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

• US 20040210498A1
• Filed: 05/07/2004
• Published: 10/21/2004
• Est. Priority Date: 03/29/2002
• Status: Abandoned Application

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: Bank One Delaware National Association (JP Morgan Chase & Co)
• Inventors: Freund, Peter C.
• Application Number:
  US10/840,253
• Publication Number:
  US 20040210498A1
• Time in Patent Office: Days
• US Class Current: 705/30
• 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 method for performing at least one transaction, the method comprising the steps of:

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.

2. The method of claim 1, wherein the first protocol supports a stored value account located on the first chip.

3. The method of claim 2, wherein the first protocol is associated with a mass transit system.

4. The method of claim 1, wherein the second protocol supports general purpose transactions through the network.

5. The method of claim 1, wherein the at least one account associated with the second protocol comprises a plurality of funding accounts for funding the transaction.

6. The method of claim 5, wherein the at least one account comprises one or more of a stored value account, a debit account and a credit card account.

7. The method of claim 1, further comprising the steps of:

collecting transaction data associated with the transaction; and

storing the transaction data in at least one database.

8. The method of claim 1, further comprising the step of:

applying one or more credits in association with one or more loyalty programs associated with a user of the token.

9. The method of claim 1, further comprising the steps of:

collecting preference data associated with a user; and

storing the preference data in at least one database.

10. The method of claim 7, wherein the steps of collecting and storing transaction data are performed at the central controller and transmitted to the local system for use in transactions associated with the first chip.

11. The method of claim 8, wherein the step of applying one or more credits is performed at the central controller and transmitted to the local system for use in transactions associated with the first chip.

12. The method of claim 9, wherein the step of collecting and storing preference data is performed at the central controller and transmitted to the local system for use in transactions associated with the first chip.

13. The method of claim 1, wherein identifying at least one account for funding the transaction is based on at least one predetermined account condition.

14. The method of claim 13, wherein the at least one predetermined account condition comprises at least one of purchase amount limit, merchant identity, type of merchant and type of purchase.

15. The method of claim 1, wherein the token further comprises an audit chip for tracking activity of the first chip and the second chip.

24. The system of claim 15, further comprising:

a profile module for collecting preference data associated with a user; and

a database for storing the preference data.

27. The system of claim 24, wherein the profile module is at the central controller and preference data is transmitted to the local system for use in transactions associated with the first chip.

30. The system of claim 15, wherein the token further comprises an audit chip for tracking activity of the first chip and the second chip.

31. At least one processor readable carrier for storing a computer program of instructions configured to be readable by at least one processor for instructing the at least one processor to execute a computer process for performing the method as recited in claim 1.

16. A system for performing at least one transaction, the system comprising:

a token for performing 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;

where an appropriate protocol is identified for the transaction and the transaction is routed to the appropriate protocol; and

the central controller for identifying at least one account for funding the transaction, authenticating the transaction and funding the transaction through the at least one account.

17. The system of claim 16, wherein the first protocol supports a stored value account located on the first chip.

18. The system of claim 17, wherein the first protocol is associated with a mass transit system.

19. The system of claim 16, wherein the second protocol is used to make general purpose transactions through the network.

20. The system of claim 16, wherein the at least one account associated with the second protocol comprises a plurality of funding accounts for funding the transaction.

21. The system of claim 20, wherein the at least one account comprises one or more of a stored value account, a debit account and a credit card account.

22. The system of claim 16, further comprising:

a track module for collecting transaction data associated with the transaction; and

a database for storing the transaction data.

23. The system of claim 16, further comprising:

a loyalty module for applying one or more credits in association with one or more loyalty programs associated with a user of the token.

25. The system of claim 22, wherein the tracking module is at the central controller and the transaction data is transmitted to the local system for use in transactions associated with the first chip.

26. The system of claim 23, wherein the loyalty module is at the central controller and loyalty data is transmitted to the local system for use in transactions associated with the first chip.

28. The system of claim 16, wherein identifying at least one account for funding the transaction is based on at least one predetermined account condition.

29. The system of claim 28, wherein the at least one predetermined account condition comprises at least one of purchase amount limit, merchant identity, type of merchant and type of purchase.

32. At least one signal embodied in at least one carrier wave for transmitting a computer program of instructions configured to be readable by at least one processor for performing at least one transaction, the computer process comprising:

token identifying means for 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;

protocol identifying means for identifying an appropriate protocol for the transaction;

routing means for routing the transaction to the appropriate protocol;

account identifying means for identifying at least one account for funding the transaction;

authenticating means for authenticating the transaction; and

funding means for funding the transaction through the at least one account.

33. A method for performing at least one transaction, the method comprising the steps of:

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 and a second chip associated with a second protocol;

identifying an appropriate protocol for the transaction;

wherein the first protocol accesses a local system stored value account associated with a mass transit system and the second protocol accesses a central controller via a network for general purpose transactions;

routing the transaction to the appropriate protocol;

identifying at least one account for funding the transaction based on at least one predetermined account condition comprising at least one of purchase amount limit, merchant identity, type of merchant and type of purchase;

authenticating the transaction; and

funding the transaction through the at least one account;

wherein the at least one account associated with the second protocol comprises a plurality of funding accounts for funding the transaction, the at least one account comprising one or more of a stored value account, a debit account and a credit card account; and

wherein the token further comprises an audit chip for tracking activity of the first chip and the second chip.