Techniques for conducting financial transactions using mobile communication devices

• US 8,527,415 B2
• Filed: 12/27/2007
• Issued: 09/03/2013
• Est. Priority Date: 12/27/2007
• Status: Active Grant

• Current Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Original Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Inventors: Blythe, Simon
• Primary Examiner(s): Abdi, Kambiz
• Assistant Examiner(s): Ziegle, Stephanie M
• Application Number:
  US11/964,819
• Publication Number:
  US 20090171842A1
• Time in Patent Office: 2,077 Days
• Field of Search: 705 35- 45
• US Class Current: 705/44
• CPC Class Codes: G01S 19/42 Determining position
• 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 20/3224 Transactions dependent on location of M-devices
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

The present invention advantageously combines communications aspects of mobile devices with financial transaction system capabilities in a novel manner. This advantageous combination enables a user to automatically initiate a financial transaction with a merchant upon the user being located in a particular geographic vicinity. Numerous types of transactions can be enabled using the present invention.

Claims

1. A method of conducting a transaction exchange comprising:

providing a payment terminal with a computer device for charging a user account to complete a financial transaction;

providing a payment device with a processing unit configured to use a global positioning system to automatically complete said financial transaction;

accepting a user input into said payment device containing a transaction amount and a selected geographic location corresponding to a geographic location of said payment device;

calculating, with said payment device, a current geographic location for said payment device in response to receiving a plurality of distances signals from said global positioning system; and

comparing said calculated current geographic location to said selected geographic location and if said payment device determines that said calculated current geographic location is within a predefined distance of said selected geographic location, said payment device automatically initiates a secure connection to said payment terminal and sends a financial transaction instruction to said payment terminal, said instruction instructing said payment terminal to charge said user account associated with a financial institution and to automatically complete said financial transaction.

2. The method of claim 1, comprising using said payment device to calculate said current geographic location using a trilateration technique.

3. The method of claim 1, comprising coupling operatively said payment terminal and said payment device using a network.

4. The method of claim 3, wherein said network is a wireless network.

5. The method of claim 1, wherein said payment device compares said calculated current geographic location to a selected geographic location using a GPS module.

6. The method of claim 1, further comprising identifying said selected geographic location using a graphical user interface.

7. The method of claim 6, comprising displaying a map on said payment device for selecting said selected geographic location.

8. The method of claim 1, wherein said payment terminal completes said transaction.

9. The method of claim 1, further comprising providing a map to said payment device from a map server.

10. The method of claim 8, further comprising charging a fee for processing said transaction between said payment device and said payment terminal.

11. The method of claim 8, further comprising transmitting an acknowledgement from said payment terminal to said payment device upon completion of said transaction.