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Wearable device as a payment vehicle

  • US 9,390,415 B2
  • Filed: 02/04/2016
  • Issued: 07/12/2016
  • Est. Priority Date: 04/10/2014
  • Status: Active Grant
First Claim
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1. A method for facilitating a financial transaction using a wearable device as a payment vehicle, where 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 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 and at least one processor said method comprising;

    receiving 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;

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

    receiving at least one limit associated with a user'"'"'s spending, where the limit is associated with the at least one readable indicia;

    continuously monitoring 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

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

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