: 705/35, 705/40
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/32 using wireless devices
• CPC Class Codes: G06Q 20/322 Aspects of commerce using mobile devices [M-devices]
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: H04L 63/08 for authentication of entities cryptographic mechanisms or cryptographic arrangements for entity authentication H04L9/32
• CPC Class Codes: H04L 63/166 at the transport layer
• CPC Class Codes: H04M 3/16 with lock-out or secrecy provision in party-line systems

Abstract

A member-supported payment system is available to consumers and merchants without sign-up fees, subscription fees, or transaction fees to either consumers or merchants. In a specific implementation, the member payment system is a mobile payment system where consumers may conduct transactions using a mobile device such as a mobile telephone, smartphone, personal digital assistant, or similar portable wireless handheld device. Merchants will make a refundable one-time contribution. These contributions are stored in a pooled trust account by the system and the float dividends or interest on these contributions will fund the system.

Claims

1. A method comprising:

receiving, via a computer network, a plurality of merchant contributions to fund a member payment system;

placing the merchant contributions into at least one pooled trust account, wherein the contributions are recorded on a server and merchants will not receive interest on their contributions;

permitting a plurality of consumers to become registered users of the member payment system without charge via a network;

permitting registered users to send instructions to a server to load or unload funds into a working account of the member payment system without charge;

permitting merchants to load or unload funds into the working account of the member payment system without charge, and

distributing, via a server, interest on at least one pooled trust account to fund the member payment system.

2. The method of claim 1 wherein the member payment system permits a registered user to request payment of money to another register user via a mobile phone.

3. The method of claim 1 wherein the member payment system permits a registered user to request payment of money to a merchant via a mobile phone.

4. The method of claim 1 wherein the member payment system manages transactions records of the registered users.

5. The method of claim 1 wherein the member payment system manages transactions records of the merchants.

6. The method of claim 1 wherein the member payment system manages transactions records of the registered users and merchants.

7. The method of claim 1 wherein when a merchant requests a refund of the merchant'"'"'s contribution to the member payment system, registered users will no longer be permitted to transfer money to the merchant.

8. The method of claim 1 wherein the merchant is not charged a periodic recurring transaction fee for being a participant of the member payment system.

9. The method of claim 1 wherein registered users may load or unload funds by way of at least one of Automated Clearing House (ACH) or direct deposit account (DDA).

10. The method of claim 1 comprising:

permitting a registered user to authorize paying a merchant through the member payment system by using a two-factor authorization scheme.

11. The method of claim 1 comprising:

permitting a registered user to authorize paying a merchant through the member payment system by using a mobile phone of the registered user and the user correctly entering a personal identification number.

12. The method of claim 1 wherein each registered user is provided a debit card.