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System and method for carrying out secure transactions

  • US 8,276,814 B1
  • Filed: 07/10/2009
  • Issued: 10/02/2012
  • Est. Priority Date: 07/12/2008
  • Status: Active Grant
First Claim
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1. A system for carrying out secure transactions, comprising:

  • a transaction card including;

    a card memory portion;

    transaction card criteria comprising a fixed, unique, non-visually perceivable, machine-read card identification number, the card identification number being stored in the memory portion, anda visually perceivable, machine-readable card code, the visually perceivable card code differing from the non-visually perceivable card identification number and being placed on a surface of the transaction card;

    a deposit terminal to receive the transaction card, obtain the transaction card criteria from the transaction card, analyze the transaction card criteria and, when the transaction card has not been previously utilized, associate the transaction card with a specific user and create a transaction record corresponding to the transaction card and the user, the transaction record being stored within the deposit terminal, the deposit terminal further being configured to encode the card memory portion with deposit data relating to a predetermined monetary value and to further store the deposit data in the transaction record;

    a payment terminal for conducting offline commercial transactions based solely upon the transaction card criteria and the monetary value stored upon the transaction card, the payment terminal receiving the transaction card, obtaining the transaction card criteria and stored monetary value from the transaction card and updating the monetary value stored in the card memory portion to reflect commercial transactions, the payment terminal further storing information relating to the transaction card and the commercial transactions conducted using the transaction card; and

    a database, the database receiving the non-visually perceivable card identification number and the visually perceivable card code, the database further receiving secret information from a rightful user of the transaction card,the database utilizing the non-visually perceivable card identification number, the visually perceivable card code and the secret information as inputs to an algorithm, the algorithm generating a unique card account number,the unique card account number being associated with an individual card account, the individual card account storing transaction history information relating to the transaction card and the validity status of the transaction card,the validity status of the transaction card being periodically provided to the deposit and payment terminals.

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