Smart wallet

Inactive Publication Date: 2011-12-29
PAYPAL INC
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

[0010]This greatly reduces the time and effort for the user to decide which card or other fundin

Problems solved by technology

To reduce space, the consumer may not carry all funding instruments all the time, resulting in the possibility that a desired funding instrument is not available when the consumer is ready to use it at a point of sale (POS).
Such physical funding instruments may also be lost or stolen.
Thus, physical “wallets” can be cumber

Method used

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Examples

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Embodiment Construction

[0019]According to various embodiments, a smart digital wallet in a user's mobile device provides the user with, recommendations or decisions on what funding instruments to use based on transaction information, user preferences, user history, and / or funding instrument information. The smart wallet may also be customized with different levels of security for making a payment, based in part on user preferences, transaction amount, location, and other factors. Thus, the user's mobile device can be used as a smart wallet to replace physical funding instruments, while providing numerous advantages not available with a physical wallet.

[0020]FIG. 1 is a flowchart showing a process 100 a payment provider performs to process a payment from a user's smart wallet, according to one embodiment. At step 102, the payment provider receives an indication that the user is ready to make a payment for items. Items, as used herein, may include physical goods, digital goods, services, donations, and anyt...

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PUM

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Abstract

A user's smart phone is used for payments and holding information, similar to what is contained in a physical wallet. Depending on transaction details, user preferences, and location, one or more “best” funding instruments for the transaction are selected for the user, who may then revise if desired. Access to different functions or information within the phone may vary and require different authentication/security levels depending on type of use (e.g., payment or non-payment) and details of use (e.g., high payment amount vs. low payment amount, use of sensitive information vs. non-sensitive information).

Description

CROSS REFERENCE TO RELATED APPLICATIONS[0001]This application claims priority to U.S. Provisional Patent Application Ser. No. 61 / 359,667, filed Jun. 29, 2010, which is incorporated by reference in its entirety.BACKGROUND[0002]1. Field of the Invention[0003]The present invention generally relates to making payments using mobile devices, and more particularly, to using the mobile device to intelligently make payments.[0004]2. Related Art[0005]Electronic payments are becoming a preferred method of payment because they offer advantages to the user not present with traditional physical payments. With a physical payment, the user is required to carry the funding instrument and present the funding instrument when ready to make a payment. Examples of physical funding instruments include cash, checks, credit cards, debit cards, coupons, gift certificates, gift cards, and the like. These can take up space in a user pocket, purse, or wallet. To reduce space, the consumer may not carry all fund...

Claims

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Application Information

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IPC IPC(8): G06Q40/00G06Q30/00
CPCG06Q20/32G06Q20/3572G06Q20/227G06Q20/3224G06Q20/3674G06Q20/36G06Q40/00G06Q40/04G06Q20/3265G06Q20/06G06Q20/10G06Q20/16G06Q20/3226G06Q20/387G06Q20/405G06Q20/382G06Q40/06
Inventor TAVEAU, SEBASTIENNAAMAN, NADAV
Owner PAYPAL INC
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