Virtual credit in simulated environments

• US 20060178985A1
• Filed: 02/04/2005
• Published: 08/10/2006
• Est. Priority Date: 02/04/2005
• Status: Active Grant

• Current Assignee: The Invention Science Fund I, L.L.C. (Intellectual Ventures LLC)
• Original Assignee: Searete LLC (Intellectual Ventures LLC)
• Inventors: Jung, Edward K.Y., Levien, Royce A., Malamud, Mark A., Rinaldo, John D. Jr.
• Granted Patent: US 7,958,047 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• 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 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: Y10S 707/95 Financial

Abstract

A method and system provides for the use of credit arrangements in simulated environments. A user can participate in credit transactions involving purchases of virtual products, virtual services, and virtual items of value. Feedback is provided to the user regarding results of the credit transactions. In some embodiments multiple users can make simulated purchases or incur simulated credit obligations that are posted to virtual accounts, and the multiple users can also make simulated compensation against balances due or obligations owed for said virtual accounts. The user is also provided with an opportunity of engaging in real-world financial transactions related to the virtual credit arrangement. In some implementations of the system and method, multiple players at different locations can use virtual charge accounts and/or real world financial accounts in connection with arranging or resolving a virtual credit transaction.

Claims

1. A method of credit arrangements comprising:

providing a virtual credit arrangement that enables a user to have simulated credit transactions;

communicating feedback to the user regarding results of said simulated credit transactions; and

responsive to the simulated credit transactions, providing the user an option of engaging in real-world financial transactions related to said virtual credit arrangement.

2. The method of claim 1 that further includes enabling multiple users to make simulated purchases or incur simulated credit obligations posted to virtual accounts, and enabling the multiple users to make simulated compensation against balances due or obligations owed for said virtual accounts.

3. The method of claim 2 that further includes enabling the multiple users to make remuneration with something of virtual value against balances due or obligations owed for said virtual accounts.

4. The method of claim 2 that further includes enabling the multiple users to make remuneration with something of real value against balances due or obligations owed for said virtual accounts.

5. The method of claim 1 that further includes communicating feedback to the user regarding consequences of said related real-world financial transactions.

6. The method of claim 2 that further includes billing said simulated purchases to a virtual account that allows carry-over balances.

7. The method of claim 6 that further includes communicating feedback to the user regarding results of at least one of the following group for said virtual account:

non-payment, partial payment, and full payment of balances due.

8. The method of claim 1 that further includes identifying or creating an actual real-world account selected by said user for engaging in said real-world financial transactions.

9. The method of claim 7 that further includes communicating to the user consequences of any purchases and/or any payments made regarding said actual real-world account.

10. The method of claim 1 that further includes monitoring any action taken to make resolution or provide compensation that is required by said credit arrangement.

11. The method of claim 1 that further includes periodically changing credit terms for said virtual credit arrangement.

13. The method of claim 1 that further includes providing a bi-directional communication link for messages to and from the user.

14. The method of claim 1 that further includes providing a communication link between the user and a simulated environment having products and/or services and/or other items of value that can be acquired by said virtual credit arrangement.

15. The method of claim 1 that includes enabling a transition by said user to an actual real-world account issued by a third party.

16. The method of claim 1 that further includes providing assistance for said user to obtain an actual real-world account for said real-world financial transactions.

17. The method of claim 2 that further includes issuing an electronic charge card version of said virtual account.

18. The method of claim 2 that further includes issuing a hardcopy charge card version of said virtual account.

19. The method of claim 1 incorporated in one or more computer program products comprising a carrier medium having program instructions thereon.

20. The method of claim 19 that further includes providing communication links that are accessible by a plurality of users at different locations, respectively

12. The method of 11 that further includes periodically changing for said virtual credit arrangement one or more credit terms taken from the following group:

interest rate, due date, grace period, penalties, credit limit, service charge, transferability, weekly fee, monthly fee, annual fee, automatic repayment, payment of other obligations, monetary advance, re-negotiated debt, and exchange value.

21. A method of simulating charge card usage comprising:

providing a virtual account to a user;

enabling the user to make simulated purchases of goods and/or services and/or items of value that are charged to the virtual account, in which the user receives feedback regarding results of the simulated purchases; and

responsive to an experience of making the simulated purchases and receiving the feedback, facilitating a transition by the user to usage of an actual financial account.

22. The method of claim 21 that further includes providing virtual financial accounts taken from the following group:

accounts allowing carry-forward balance, accounts requiring full payment, debit cards, accounts with free benefits, accounts with extra-cost benefits, accounts providing discount promotions, cash advance accounts, accounts with beneficial links, insurance product accounts, accounts with value added benefits, business-issued charge cards, financial institution charge cards, checking accounts, lines of credit, vouchers, and promissory notes.

23. The method of claim 21 that further includes providing actual financial accounts taken from the following group:

accounts allowing carry-forward balance, accounts requiring full payment, debit cards, accounts with free benefits, accounts with extra-cost benefits, accounts providing discount promotions, cash advance accounts, accounts with beneficial links, insurance product accounts, accounts with value added benefits, business-issued charge cards, financial institution charge cards, checking accounts, lines of credit, vouchers, and promissory notes.

24. The method of claim 21 that further includes communicating feedback to the user regarding consequences of real financial transactions involving said actual financial account.

25. The method of claim 21 that further includes allowing said user to have option of using either said virtual account or said actual financial account during given time periods.

26. The method of claim 21 that includes providing different participation levels for usage of said virtual account.

27. The method of claim 26 that further includes allowing the user an option to transfer between the different participation levels of said virtual account.

28. The method of claim 26 that further includes completion of performance benchmarks before allowing transfer to a higher participation level for said virtual account.

29. The method of claim 28 that further includes basing the performance benchmarks on one of more of the following group:

credit record of virtual accounts;

credit record of real financial accounts, test results, fictional role playing achievements, fictional role playing skills acquired, experience levels, endorsements by others, group memberships in real world, and group memberships in role playing environment.

30. The method of claim 21 that further includes allowing the user an unrestricted option to make transition to said actual financial account.

31. The method of claim 21 that further includes completion of performance benchmarks before facilitating transition of the user to said actual financial account.

32. The method of claim 31 that further includes completion of performance benchmarks that are based on one of more of the following group:

credit record of virtual accounts;

participation levels of virtual accounts, credit record of real financial accounts, test results, fictional role playing achievements, fictional role playing skills, role playing experience, endorsements by others, group memberships in real world, and group memberships in role playing environment.

33. The method of claim 31 that further includes completion of performance benchmarks that are based on activities of the user in a role playing environment.

34. The method of claim 21 that further includes providing different categories of purchases available to said virtual account, including at least one of the following group:

travel reservations, auctions, food, clothing, merchandise, vehicles, insurance, appliances, furnishings, recreation, competitions, virtual monetary value, real monetary value, installment purchases, entertainment, rentals, education, and fictional role playing items.

35. The method of claim 21 that further includes providing a simulated billing period for said virtual account that occurs in real time at intervals taken from the following group:

a month or less, a week or less, a day or less, an hour or less.

36. The method of claim 35 that further includes activating the simulated billing period based on a number of simulated purchase transactions.

37. The method of claim 35 that further includes providing the simulated billing period based on a combination of one or more parameters from the following group:

average balance owed, highest balance owed, number of transactions, age of user, education of user, experience level, and benchmark performance.

38. The method of claim 21 that further includes allowing the user an option to vary virtual account terms, including one or more account terms from the following group:

interest rate, due date, grace period, penalties, credit limit, service charge, transferability, weekly fee, monthly fee, annual fee, automatic repayment, payment of other obligations, monetary advance, re-negotiated debt, and exchange value.

39. The method of claim 21 that further includes programming virtual account terms based on user demographic information.

40. The method of claim 21 that further includes programming virtual account terms based on past performance records.

41. The method of claim 21 that further includes enabling usage of an actual financial account issued by a third party for financial transactions related to the simulated purchases.

42. The method of claim 21 incorporated in one or more computer program products comprising a carrier medium having program instructions thereon.

43. The method of claim 42 that further includes providing communication links accessible by a plurality of users at different locations, respectively.

44. A system for credit arrangements comprising:

server apparatus including a memory and a processor for maintaining information regarding credit transactions involving purchases by a user of various virtual products and/or virtual services and/or virtual items;

a bi-directional user interface for exchanging informational messages between the user and the server apparatus regarding credit terms associated with said purchases; and

wherein said credit transactions are capable of resolution by virtual-world compensation and by real-world compensation.

45. The system of claim 44 which further comprises:

hybrid charge accounts associated with a plurality of users, respectively, for use with said credit transactions; and

wherein the credit terms for said hybrid charge accounts can be established or changed based at least partially on user selections and/or user demographics and/or user performance and/or user experience and/or benchmark parameters.

46. The system of claim 45 wherein said hybrid charge accounts include different participation levels.

47. The system of claim 46 wherein said server apparatus enables the user to have an option to move between the different participation levels.

48. The system of claim 45 wherein said hybrid accounts require completion of performance benchmarks before allowing the user to move to a higher participation level.

49. The system of claim 45 wherein said hybrid charge accounts enable the user to vary one or more of the following credit terms:

interest rate, due date, grace period, penalties, credit limit, service charge, transferability, weekly fee, monthly fee, annual fee, automatic repayment, payment of other obligations, monetary advance, re-negotiated debt, and exchange value.

50. The system of claim 44 wherein terms of the credit transaction are based on one or more of the following group:

user demographic information, financial account records, experience levels, completion of performance benchmarks, role play world activities, and user negotiations.

51. The system of claim 44 wherein said server apparatus provides a simulated environment that enables the purchases to be made by a plurality of users at different locations, respectively.

52. The system of claim 44 further including a communication link that enables the user to make remuneration of a debt or an obligation resulting from said credit transaction.

53. The system of claim 44 further including a communication link that enables the user to make the purchases in a simulated role playing environment.

54. Apparatus for providing virtual credit in a simulated environment, comprising:

computer means for storing and processing virtual credit transactions involving products or services or items that are available in the simulated environment;

an interactive communication link with said computer means to enable a user to participate in said virtual credit transactions; and

interface means capable of operable connection to said interactive communication link and accessible to the user for transmitting informational inputs and for making selections that help to provide a basis for credit terms of said virtual credit transactions.

55. The apparatus of claim 54 wherein said interactive communication link enables the user to make remuneration of a debt or an obligation resulting from said virtual credit transaction.

56. The apparatus of claim 55 wherein said interactive communication link enables the user to make remuneration with real-world money.

57. The apparatus of claim 55 wherein said interactive communication link enables the user to make remuneration with fictional-world money.

58. The apparatus of claim 55 wherein said interactive communication link enables the user to make remuneration with a non-monetary item or action.

59. The apparatus of claim 55 wherein said remuneration includes a real-world item or action.

60. The apparatus of claim 55 wherein said remuneration includes a fictional-world item or action.

61. The apparatus of claim 54 wherein said computer means enables multiple users to make purchases or incur obligations associated with different virtual credit accounts, respectively, and further enables the multiple users to provide compensation against balances due or obligations owed for said different virtual accounts, respectively.