System and Method for Location-Based Transaction

Abstract

A system and method for using at least location information to facilitate a transaction is provided. In one embodiment of the present invention, a mobile application operating on a mobile device is used to determine a location of the mobile device. Location information is then provided to a host device, where it is used to identify a second party. Information on the second party, including transactions offered, is then provided to the first party (e.g., via the mobile device, an intermediate device, and / or a device operated and / or owned by the second party). The first party can then interact with the mobile application to select or confirm at least one of the offered transactions. If the transaction is a purchase of goods / services, then a linked payment method may be charged. If the transaction is financial, then the first party may have to further provide authentication data (e.g., a PIN).

Description

RELATED APPLICATIONS DATA[0001]This application is a continuation of Ser. No. 15 / 620,110, which was filed on Jun. 12, 2017, which was a continuation-in-part of Ser. No. 15 / 410,544, which was filed on Jan. 19, 2017, the subject matter of which is incorporated by reference herein in its entirety.BACKGROUND OF THE INVENTION1. Field of the Invention[0002]The present invention relates to use of location information, along with other data, to carry out a transaction, and more particularly to an application operating on a mobile device (e.g., smartwatch, smartphone, etc.), the application being configured to acquire a location of the mobile device and to use the acquired location, along with other data (e.g., user name, password, biometric data, time, etc.) to perform a transaction.2. Description of Related Art[0003]Mobile devices, such as smartphones and smartwatches, are becoming more and more a part of our everyday lives. For years, there has been talk of a “digital wallet,” where a per...

AI Technical Summary

Benefits of technology

The present invention provides a system that uses the location of a device to determine information about the user or mobile application. This can include identifying the store where the device is located and the user's position within the store. The system can also use the device's location to verify the user's identity through biometric data or other sensor data. This allows the user to perform secure transactions, such as banking, while the host device remains in their control. The invention also uses the device's camera to capture photos of the user during transactions, which can be used as further security measures.

Problems solved by technology

Not only does such circuitry require a certain amount of real estate, but it adds costs to the mobile device; costs that are ultimately born by the consumer.

Again, not only does such circuitry require a certain amount of real estate, but it adds costs to the POS device; costs that are ultimately passed on to the consumer.

This is extremely problematic with portable electronic devices becoming smaller and smaller.

With a smartwatch, however, real estate is extremely limited, and there simply is not room for NFC and MST technology.

Furthermore, smartwatches also have a limited display, or are limited in the amount of information that can be provided to the user.

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