Claims:We claim:
1. An electronic financial transaction method, comprising; reading, in a payer device, a machine-readable pay code in which transaction details for a specific transaction are encoded;
a. requesting the transaction details for the specific transaction from a pay code provider and receiving the transaction details for display on the payer device;
b. receiving indications of payer selected transaction options from a user of the payer device and transmitting the indications to the pay code provider for conveyance to a payee; and
c. receiving an indication that completion of the transaction has been initiated by initiating payment from the payer to the payee;
2. The method of claim 1, wherein the payer device is a mobile telephone, the mobile telephone having a camera and a specifically programmed processor, wherein the camera and the specifically programmed processor read optical machine-readable code.
3. The method of claim 1, wherein the machine-readable pay code is a barcode.
4. The method of claim 3, wherein the bar code is a QR barcode.
5. The method of claim 2, wherein the optical machine-readable code is a bar code.
, Description:Technical Field of the Invention
The present disclosure relates to electronic financial transactions, specifically by a portable device having a memory and being capable of reading machine-readable data.
Background of the Invention
There is market pressure for finding more convenient ways to reach out to consumers and to initiate a financial transaction with the consumer. There is also market pressure for finding more convenient ways to conduct financial transactions between: (1) individuals, (2) individuals and businesses, and (3) two or more businesses once a transaction has been initiated.
There is a need for a more convenient way to conduct a financial transaction. Hand-held computing devices capable of wireless communications now have the ability to read encoded transaction details (e.g., camera enabled mobile phones that can be programmed to act as bar code readers) and have the ability to be programmed to automatically identify products for a price comparison, etc. based on read bar codes (e.g., the Red Laser® application on an iPhone®). Some companies, such as NTT Data Corp., suggest attaching bar code labels on invoices to facilitate input of account information through a camera-enabled mobile telephone because entry of long account numbers can be difficult on a telephone interface. Other payment methods rely on an RFID component in the telephone for wireless interface with a merchant or point of sale (POS) terminal. The Groupe Speciale Mobile Association (GSMA) has recently announced a framework for a global standard for mobile phone payments. These measures do not fill the need envisioned by the present inventors.
Object of the Invention
The object of the present invention is disclosure provides a description of methods, data flows, and computer architecture to enable one skilled in the art to implement a system that utilizes a payer device and a pay code, both defined below, in order to facilitate a financial transaction.
Summary of the Invention
One exemplary electronic financial transaction method includes reading, in a payer device, a machine-readable pay code in which transaction details for a specific transaction are encoded, requesting the transaction details from a pay code provider, and receiving the transaction details for display on the payer device. The method further includes receiving indications of payer selected transaction options from a user of the payer device, transmitting the indications to the pay code provider for conveyance to a payee, and receiving an indication that completion of the transaction has been initiated by initiating a payment from the payer to the payee. The payer device is a communication device enabled to read machine-readable code and specifically programmed to electronically carry out the above reading, requesting, transmitting, and receiving actions.
Another exemplary electronic financial transaction method includes reading, in a payer device, a machine-readable pay code in which transaction details for a specific transaction are encoded, displaying the transaction details on the payer device, and connecting the payer device to a communications network. The method further includes requesting additional transaction details for the specific transaction from a pay code provider through the communications network and receiving the additional transaction details for display on the payer device. Indications of payer selected transaction options are received from a user of the payer device and transmitted to the pay code provider for conveyance to a payee. The method further includes receiving an indication that completion of the transaction has been initiated by initiating payment from the payer to the payee. The payer device is a communications device enabled to read machine-readable code and specifically programmed to carry out the above reading, displaying, connecting, requesting, receiving, and transmitting actions.
An exemplary electronic financial transaction system includes a pay code provider, a payee, and a payer device. The payer device is configured to read a machine-readable pay code in which transaction details for a specific transaction are encoded, display the transaction details, connect to a communications network, request additional transaction details for the specific transaction from the pay code provider through the communications network, display the additional transaction details, receive indications of payer selected transaction options from a user, transmit the indications to the pay code provider for conveyance to the payee, and receive an indication that completion of the transaction has been initiated by initiating payment from the payer to the payee.
An exemplary payer device includes a pay code receiver for receiving a machine-readable pay code in which transaction details for a specific transaction are encoded, a receiver for receiving the transaction details for the specific transaction and a transaction option, and a transmitter for transmitting to a transaction service provider the transaction option to initiate the specific transaction.
Brief Description of Drawings
FIG. 1 are a block diagram illustrating a top-level view a corresponding graphical user interface of a financial transaction system according to various exemplary embodiments.
Detailed Description of Invention
Pay Code Arrangement—A method and computer-implemented system specifically programmed to carry out the electronic financial transaction methods disclosed herein, in which a machine-readable representation of data may be generated with transaction details (e.g., a transaction identification) that can be read by a payer device as part of a financial transaction.
Financial Transaction Account—Credit card accounts, debit card accounts, hybrid card accounts, accounts with utilities or other credit providers, demand deposits, other revolving lines of credit, home equity loans, and/or nearly any other source of funds.
Payer—An individual, business, or other entity that wishes to transfer funds to a payee for reasons including, but not limited to, paying a debt, purchasing goods, services, and/or charitable contributions, among others.
Payee—An individual, business, or other entity that receives funds transferred from a payer for reasons including, but not limited to, paying a debt, purchasing goods, services, and/or other charitable contributions, among others.
Pay Code—A machine-readable code used to identify a transaction and which may identify other transaction details, including, but not limited to, identification of one or more of: (1) the quality associated with the transaction, (2) the quantity associated with the transaction, (3) the size associated with the transaction, (4) the color associated with the transaction, (5) shipping information associated with the transaction, (6) the identity of the payer associated with the transaction, (7) the payee or a third party associated with the transaction, and (8) the financial account identification or a pointer that can be used to identify an account (e.g., a financial account), or nearly any other information that might be relevant to the parties or the transaction. A portion of the transaction details may be provided as part of the machine-readable code (e.g., attached to a transaction product or associated with the transaction product or transaction service) and other transaction details may be added by the payer or other entities during processing of the transaction.
Transaction skeleton—basic details of the transaction without a transaction identifier (ID) that may be represented in a barcode or on the pay code server. When the transaction ID is assigned, the transaction details then include the details for completion of a transaction.
Payer Device—computing devices including but not limited to hand-held computing devices such as smart phones, table computers, PDAs, personal computers and network terminals, that have the ability to read machine-readable data and communicate with other computers and/or humans through an interface.
Financial Transaction System Overview
FIG. 1 is a block diagram illustrating a top-level view of a financial transaction system according to various exemplary embodiments.
Referring to FIG. 1, most credit card transactions involve four basic participants, although many other participants can be involved. The four basic participants are a customer (e.g., payer or user) who may pay with a financial transaction card, an issuer that may issue the financial transaction card, a merchant that may sell products or services (hereinafter “product” or “products”), and an acquire that may collect payment for the merchant. In the present system, however, this terminology does not always apply. For instance, the merchant may be another person to whom the purchaser is indebted. The purchaser may be someone who owes a debt, regardless of whether products or services are being purchased. The acquirer may or may not be involved in certain transaction types. The present pay code arrangement may not involve the current financial transaction system but is explained in the context of the current financial transaction system that has been modified to handle pay codes for ease of understanding.