Method and system for performing purchase and other transactions using tokens with multiple chips

• US 10,282,536 B1
• Filed: 02/23/2011
• Issued: 05/07/2019
• Est. Priority Date: 03/29/2002
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Freund, Peter C.
• Primary Examiner(s): Kalinowski, Alexander G
• Assistant Examiner(s): Preston, John O
• Application Number:
  US13/032,952
• Time in Patent Office: 2,995 Days
• Field of Search: 705 35, 705 41, 455406
• CPC Class Codes: G06F 21/35 communicating wirelessly
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/12 Accounting
• CPC Class Codes: G07F 17/42 for ticket printing or like apparatus , e.g. apparatus for dispensing of printed paper tickets or payment cards

Abstract

An embodiment of the present invention is directed to devices with multiple chips for facilitating small purchase transactions through a stored value account while also permitting other transactions through a network as directed by the user. According to an embodiment of the present invention, a method and system for performing at least one transaction may involve identifying a token used to perform a transaction wherein the token is read at a reader associated with a service provider, the token comprising at least two chips, a first chip associated with a first protocol accessing a local system and a second chip associated with a second protocol accessing a central controller via a network; identifying an appropriate protocol for the transaction; routing the transaction to the appropriate protocol; identifying at least one account for funding the transaction; authenticating the transaction; and funding the transaction through the at least one account.

Claims

1. A multiple purpose token, comprising:

a first chip that is associated with a security feature for an electronic device that is separate from the multiple purpose token, the security feature rendering the electronic device inoperable; and

a second chip that is associated with a protocol for accessing a central controller via a network, wherein the second chip is associated with a transaction account;

wherein the electronic device activates the security feature and renders the electronic device inoperable when the first chip is moved outside a predetermined distance from the electronic device.

2. The token of claim 1, wherein the first chip supports one of a plurality of levels of a security hierarchy.

3. The token of claim 1, wherein the transaction account comprises one of a credit card account, and a debit account.

4. The token of claim 1, wherein the transaction account comprises an on-chip stored value account.

5. The token of claim 1, wherein the transaction account comprises a transit account.

6. The token of claim 1, wherein the transaction account comprises an employer-sponsored account.

7. The token of claim 1, wherein the token is associated with an individual and comprises identification information for the individual.

8. The token of claim 1, wherein at least one of the first and second chips communicates by radio frequency.

9. A multiple purpose token, comprising:

a first chip that is associated with a security feature for an electronic device that is separate from the multiple purpose token, the security feature obscuring or hiding data on a display associated with the electronic device;

a second chip that is associated with a protocol for accessing a central controller via a network, wherein the second chip is associated with a transaction account; and

wherein the electronic device activates the security feature when the first chip is moved outside a predetermined distance from the electronic device.

10. The token of claim 9, wherein the first chip supports one of a plurality of levels of a security hierarchy.

11. The token of claim 9, wherein the transaction account comprises one of a credit card account, and a debit account.

12. The token of claim 9, wherein the transaction account comprises an on-chip stored value account.

13. The token of claim 9, wherein the transaction account comprises a transit account.

14. The token of claim 9, wherein the transaction account comprises an employer-sponsored account.

15. The token of claim 9, wherein the token is associated with an individual and comprises identification information for the individual.

16. The token of claim 9, wherein at least one of the first and second chips communicates by radio frequency.