Funding on-line accounts

a technology of online accounts and funding, applied in the field of financial transactions, can solve the problems of many not trusting banks or financial institutions, many may not qualify for credit cards, undeveloped areas, etc., and achieve the effect of increasing the potential consumer bas

Inactive Publication Date: 2011-04-14
PAYPAL INC
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

This solution allows consumers without traditional financial accounts to easily participate in online transactions, expanding the market for sellers and providing a secure, fast, and cost-effective way to transfer funds, especially in areas where traditional banking is not available.

Problems solved by technology

However, such methods and systems typically require the consumer to have a credit card or bank account.
For credit cards, many may not qualify for a credit card for several reasons, such as no established credit or bad credit.
For bank accounts, many may not trust banking or financial institutions, especially with banks defaulting.
Furthermore, there may be undeveloped areas where banks simply are not available.
Thus, without a credit card or bank account, a large portion of the consumer market may not be able to participate in on-line transactions, which is disadvantageous to both consumers and sellers.
For sellers, they lose a potentially large market of consumers for their goods and services.

Method used

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  • Funding on-line accounts
  • Funding on-line accounts
  • Funding on-line accounts

Examples

Experimental program
Comparison scheme
Effect test

Embodiment Construction

[0015]Embodiments of the present disclosure enable consumers to use cash to fund an existing or newly created on-line account from a device that accepts cash, such as a kiosk, register, or automated teller machine. The device has the ability to communicate, such as through the Internet, with a financial services provider. In one embodiment, the consumer deposits cash into or with the device. This can be automated or a person may manually accept the cash. Once accepted, the consumer is given a unique alphanumeric character identifier associated with the just-deposited cash amount. This identifier may be generated at the device or by the financial services provider and then communicated to the device or consumer. The identifier may be given in any suitable format, such as a printed sheet or an encoded or printed card. This identifier is communicated to the financial services provider and stored (or just stored if generated by the financial services provider). Thus, at this point, both...

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PUM

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Abstract

A system generates an identifier when a consumer deposits cash, where a new unique identifier is generated with each transaction. The consumer receives the identifier and the identifier (along with the amount of cash deposit) is communicated to a payment provider for storage. The consumer may then access and fund an on-line account with the financial services provider by first accessing the account and entering the unique character identifier, which the system processes. If the identifier is valid, e.g., an actual stored identifier within the system associated with a cash amount, then the system transfers that amount to the consumer's account. At this point, the consumer may use the account to make an on-line transaction or purchase with the newly funded amount.

Description

CROSS REFERENCE TO RELATED APPLICATION[0001]This application is a continuation application of U.S. patent application Ser. No. 12 / 241,688, filed Sep. 30, 2008, which is incorporated by reference in its entirety.BACKGROUND[0002]1. Field of the Invention[0003]The present invention generally relates to financial transactions and more particularly to funding on-line accounts.[0004]2. Related Art[0005]With the ever-increasing popularity of the Internet and of Internet commerce, both consumers and sellers are using the Internet to facilitate financial transactions between buyers and sellers. One typical method is with a credit card. Another method is through the use of a bank or debit card. With both methods, a buyer enters specific information about the credit or bank card and the buyer, which allows the credit card company or bank to authenticate and authorize the on-line transaction. Thus, a consumer can easily purchase goods and services on-line without having to mail or personally de...

Claims

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Application Information

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Patent Type & AuthorityApplications(United States)
IPC IPC(8): G06Q40/00
CPCG06Q20/105G06Q20/206G06Q20/367G06Q40/025G06Q40/00G06Q40/02G06Q20/40G06Q20/20G06Q40/03G06Q20/108
InventorLOW, GAK WEEKOTECHA, TEJAS ARVINDBHAIMODY, SALIL
OwnerPAYPAL INC