Smart wallet

Abstract

A service provider provides one or more “best” total value suggestions for one or more items specified by a user. The suggestions are based on one or more of user preferences, user location, available funding options, available local merchant incentives, available manufacturer incentives, and local merchants offering the item. In one embodiment, the “best” total value is the lowest price available to the user. The user may make a purchase using a suggestion or a revised suggestion.

Description

CROSS REFERENCE TO RELATED APPLICATIONS[0001]This application is a continuation-in-part application of U.S. patent application Ser. No. 13 / 165,180, filed Jun. 21, 2011, which 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....

AI Technical Summary

Benefits of technology

The patent describes a system where a consumer can use different funding sources to make purchases or payments through a payment provider like PayPal. The system selects the best funding source based on the transaction information and user preferences. The consumer can also earn rewards or coupons through the system. Additionally, the system can provide a "best total value" suggestion based on the item description, location, and user-defined goals. Overall, the system simplifies the decision-making process for the consumer and helps them get the best value for their purchase.

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 cumbersome, inconvenient, and prone to loss.

This can be disadvantageous, which also applies to physical wallets, because the user must decide which of the many possible funding instruments to use for a particular purchase.

This may result in the user choosing a payment instrument that is not the “best” choice for the transaction.

Furthermore, the consumer may not be aware of certain incentives available for the particular purchase, which may result in the consumer paying a higher price for a purchase.

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