Wearable device as a payment vehicle

• US 9,262,759 B2
• Filed: 04/10/2014
• Issued: 02/16/2016
• Est. Priority Date: 04/10/2014
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Hanson, Carrie Anne, Grigg, David M., Starbuck, Richard Andrew, Jones, Alicia C., Longfellow, Audrey L.
• Primary Examiner(s): Frech, Karl D
• Application Number:
  US14/249,757
• Publication Number:
  US 20150294303A1
• Time in Patent Office: 677 Days
• Field of Search: 235/379, 235/375, 235/382
• US Class Current: 1/1
• CPC Class Codes: G06K 19/0723 the record carrier comprising an arrangement for non-contact communication, e.g. wireless communication circuits on transponder cards, non-contact smart cards or RFIDs
• CPC Class Codes: G06K 19/0727 the arrangement being a circuit facilitating integration of the record carrier with a hand-held device such as a smart phone of PDA
• CPC Class Codes: G06K 7/10297 arrangements for handling protocols designed for non-contact record carriers such as RFIDs NFCs, e.g. ISO/IEC 14443 and 18092 cryptographic protocols H04L9/00; network security protocols H04L63/00; real-time communication protocols in data switching networks H04L65/00; network protocols for data switching network services H04L67/00
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/321 using wearable devices
• CPC Class Codes: G06Q 20/3226 Use of secure elements separate from M-devices
• CPC Class Codes: G06Q 20/3278 RFID or NFC payments by means of M-devices
• CPC Class Codes: G06Q 20/346 Cards serving only as information carrier of service
• CPC Class Codes: G06Q 20/347 Passive cards
• CPC Class Codes: G06Q 20/3572 Multiple accounts on card
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules

Abstract

The present invention is directed to apparatuses, methods, and computer-program products for a multipurpose wearable device that is associated with one or more financial accounts wherein, in use, the wearable device is configured to facilitate a financial transaction using at least one of the one or more financial accounts. The wearable device comprises: a wearable article, wherein the wearable article comprises one or more features securing the wearable article to a person or an item associated with the person; and a portion comprising a machine-readable indicia, wherein the machine-readable indicia, when successfully read, provides payment information for conducting a financial transaction.

Claims

1. A system configured to facilitate a financial transaction using a wearable device as a payment vehicle, the system comprising:

the wearable device comprising;

a wearable article, wherein the wearable article comprises one or more features securing the wearable article to a person or an item associated with the person; and

a portion of said wearable article comprising at least one machine-readable indicia, wherein the at least one machine-readable indicia, when successfully read, provides payment information for facilitating the financial transaction; and

a mobile communication device comprising;

a memory;

at least one processor; and

a module stored in memory, executable by the at least one processor, and configured to cause the at least one processor to;

receive from a second device the at least one readable indicia, which was scanned via a sensor associated with the second device, the readable indicia being associated with the wearable device of the user;

receive a first user input that assigns the at least one readable indicia to a financial payment account;

receive a second user input that assigns at least one limit associated with a user spending to the at least one readable indicia;

continuously monitor the user spending, wherein monitoring further comprises comparing the user spending with the at least one limit, wherein comparing further comprises assigning a spending index to indicate whether the user spending is lesser than, equal to, or greater than the at least one limit; and

display the spending index on a display device associated with the wearable device.

2. The wearable device of claim 1, wherein the wearable article is at least one of a bracelet, a ring, a watch, a wristband, an ankle band, a hairband, a headband, a necklace, jewelry, eye glasses, a monocle, a pen, a hairband, a bracelet charm, a magnetic strip, a stylus, or a tag.

3. The wearable device of claim 1, wherein the at least one machine-readable indicia are static and are printed on the wearable article.

4. The wearable device of claim 1, wherein the at least one machine-readable indicia are dynamic and are presented via a display device associated with the wearable article.

5. The wearable device of claim 1, wherein the at least one machine-readable indicia are configured for one-time use.

6. The wearable device of claim 1, wherein the at least one machine-readable indicia are dynamically associated with at least one financial account.

7. The wearable device of claim 6, wherein the at least one machine-readable indicia are at least one of reloadable, disposable, prepaid, temporal, or permanent.

8. The wearable device of claim 1, wherein an amount of at least one of funds, points, benefits, rewards, or virtual currently is allocated to and associated with the at least one machine-readable indicia from the financial payment account.

9. The wearable device of claim 8, wherein an unused amount of funds allocated to and associated the at least one machine-readable indicia is configured to be deposited into the financial payment account associated with the machine-readable indicia.

10. The wearable device of claim 8, wherein the at least one machine-readable indicia is read by the mobile communication device via at least one of a smart phone camera, a mobile device camera, a laptop camera, a tablet camera, a near field communication (NFC) device, a radio frequency identification (RFID) device, or a laser bar code scanner.

11. The wearable device of claim 1, wherein a user is enabled to configure the assignment of at least the financial payment account and the at least one limit to the at least one readable indicia via an application associated with or accessible by the mobile communication device.

12. The wearable device of claim 1, wherein the portion is waterproof.

13. The wearable device of claim 1, wherein the portion further comprises at least one of a computing device, a processing device, a memory device, a communications device and a display, wherein the portion is configured to communicate with the mobile communication device via at least one of wireless communications, near field communication (NFC), radio frequency identification (RFID), a camera, or a scanner.

14. The wearable device of claim 13, wherein at least one of the wearable device or the mobile communication device is configured to communicate with and transfer payment information regarding a financial transaction to at least one of a point of sale terminal, a computer, a smart phone, a mobile device, a tablet, a laptop computer, or a server associated with a financial institution.

15. The wearable device of claim 1, wherein the one or more limits include at least one of a spending limit, a limit based on spending behavior, a limit based on location of at least one of a merchant, the person, or the wearable device, a limit based on a purchase category, a limit based on a purchase type, a limit based on an item category, a limit based on an item type, a limit based on a purchase amount, a limit based on a purchase frequency, a limit based on a period of time, a number of transactions, or a combination of limits.

16. The wearable device of claim 1, wherein the machine-readable indicia includes at least one of a quick response (QR) code, a bar code, a string of characters, a near-field communication (NFC) device, a radio frequency identification (RFID) device, a number, text, an icon, or an image.

17. The wearable device of claim 16, wherein the machine-readable indicia is capable of at least one of being updated, changed, replaced, or modified by a user.

18. The wearable device of claim 1, wherein payment information includes at least one of an account number, a routing number, a customer number, a customer name, a merchant number, a merchant name, an account balance, a purchase amount, a withdrawal amount, a deposit amount, a tax amount, a time and date of transaction, location information associated with the transaction and merchant, a password, a username, or an authentication credential.

19. A method for facilitating a financial transaction utilizing a wearable device as a payment vehicle, wherein the wearable device is associated with one or more financial accounts and is configured to facilitate a financial transaction using at least one of the one or more financial accounts, the method comprising:

receiving at least one readable indicia scanned via a sensor associated with a second device, the readable indicia being associated with the wearable device of the user, wherein the readable indicia comprises payment information associated with the financial transaction and at least one limit associated with a user spending using the payment information;

receiving, via a computing device, payment information from the readable indicia, wherein the payment information includes at least a purchase amount;

processing, via a computing device, payment information, wherein processing the payment information includes determining that the one or more financial accounts associated with the wearable device includes an amount of funds at least equal to the purchase amount;

executing, via a computing device, the transaction in response to determining that the amount of funds included in the one or more financial accounts associated with the wearable device is at least equal to the purchase amount;

continuously monitoring, via a computing device, the user spending, wherein monitoring further comprises comparing the user spending with the at least one limit, wherein comparing further comprises assigning a spending index to indicate whether the user spending is lesser than, equal to, or greater than the at least one limit; and

transmitting, via a computing device, the spending index for display on a display device associated with the wearable device.

20. A computer-program product for facilitating a financial transaction using a wearable device as a payment vehicle wherein the wearable device is associated with one or more financial accounts and is configured to facilitate a financial transaction using at least one of the one or more financial accounts, the computer program product comprising a non-transitory computer-readable medium comprising code causing a first apparatus to:

receive from a second device, the at least one readable indicia, which was scanned via a sensor associated with the second device, the readable indicia being associated with the wearable device of the user, wherein the readable indicia comprises payment information associated with the financial transaction and at least one limit associated with a user spending using the payment information;

receive, via a computing device, payment information from the readable indicia, wherein the payment information includes at least a purchase amount;

process, via a computing device, payment information, wherein processing the payment information includes determining that the one or more financial accounts associated with the wearable device includes an amount of funds at least equal to the purchase amount;

execute, via a computing device, the transaction in response to determining that the amount of funds included in the one or more financial accounts associated with the wearable device is at least equal to the purchase amount;

continuously monitor the user spending, wherein monitoring further comprises comparing the user spending with the at least one limit, wherein comparing further comprises assigning a spending index to indicate whether the user spending is lesser than, equal to, or greater than the at least one limit; and

transmit the spending index for display on a display device associated with the wearable device.