METHOD AND SYSTEM FOR STORING AND USING IDENTIFYING ACCOUNT INFORMATION ON AN ELECTRONIC DEVICE

• US 20120323710A1
• Filed: 06/15/2011
• Published: 12/20/2012
• Est. Priority Date: 06/15/2011
• Status: Abandoned Application

• Current Assignee: William Steven Luke
• Original Assignee: William Steven Luke
• Inventors: Luke, William Steven
• Application Number:
  US13/160,553
• Publication Number:
  US 20120323710A1
• Time in Patent Office: Days
• US Class Current: 705/17
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/3274 using a pictured code, e.g. barcode or QR-code, being displayed on the M-device
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A method and system for creating an account and storing account information on an electronic device, such as a smart phone or tablet for use in conducting financial and other transactions. Account numbers for credit cards, debit cards, membership cards, gift cards and so forth may be displayed on a screen of the electronic device as a one-dimensional or two dimensional bar code that is then scanned by a merchant to conduct a financial transaction in the case of a purchase or to identify an individual as a member of a rewards club or other club.

Claims

1. A method for storing physical identifying account information on an electronic device and transforming the identifying account information into a readable electronic medium for conducting a financial transaction, said method comprising the steps of:

a. an individual storing identifying account information on an electronic device;

b. the individual beginning a transaction with a merchant;

c. the electronic device transforming the identifying account information into a barcode displayed on the electronic device;

d. the individual presenting said barcode to the merchant;

e. said merchant scanning the barcode displayed on the electronic device, thereby receiving the identifying account information; and

f. completing the transaction.

2. The method of claim 1 further comprising a step before step a of:

the individual creating an account over the internet with a service provider using the electronic device.

3. The method of claim 2 further comprising the steps of:

the individual downloading software from the service provider onto the electronic device; and

the identifying account information being stored on the service provider'"'"'s database.

4. The method of claim 1 further comprising the steps of:

the individual submitting a request to the service provider that the individual wants a card issuer to partner with the service provider; and

said service provider publicly displaying the request on the service provider'"'"'s website.

5. The method of claim 1 further comprising the step of:

the identifying account information is entered into the electronic device manually.

6. The method of claim 2 further comprising the steps of:

a request being made to the service provider to automatically add identifying account information for an account with a card issuer;

the service provider sending a request for the identifying account information being sent to the card issuer;

the card issuer electronically sending the requested identifying account information to the service provider; and

the service provider electronically sending the requested identifying account information to the electronic device.

7. The method of claim 3 further comprising the steps of:

the individual acquiring a new electronic device;

the individual downloading software from the service provider onto the new electronic device; and

the individual'"'"'s identifying account information stored on the service provider'"'"'s database being electronically transferred to individual'"'"'s new electronic device.

8. The method of claim 1 further comprising a step before step c of:

the individual being required to enter a pin number into the electronic device.

9. The method of claim 1 wherein:

said identifying account information is for a credit card account.

10. The method of claim 1 wherein:

said identifying account information is for a debit card account.

11. The method of claim 1 wherein:

said identifying account information is for a membership card account.

12. The method of claim 1 wherein:

said identifying account information is for a gift card account.

13. The method of claim 1 wherein:

said identifying account information is for a store credit account.

14. The method of claim 1 wherein:

said identifying account information is for an identification card.

15. The method of claim 1 further comprising a step of

the electronic device being lost;

and

the electronic device being remotely disabled so a third party cannot access identifying account information stored on the electronic device.

16. The method of claim 2 further comprising a step of:

the electronic device being lost; and

the electronic device being monitored remotely for unauthorized use by the service provider.

17. The method of claim 1 wherein:

said barcode is a one-dimensional barcode.

18. The method of claim 1 wherein:

said barcode is a two-dimensional barcode.

19. The method of claim 1 wherein:

said barcode is encrypted.

20. A system for storing physical identifying account information on an electronic device and transforming the identifying account information into an readable electronic medium for conducting conduct transactions, said system comprising:

identifying account information being stored on an electronic device;

beginning a transaction with a merchant;

the identifying account information being transformed into a barcode displayed on the electronic device;

said barcode being presented to the merchant;

said barcode being scanned by the merchant, thereby causing the merchant to receive the identifying account information; and

the transaction being completed.

21. The system of claim 20 further comprising:

an account being created over the internet with a service provider.

22. The system of claim 21 further comprising:

software from the service provider being downloaded onto the electronic device; and

the identifying account information being stored on the service provider'"'"'s database.

23. The system of claim 20 further comprising:

a request being submitted to the service provider that an individual wants a card issuer to partner with the service provider; and

the request being displayed on the service provider'"'"'s website.

24. The system of claim 20 further comprising:

the identifying account information being entered into the electronic device manually.

25. The system of claim 21 further comprising:

a request being made to the service provider to automatically add identifying account information for an account with a card issuer;

the service provider sending a request for the identifying account information being sent to the card issuer;

the card issuer electronically sending the requested identifying account information to the service provider; and

the service provider electronically sending the requested identifying account information to the electronic device.

26. The system of claim 22 further comprising:

an individual acquiring a new electronic device;

the individual downloading software from the service provider onto the new electronic device; and

the individual'"'"'s identifying account information stored on the service provider'"'"'s database being electronically transferred to the individual'"'"'s new electronic device.

27. The system of claim 20 further comprising:

a pin number being entered into the electronic device.

28. The system of claim 20 wherein:

said identifying account information is for a credit card account.

29. The system of claim 20 wherein:

said identifying account information is for a debit card account.

30. The system of claim 20 wherein:

said identifying account information is for a membership card account.

31. The system of claim 20 wherein:

said identifying account information is for a gift card account.

32. The system of claim 20 wherein:

said identifying account information is for a store credit account.

33. The system of claim 20 wherein:

said identifying account information is for an identification card.

34. The system of claim 20 further comprising:

the electronic device being lost; and

the electronic device being remotely disabled so a third party cannot access identifying account information stored on the electronic device.

35. The system of claim 21 further comprising:

the electronic device being lost; and

the electronic device being monitored remotely for unauthorized use by the service provider.

36. The system of claim 20 wherein:

said barcode is a one-dimensional barcode.

37. The method of claim 20 wherein:

said barcode is a two-dimensional barcode.

38. The system of claim 20 wherein:

said barcode is encrypted.