Multi-commerce channel wallet for authenticated transactions

Abstract

A phone-based electronic wallet providing authenticated transactions across multiple channels of commerce. The electronic wallet may be used for point-of-sale payments, remote mobile payments and/or web-based payments, and may use authentication tools such as offline PINs, SecureCode PINs and/or online PINs.

Description

[0001]This application claims the benefit of U.S. Provisional Application Ser. No. 61 / 372,955 filed Aug. 12, 2010 and U.S. Provisional Application Ser. No. 61 / 468,847 filed Mar. 29, 2011, the disclosures of which are hereby incorporated by reference in their entirety.BACKGROUND OF THE INVENTION[0002]The present invention relates to transactions for payment of goods / services and, more particularly, to a phone-based electronic wallet providing authenticated transactions across multiple channels of commerce.[0003]Both credit cards and debit cards are commonly used in the retail environment for the purchase of goods and / or services. Such cards are popular with consumers, and merchants accept these cards as a necessary part of doing business, i.e., they provide an effective substitute to cash and checks.[0004]These card-based transactions are typically performed across multiple channels of commerce. For example, card-based transactions may be performed in person at a retail outlet, via a...

AI Technical Summary

Benefits of technology

[0011]For other remote (e-commerce, mobile or call center) purchase transactions, this invention builds on the pre-existing MasterCard SecureCode (MSC) system. It is contemplated herein that the SecureCode protocol can be extended to include a novel SecureCode wallet Application Programming Interface (API), to enable a MSC validation within the wallet interface through the wallet API, instead of through an internet browser session/window to communicate with the bank's authentication server. To facilitate this, the mobile phone will prompt the user for entry of the MSC password or PIN within the wallet-driven interface on the phone and communicate securely with the ACS (the bank's MSC authentication server). Successful authentication will be communicated from the wallet to the merchant's checkout system to be relayed to the Acquirer for approval. This last step preferably replaces the pre-existing MSC Merchant software,

Problems solved by technology

These various transactions are conducted in different ways and, accordingly, have different levels of fraud risk associated therewith.

Those knowledgeable in the field will recognize that the risk of financial fraud is greater

Images