Method, apparatus and program to make payment in any currencies through a communication network system using pre-paid cards

• US 8,650,126 B2
• Filed: 09/13/1999
• Issued: 02/11/2014
• Est. Priority Date: 08/11/1999
• Status: Expired due to Term

• Current Assignee: Khai Hee Kwan
• Original Assignee: Khai Hee Kwan
• Inventors: Kwan, Khai Hee
• Primary Examiner(s): Augustin, Evens J
• Application Number:
  US09/396,005
• Publication Number:
  US 20030200179A1
• Time in Patent Office: 5,265 Days
• Field of Search: 705/1, 705/41, 705/69, 705/43, 705/39, 705/14, 705/26, 705/44, 705/59, 705/51, 379/144
• US Class Current: 705/51
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/367 involving electronic purses or money safes
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes

Abstract

This is a pre-paid card system used to store monetary value and subsequently for making payment to merchants through the telephone system or through a data network. Unlike static credit card numbers, this invention employs the generation of encrypted dynamic codes for each transaction, which must be verified within a specific time, for payment initiation. Codes are send by merchant when a purchase is agreed upon and each codes have a time limit to be used. Customers need to accept this codes and present them to the host computer to complete the payment process. Codes from both merchant and customer are decrypted at the host computer to produce the authenticated instructions for the payment. This invention also employs a unique formula to calculate stored value including in foreign currencies.

Claims

1. An user to user payment method over a network under payer'"'"'s control, comprising:

providing an Internet System connected to a host server having a database to transfer stored funds in any currencies over said network, said method comprising;

said host server prompting payer to input payer'"'"'s account identifier and password;

said host server authenticating the payer'"'"'s account identifier and password for validity;

said host server prompting the payer to input payee'"'"'s account identifier and fund transfer information;

said host server receiving said payee'"'"'s account identifier and said fund transfer information;

said host server upon authenticating the payee'"'"'s account identifier, instantly crediting the fund to the payee'"'"'s account upon determining balance in the database associated with the payer account identifier and password is more than the fund for transfer;

said host server instantly debiting the balance associated with the payer'"'"'s account identifier and password in the database with said fund transferred to said payee'"'"'s account;

whereby said stored fund is deposited from a prepaid card into an account linked to an user created identifier; and

whereby said transfer is made without interacting with said payee and independently of said prepaid card.

2. The method of claim 1 includes further method comprising:

prompting user to enter security code associated with the prepaid card;

receiving the security code;

determining the security code is valid;

determining any account identifier is associated with the security code;

upon determining there is no account identifier associated with said code then prompt said user to enter an user account identifier, password, storage period and currency to be stored;

receiving said user account identifier, password, storage period and currency as inputted by said user;

determining said user account identifier and password for uniqueness against other stored user account identifiers and passwords;

calculating stored value;

output the stored value to said user;

upon determining said user account identifier, password combination is unique and the stored value is acceptable to said user then add said account identifier and password into database linked with the stored value amount;

upon determining said user account identifier, password combination is not unique and stored value is acceptable to said user then linked the stored value amount to said existing user account identifier and password in the database; and

whereby upon completion of storing and linking said prepaid card is valueless.

3. The method according to claim 2, wherein calculating stored value is based at least in part on the formula below:

Stored value=B*D*L*C*R

Where B is face value of the prepaid card or floating balance whichever is less, D is a factor related to storage period, L is a factor related to value and loyalty of customer that is based on his/her past purchases of pre-paid cards, C is a factor related to cost of money and R is a factor related to flexibility in currency stored.

4. The method according to claim 1 whereby said payer is unknown to said host server.

13. The method of claim 1 includes providing at least one point of sale terminal adapted to issue by printing a receipt representative of the prepaid card having at least a serial number.

16. The method according to claim 1 whereby said prepaid card is a cash card.

5. An Internet system for user to user fund transfer over a network comprising:

a host server having a database to transfer stored funds in any currencies under payer'"'"'s control, wherein said server having a processor and non-transitory memory operatively coupled to the processor and having codes stored therein when executed the processor causes said host server to perform steps comprises;

prompt payer to input payer'"'"'s account identifier and password;

authenticate the payer'"'"'s account identifier and password for validity;

prompt the payer to input payee'"'"'s account identifier and fund transfer information;

receive said payee'"'"'s account identifier and said fund transfer information;

authenticate the payee'"'"'s account identifier and upon authentication, instantly crediting the fund to the payee'"'"'s account upon determining balance in the database associated with the payer account identifier and password is more than the fund for transfer;

instantly debiting the balance associated with the payer'"'"'s account identifier and password in the database with said fund transferred to said payee'"'"'s account;

whereby said stored fund is deposited from a prepaid card into an account linked to an user created identifier; and

whereby said transfer is made without interacting with said payee and independently of said prepaid card.

6. The system of claim 5 further comprising:

prompt user to enter security code associated with the prepaid card;

receive the security code;

determine the security code is valid;

determine any account identifier is associated with the security code;

prompt said user to enter an user account identifier, password, storage period and currency to be stored upon determining there is no account identifier associated with said security code;

receive said user account identifier, password, storage period and currency as inputted by said user;

determine said user account identifier and password for uniqueness against other stored user account identifiers and passwords;

calculate stored value;

output the stored value to said user;

add said account identifier and password into database linked with the stored value upon determining said user account identifier, password combination is unique and the stored value is acceptable to said user;

link the stored value to said existing user account identifier and password in the database upon determining said user account identifier, password combination is not unique and stored value is acceptable to said user; and

whereby upon completion of storing and linking said prepaid card is valueless.

7. The system of claim 6 wherein calculate the stored value is based at least in part on the formula below:

Stored value=B*D*L*C*R

Where B is face value of the prepaid card or floating balance whichever is less, D is a factor related to storage period, L is a factor related to value and loyalty of customer that is based on his/her past purchases of pre-paid cards, C is a factor related to cost of money and R is a factor related to flexibility in currency stored.

8. The system according to claim 5 whereby said payer is unknown to said host server.

14. The system of claim 5 includes at least one point of sale terminal adapted to issue by printing a receipt representative of the prepaid card having at least a serial number.

17. According to claim 5 whereby said prepaid card is a cash card.

9. A non-transitory computer readable storage medium storing codes that, when executed by a computer to perform steps comprising:

prompt payer to input payer'"'"'s account identifier and password;

authenticate the payer'"'"'s account identifier and password for validity;

prompt the payer to input payee'"'"'s account identifier and fund transfer information;

receive said payee'"'"'s account identifier and said fund transfer information;

authenticate the payee'"'"'s account identifier and upon authentication, instantly crediting the fund to the payee'"'"'s account upon determining balance in the database associated with the payer account identifier and password is more than the fund for transfer;

instantly debiting the balance associated with the payer'"'"'s account identifier and password in the database with said fund transferred to said payee'"'"'s account;

whereby said stored fund is deposited from a prepaid card into an account linked to an user created identifier; and

whereby said transfer is made without interacting with said payee and independently of said prepaid card.

10. According to claim 9 further comprising:

prompt user to enter security code associated with the prepaid card;

receive the security code;

determine the security code is valid;

determine any account identifier is associated with the security code;

prompt said user to enter an user account identifier, password, storage period and currency to be stored upon determining there is no account identifier associated with said security code;

receive said user account identifier, password, storage period and currency as inputted by said user;

determine said user account identifier and password for uniqueness against other stored user account identifiers and passwords;

calculate stored value;

output the stored value to said user;

add said account identifier and password into database linked with the stored value upon determining said user account identifier, password combination is unique and the stored value is acceptable to said user;

link the stored value to said existing user account identifier and password in the database upon determining said user account identifier, password combination is not unique and stored value is acceptable to said user; and

whereby upon completion of storing and linking said prepaid card is valueless.

11. According to claim 10 wherein calculate the stored value is based at least in part on the formula below:

Stored value=B*D*L*C*R

Where B is face value of the prepaid card or floating balance whichever is less, D is a factor related to storage period, L is a factor related to value and loyalty of customer that is based on his/her past purchases of pre-paid cards, C is a factor related to cost of money and R is a factor related to flexibility in currency stored.

12. According to claim 9 whereby said payer is unknown to said host server.

15. According to claim 9 further comprising:

enable at least one point of sale terminal to be connected to said host server to issue by printing a receipt representative of the prepaid card having at least a serial number.

18. According to claim 9 whereby said prepaid card is a cash card.