System, method and apparatus for value exchange utilizing value-storing applications
First Claim
1. A system for performing a financial transaction, comprising:
- a transaction card configured for performing the financial transaction, the transaction card comprisinga dual-interface processor for use with a contact interface or a contactless interface and coupled to a memory for executing;
a first electronic application for storing application-specific value on the transaction card, wherein the application-specific value provides payment for a transaction with only one type of merchant,a second electronic application for storing general value on the transaction card, wherein the general value provides payment equivalent to cash,wherein the only one type of merchant has a purchase key provided by a financial institution for conducting a financial transaction with the application-specific value of the transaction card, and the general value of the transaction card is automatically used to conduct the financial transaction when the application-specific value cannot be used;
a transaction application associated with at least said first electronic application for performing a value exchange, wherein said application-specific value and said general value are each exchangeable between each other in said transaction application; and
a loyalty application for linking a loyalty program to the first electronic application and the second electronic application; and
wherein said application-specific value and said general value are each compatible within said system for performing said financial transaction, such that, upon a transfer request by a user, general value transfers to the application-specific value on the transaction card, and, upon a transfer request by a user, application-specific value transfers to the general value on the transaction card.
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Accused Products
Abstract
A system, method and apparatus for exchanging value using a smart card in a financial transaction is disclosed. The system includes a smart card having a contact interface and a contactless interface interactive with a closed purse application and an open purse application controlled by a microprocessor. The closed purse application contains application-specific value, while the open purse contains general value. The application-specific value and general value are each compatible within the system of the invention to perform and settle the financial transaction. The financial transaction may include the smart card communicating with a load terminal or a transaction terminal to add or change the amount of value on the smart card. Further, the present invention include auto-load functionality for adding an amount of value to the smart card. Finally, applications such as a transportation application and a loyalty application are described.
56 Citations
47 Claims
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1. A system for performing a financial transaction, comprising:
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a transaction card configured for performing the financial transaction, the transaction card comprising a dual-interface processor for use with a contact interface or a contactless interface and coupled to a memory for executing; a first electronic application for storing application-specific value on the transaction card, wherein the application-specific value provides payment for a transaction with only one type of merchant, a second electronic application for storing general value on the transaction card, wherein the general value provides payment equivalent to cash, wherein the only one type of merchant has a purchase key provided by a financial institution for conducting a financial transaction with the application-specific value of the transaction card, and the general value of the transaction card is automatically used to conduct the financial transaction when the application-specific value cannot be used; a transaction application associated with at least said first electronic application for performing a value exchange, wherein said application-specific value and said general value are each exchangeable between each other in said transaction application; and a loyalty application for linking a loyalty program to the first electronic application and the second electronic application; and wherein said application-specific value and said general value are each compatible within said system for performing said financial transaction, such that, upon a transfer request by a user, general value transfers to the application-specific value on the transaction card, and, upon a transfer request by a user, application-specific value transfers to the general value on the transaction card. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. A smart card for performing a financial transaction, comprising:
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a processor coupled to a memory for executing; a first application for storing application-specific value on said smart card; and a second application for storing general value on said smart card; wherein the smart card is configured for performing the financial transaction; wherein said application-specific value and said general value are each compatible with a single system for performing said financial transaction, wherein the single system handles settlement using application-specific value and general value; and wherein, upon a transfer request by a user, said application-specific value and said general value are exchanged between each other on the transaction card, wherein only one type of merchant has a purchase key provided by a financial institution for conducting the financial transaction with the application-specific value of the smart card, and the general value of the smart card is automatically used to conduct the financial transaction when the application-specific value cannot be used. - View Dependent Claims (18, 19, 20, 21, 22, 23)
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24. A method for performing a financial transaction with a smart card, comprising:
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storing application-specific value in a first electronic application on said smart card; storing general value in a second electronic application on said smart card; linking a loyalty program to the first electronic application and the second electronic application; processing, by a computer, a purchase key of a merchant to authorize the financial transaction using the first electronic application, wherein a financial transaction with a second merchant that does not have the purchase key is automatically conducted using the general value in the second electronic application; performing the financial transaction; and performing a value exchange associated with the financial transaction, wherein, upon a request by a user, the application-specific value is exchanged with the general value in the financial transaction on the transaction card. - View Dependent Claims (25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35)
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36. A method for performing a financial transaction for exchanging an amount of value between a smart card and a corresponding device, comprising:
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providing application-specific value and general value on the smart card, where both the application-specific value and general value are compatible with a single system for use in performing the financial transaction, wherein the single system handles settlement using application-specific value and general value, and wherein, upon a transfer request by a user, the application-specific value and the general value are exchanged between each other on the smart card; and exchanging a transaction amount of value between the smart card and the corresponding device, where the transaction amount of value is at least a portion of one of the application-specific value and the general value, and processing, by a computer, a purchase key of a merchant to authorize the financial transaction using the application-specific value, wherein a financial transaction with a second merchant that does not have the purchase key is automatically conducted using the general value. - View Dependent Claims (37, 38, 39, 40, 41, 42, 43)
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44. A system for performing a financial transaction, comprising:
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a smart card having a memory for storing a first application having application-specific value and a second application having general value, wherein said application-specific value and said general value are compatible for performing said financial transaction and wherein, upon a transfer request by a user, said application-specific value and said general value are exchanged between each other on the smart card and are secured by encryption on said smart card; wherein the smart card links a loyalty program to the first application and the second application; and a purchase device for removing value from said smart card, said purchase device comprising a first purchase key for removing application-specific value from said first application and a second purchase key for removing general value from said second application, wherein both said first and second purchase keys are a security mechanism for accessing encrypted information, and wherein said purchase device is adapted for communication with said smart card to transfer at least one of said application-specific value and said general value in said financial transaction, wherein the first purchase key is provided by a financial institution to a merchant for transactions using application-specific value, wherein a transaction with a second merchant that does not have the purchase key is automatically conducted using the general value. - View Dependent Claims (45, 46, 47)
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Specification