SYSTEM AND METHOD FOR FACILITATING VALUE EXCHANGES USING MOBILE DEVICES

• US 20100262544A1
• Filed: 06/24/2010
• Published: 10/14/2010
• Est. Priority Date: 04/30/1999
• Status: Abandoned Application

• Current Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Original Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Inventors: Thiel, Peter, Banister, Scott Alan, Levchin, Max, Nosek, Luke Paul
• Application Number:
  US12/823,042
• Publication Number:
  US 20100262544A1
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/223 based on the use of peer-to-peer networks
• CPC Class Codes: G06Q 20/322 Aspects of commerce using mobile devices [M-devices]
• CPC Class Codes: G06Q 20/36 using electronic wallets or electronic money safes
• CPC Class Codes: G06Q 20/363 with the personal data of a user
• CPC Class Codes: G06Q 20/38215 Use of certificates or encrypted proofs of transaction rights
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 20/40145 Biometric identity checks
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 30/0214 Referral reward 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 30/0613 Third-party assisted
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A system and method for facilitating a value exchange transaction. A first party initiates the transaction by selecting or providing an identifier of another party and the value to be exchanged. The second party may be identified by a pre-existing identifier such as an electronic mail address, telephone number, etc. The system informs the second party of the transaction (e.g., using the specified pre-existing identifier). If the second party is not a registered user of the system, he or she is invited to register and complete the transaction. The system may comprise a synchronization server for exchanging transaction details with users'"'"' devices, a communication server for registering new users and/or conducting transactions online and a financial server for interacting with external financial institutions.

Claims

1. A method comprising:

receiving information to conduct a value exchange transaction from a sender to a recipient, the information including a phone number of the recipient and a value to be exchanged; and

transmitting, using one or more processors, a communication to a device corresponding to the phone number of the recipient, the communication informing the recipient of the value exchange transaction.

2. The method of claim 1, wherein the communication further comprises details for completing the value exchange transaction.

3. The method of claim 1, wherein the device corresponding to the phone number is a mobile device of the recipient.

4. The method of claim 1, further comprising maintaining a record of the value exchange transaction.

5. The method of claim 1, further comprising using a token to verify authenticity of the value exchange transaction.

6. The method of claim 1, further comprising allowing the sender and the recipient to directly communicate information associated with the value exchange transaction.

7. The method of claim 6, wherein the information comprises a token used to authenticate the value exchange transaction.

8. The method of claim 1, further comprising completing the value exchange transaction by allowing the recipient to withdraw the value as cash.

9. The method of claim 1, further comprising allowing the value to be exchanged from a first currency to a second currency.

10. The method of claim 1, further comprising interacting with one or more financial institutions in order to complete the value exchange transaction.

11. The method of claim 10, further comprising causing a charge against the sender'"'"'s account with one of the financial institutions in completing the value exchange transaction.

12. A non-transitory machine-readable storage medium in communication with at least one processor, the machine-readable storage medium storing instructions which, when executed by the at least one processor, provides a method comprising:

receiving information to conduct a value exchange transaction from a sender to a recipient, the information including a phone number of the recipient and a value to be exchanged; and

transmitting a communication to a device corresponding to the phone number of the recipient, the communication informing the recipient of the value exchange transaction.

13. The machine-readable storage medium of claim 12, wherein the communication further comprises details for completing the value exchange transaction.

14. The machine-readable storage medium of claim 12, wherein the device corresponding to the phone number is a mobile device of the recipient.

15. The machine-readable storage medium of claim 12, wherein the method further comprises using a token to verify authenticity of the value exchange transaction.

16. The machine-readable storage medium of claim 12, wherein the method further comprises allowing the sender and the recipient to directly communicate information associated with the value exchange transaction.

17. The machine-readable storage medium of claim 16, wherein the information comprises a token used to authenticate the value exchange transaction.

18. The machine-readable storage medium of claim 12, wherein the method further comprises completing the value exchange transaction by allowing the recipient to withdraw the value as cash.

19. The machine-readable storage medium of claim 12, wherein the method further comprises allowing the value to be exchanged from a first currency to a second currency.

20. The machine-readable storage medium of claim 12, wherein the method further comprises interacting with one or more financial institutions in order to complete the value exchange transaction.