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

• 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:
  US15/016,163
• Publication Number:
  US 20160155116A1
• Time in Patent Office: 159 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 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.

2. The method of claim 1 comprising:

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; and

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.

3. The method according to 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.

4. The method according to claim 1, wherein the at least one machine-readable indicia are dynamic and said method comprising presenting the machine-readable indicia on a display device associated with the wearable article.

5. The method according to claim 1 further comprising dynamically associating the at least one machine-readable indicia with at least one financial account.

6. The method according to claim 1 further comprising allocating an amount of at least one of funds, points, benefits, rewards, or virtual currency to the at least one machine-readable indicia from the financial payment account.

7. The method according to claim 1 further comprising enabling a user 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.

8. The method according to claim 1 further comprising communicating with and transferring 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.

9. The method 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.

10. The computer program product 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.

14. The computer program product of claim 10, wherein said computer program product code further comprises instructions to cause said at least one processor to dynamically associating the at least one machine-readable indicia with at least one financial account.

15. The computer program product of claim 10, wherein said computer program product code further comprises instructions to cause said at least one processor to allocate an amount of at least one of funds, points, benefits, rewards, or virtual currency to the at least one machine-readable indicia from the financial payment account.

11. A computer program product stored on a non-transitory readable medium, where said computer product is used 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 computer program product comprising instruction code configure for operation by the at least one processor to cause said 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 at least one limit associated with a user'"'"'s spending, where the limit is associated with 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.

12. The computer program product of claim 11, 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.

13. The computer program product of claim 11, wherein the at least one machine-readable indicia are dynamic and said computer program product code further comprises instructions to cause said at least one processor to present the machine-readable indicia on a display device associated with the wearable article.

16. The computer program product of claim 11, wherein said computer program product code further comprises instructions to cause said at least one processor to enable a user 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.

17. The computer program product of claim 11, wherein said computer program product code further comprises instructions to cause said at least one processor 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.

18. The computer program product of claim 11 further comprising computer instruction code to cause the at least one processor to:

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

process 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; and

execute 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.