Method and system for conducting transactions using a payment card with two technologies

• US 6,857,566 B2
• Filed: 11/25/2002
• Issued: 02/22/2005
• Est. Priority Date: 12/06/2001
• Status: Expired due to Fees

• Current Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Original Assignee: MasterCard International InCorporation (MasterCard Incorporated)
• Inventors: Wankmueller, John
• Primary Examiner(s): Lee, Diane I.
• Application Number:
  US10/302,976
• Publication Number:
  US 20030121969A1
• Time in Patent Office: 820 Days
• Field of Search: 235/379, 235380-384, 235/462.01, 235/487, 235/492, 705/35, 705 41- 44, 705/64, 705/67, 705/75, 380/28, 380/30, 713/168, 713/170, 713/182
• US Class Current: 235/380
• CPC Class Codes: G06K 19/10 at least one kind of marking being used for authentication, e.g. of credit or identity cards verification of coded identity or credit cards in mechanisms actuated by them G07F7/12
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/327 Short range or proximity payments by means of M-devices
• CPC Class Codes: G06Q 20/341 Active cards, i.e. cards including their own processing means, e.g. including an IC or chip
• CPC Class Codes: G06Q 20/357 Cards having a plurality of specified features
• CPC Class Codes: G06Q 20/3674 involving authentication
• 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: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system

Abstract

A system for conducting financial transactions is provided wherein payment cards have stored account information including a first portion readable by a first machine-readable technology and a second portion readable by a second different machine-readable technology. Terminals employing both of said first and second technologies are used to capture said card account information for conducting each such transaction.

Claims

1. A method for conducting a financial transaction over a communications network comprising a terminal, a payment network including a transaction authorization issuer, and a payment card having a chip, comprising:

storing on said card account information having a first portion readable by a first machine-readable technology and a second portion readable by a second different machine-readable technology, said stored account information including a payment account number, an expiration date, a service code, and wherein said chip maintains a transaction counter, and receives a terminal challenge number from the terminal;

securely storing on said chip a unique per-card cryptographic key;

supporting on said chip a cryptographic algorithm for calculating an authentication code using at least said key, said authentication code to be used for verification by said transaction authorization issuer;

wherein said authentication code is calculated using at least portions of said unique per-card cryptographic key, said account number, said expiration date, said service code, a value associated with said counter, and said challenge number, and

employing both of said first and second technologies to capture said card account information for conducting said financial transaction.

2. The method of claim 1, wherein said stored account information includes Track 2 data comprising said expiration date, said service code, and discretionary data, and wherein said chip is an RF chip which stores said Track 2 data.

3. The method of claim 2, further comprising:

reformatting the discretionary data of said Track 2 data with said authentication code, said transaction counter, and said terminal challenge number; and

making said reformatted data available for reading by said terminal.