Smart applications for currency

Abstract

A smart device and a method for completing a payment transaction for goods or services via cryptocurrency. The method includes initiating the payment transaction, through a user interface from a payment application on a smart device, for a selected item at a transaction amount; transferring the transaction amount from a purchaser funds account to a host funds account via the payment application; and transferring an amount of cryptocurrency from a host cryptocurrency account to a merchant cryptocurrency account via the payment application to complete the purchase of the selected item by the purchaser. The method may further include transferring fiat currency to a merchant funds account, and transferring the amount of cryptocurrency transferred to the merchant cryptocurrency account back to the host cryptocurrency account, such that the transaction for purchase of the selected goods is completed in cryptocurrency, and the merchant receives a payout in fiat currency.

Description

SMART APPLICATIONS FOR CURRENCYBACKGROUND OF THE INVENTION

[0001] The present invention relates to a smart device application and system for the exchange of various currency types, including cryptocurrency.

[0002] With the rise of cryptocurrency adoption, consumers increasingly seek ways to make purchases with cryptocurrencies. However, many merchants do not accept cryptocurrencies directly, limiting consumer payment options and requiring costly and timeconsuming conversion processes. Traditional methods lack the seamless integration of multiple forms of payment, especially involving digital assets, with no straightforward, fast way to conduct such transactions in a manner that enables merchants to receive hard currency if preferred.SUMMARY OF THE INVENTION

[0003] The present invention provides a smart device and a method for completing a payment transaction between a merchant and a purchaser wherein the transaction for goods or services can be competed via cryptocurrency regardless of the currency available or acceptable to the purchaser or merchant.

[0004] In one embodiment, the method includes a series of steps conducted via a payment application on the smart device. These steps include initiating the payment transaction, through a user interface from the payment application, for a selected item at a transaction amount; transferring the transaction amount from a purchaser firnds account to a host firnds account via the payment application; and transferring an amount of cryptocurrency from a host cryptocurrency account to a merchant cryptocurrency account via the payment application to complete the purchase of the selected item by the purchaser.

[0005] In one embodiment, the transaction amount includes a merchant transaction amount and a host fee transaction amount, and the amount of cryptocurrency transferred to themerchant cryptocurrency account is equivalent to the merchant transaction amount. The host fee amount may be retained by the host of the payment application.

[0006] The method may further include transferring, via the payment application, fiat currency to a merchant funds account, such that the transaction for purchase of the selected goods is completed in cryptocurrency, and the merchant receives a payout in fiat currency. In this case, the method may also include transferring the amount of cryptocurrency transferred to the merchant cryptocurrency account back to the host cryptocurrency account.

[0007] In one embodiment, the step of initiating the payment transaction is performed by one of the merchant and the purchaser. This step of initiating the payment transaction may include the purchaser selecting the selected item from a menu of items presented on the smart device via the payment application.

[0008] The payment application may require that the purchaser create a purchaser account in the payment application by enrolling in the payment application using know your customer (KYC) identity authentication. Later payment transactions made by the purchaser are thus made only through an authenticated purchaser account.

[0009] The payment application may also require that the merchant create a merchant account in the payment application, wherein the merchant creates a merchant account in the payment application by enrolling in the payment application using KYC identity authentication. In this way, all payment transactions made through the payment application are made between parties having authenticated accounts.BRIEF DESCRIPTION OF THE DRAWINGS

[0010] Fig. 1 is a flow chart of a payment method according to one embodiment of the present invention.

[0011] Fig. 2 is a front view of a smart device having a display according to one step of the present invention.

[0012] Fig. 3 is a front view of the smart device having a display according to another step.

[0013] Fig. 4 is a front view of the smart device having a display according to another step.

[0014] Fig. 5 is a front view of the smart device having a display according to another step.

[0015] Before the embodiments of the invention are explained in detail, it is to be understood that the invention is not limited to the details of operation or to the details of construction and the arrangement of the components set forth in the following description or illustrated in the drawings. The invention may be implemented in various other embodiments and of being practiced or being carried out in alternative ways not expressly disclosed herein. Also, it is to be understood that the phraseology and terminology used herein are for the purpose of description and should not be regarded as limiting. The use of "including" and "comprising" and variations thereof is meant to encompass the items listed thereafter and equivalents thereof as well as additional items and equivalents thereof. Further, enumeration may be used in the description of various embodiments. Unless otherwise expressly stated, the use of enumeration should not be construed as limiting the invention to any specific order or number of components. Nor should the use of enumeration be construed as excluding from the scope of the invention any additional steps or components that might be combined with or into the enumerated steps or components.DESCRIPTION OF THE CURRENT EMBODIMENTS

[0016] The embodiments of the invention described herein relate to systems and applications for payment with cryptocurrency, or a derivative thereof, in situations where avendor or merchant are not equipped to accept cryptocurrency or there is a desire for the transaction to be completed via cryptocurrency. Using a smart device, such as a mobile device or computer-based point-of-sale (POS) system, the present invention allows users to pay for products with cryptocurrency while converting the payment into the merchant’s preferred currency seamlessly and rapidly.

[0017] In one embodiment, the process includes a system, in this case also referred to as a payment application, with a series of interdependent steps involving Know Your Customer (KYC) authentication, payment integration, cryptocurrency conversion, and merchant payout options. The system incorporates technologies such as biometrics, multi-factor authentication, and fiat-to-crypto / crypto-to-fiat exchange services, into a unified application for efficient cryptocurrency transactions with merchants. A user will interact with the system of the present invention via a smart device as described in more detail below. The smart device contains a computer readable medium programmed with instructions that enable the currency exchange. In one embodiment, the system is an application or “app” accessible via an icon on the touchscreen display of the smart device, wherein selecting the icon launches the app or system and initiates the payment process disclosed herein.

[0018] In an initial step, the user will enroll in the system, i.e., the payment application, using Know Your Customer (KYC) Authentication. To enroll in a system that uses KYC authentication, a user typically begins by registering an account on the system or the system platform, providing basic information such as their name, email address, and phone number. After creating the account, the system may prompt the user to initiate the KYC process, which is essential for identity verification. The user may be required to submit personal details, including their full name, date of birth, address, and sometimes a tax identification number, depending on the jurisdiction. The next step involves uploading official government-issued identity documents, such as a passport, driver’s license, digital ID, or national ID card. Some platforms may also ask the user to provide proof of address, such as a utility bill or bankstatement, to verify residency.

[0019] To farther enhance security, the system may request a live selfie or biometric verification, where the user’s face is matched against the submitted ID document. Once all the information and documents are uploaded, the platform validates the user through automated or manual processes, often using third-party services to check document authenticity and compliance with regulations. Some systems may also perform background checks for AntiMoney Laundering (AML) purposes, screening the user against global watchlists. After successful verification, the user’s account is approved, granting them access to the platform’s services. If there are any issues, the user may be asked to resubmit documents or correct inconsistencies. This KYC process ensures that the platform complies with legal requirements while safeguarding user trust and security.

[0020] In one embodiment, the system may require additional steps for enhanced security, including when a user has been logged out of the verified account and needs to regain access. The enhanced steps may include performing multi-factor authentication to confirm the user's ownership of the device and associated payment methods. The system may additionally include ongoing monitoring, wherein the system periodically requests updated documentation or re-verifies users to ensure compliance.

[0021] Once a user has registered and has access to their account the user may create a user fluids account by adding one or more fiat currency (in this case, non-cryptocurrency) payment options such as Apple Pay, Google Pay, bank account ACH, or credit cards to the user profile. To add a payment option, such as a bank account or Apple Pay, the user starts by logging into their account and navigating to a payment settings section. From there, the user may select an option to add a new payment method. For a bank account, the user will typically provide their bank's routing number and their account number. In some cases, the payment application may offer an option to link the bank account instantly by logging into their bank through a secure integration. After entering the required information, the system may performa verification process, which can involve micro-deposits — small amounts sent to the user’s bank account for confirmation. If used, the user will need to confirm these deposits by entering the exact amounts into the system.

[0022] If the user is adding a digital wallet option like Apple Pay, the user may link it by authorizing the connection through an Apple Pay interface on their smart device. This process may involve confirming their identity with a biometric scan such as facial recognition (Face ID), fingerprint recognition (Touch ID), or a passcode. Once the payment method is successfully added, the user can use it to obtain money from the account source for use by the system, and to send or receive money, make payments, or withdraw frmds within the system. The process may ensure secure and seamless transactions, with encryption and verification steps to protect user data and financial information. In another embodiment, wherein the user has a cryptocurrency account, the system may include an option for the user to link the cryptocurrency account, and the user’s frmds account may include both a fiat currency account and a cryptocurrency account.

[0023] With registration and frmd access complete, a user of the system is capable of shopping and selecting one or more products, goods or services to be purchased via the system from a merchant that has an account set up in the system. The merchant account would be set up, verified, and linked to one or more of the merchant’s funding sources or accounts in a manner similar to that described above, so that each transaction made with the system involves a verified purchaser account and a verified merchant account. As with the user frmds account, the merchant funds account may include a fiat currency account and a cryptocurrency account. The merchant frmds account may include a cryptocurrency account even if the merchant does not desire to receive payouts in cryptocurrency, so that the merchant can receive payment for any transaction in cryptocurrency within the payment application, and later receive a final payout in a chosen fiat currency.

[0024] Within the system, purchasers can browse products or receive invoices directlyfrom merchants’ point-of-sale (POS) systems. For example, a purchaser may communicate to the merchant the purchaser’s desire to purchase a specific item, and the merchant may send the purchaser an option to pay for the selected item via a link, a QR code, or a payment request within the system. In another option, the user may select the desired product from a list or menu of products within the application. In this example, the purchaser may click a link, a QR code or other option to be presented with a menu of items available for purchase from the merchant via the system. The purchaser may then select a desired item for purchase within the menu of items available for purchase. In each case, once the purchaser has selected or communicated to the merchant a desired item for purchase, the system is programmed to calculate the total transaction amount, including taxes and any applicable fees, which are aggregated into a single transaction amount for the transaction. In one embodiment, the applicable fees would include any fees required by the system operator for access to the system by the purchaser and merchant. The transaction amount may include a merchant transaction amount and a host fee amount. The merchant transaction amount may be the total amount to be received by the merchant including any taxes and merchant fees, and the host fee amount is the amount of fees to be collected and retained by the host of the payment application.

[0025] When the transaction amount has been entered and a transaction for selected goods has been initiated, the system may communicate with one of the fimded accounts of the purchaser, via the purchaser’s verified account, to transfer the transaction amount from the purchaser’s account into a host account in the purchaser’s selected transaction format, such as a credit card transaction, bank transfer, or the like. The transaction amount, which includes any host fees included in the amount, is deposited into the host funds account.

[0026] Once a transaction for goods or services has been initiated and the transaction amount received by the host, the system is programmed to carry out the purchase of the selected products from the merchant via a cryptocurrency to cryptocurrency exchange. Put another way, the system carries out the sale of the selected products from the merchant with cryptocurrency.As a result, laws and regulations applicable to purchases made via cryptocurrency may be applicable, and laws and regulations applicable only to purchases made via fiat currency may not be applicable. In one embodiment, the system may be programmed to connect with a cryptocurrency broker, or may communicate directly with a cryptocurrency exchange for completing the cryptocurrency transactions described herein. In any of these arrangements, the system may communicate with a host cryptocurrency account, which may be a separate account within the host funds account, wherein the host cryptocurrency account is initially funded by the host with an amount of cryptocurrency, such as Bitcoin, Ethereum or the like, such that the host funds account is available for cryptocurrency transfers within the system.

[0027] In one embodiment, the system uses a conversation rate calculator to calculate the amount of cryptocurrency that matches the transaction amount, and the system transfers that amount (the equivalent of the transaction amount in cryptocurrency) from the host cryptocurrency account to the merchant’s account within the payment application system. In this way, the purchaser, via the payment application, has been able to complete a cryptocurrency transaction for the selected goods, for the transaction amount, with the purchaser’s only touchpoint to the transaction being its connection to the present system. The host may retain any host fees in the host funds account.

[0028] The system is further programmed to pay out the transaction amount to the merchant in the merchant’s desired format. The merchant generally has two options for receiving payment. In one embodiment, the merchant can retain the cryptocurrency in their merchant funds account and receive direct cryptocurrency transfers. In another embodiment, the merchant can opt for a payout in fiat currency (e.g., USD, EUR) and transfer the converted amount into their merchant fiat currency account or the merchant can receive payment into the merchant fiat currency account by another preferred fiat payment method such as credit card, Apple Pay, or the like. In one embodiment, when the merchant selects payment in a format other than cryptocurrency, the system is programmed to calculate the correct amount forconversion of the cryptocurrency into the selected fiat currency format (in the equivalent of the transaction amount minus any host fees), and the system will then transfer the correct amount into the into the merchant’s fiat currency account or “wallet” within the payment application, which can be accessed by the merchant and transferred freely out of the payment application to any other account chosen by the merchant. The merchant has thus been paid for the selected goods via a cryptocurrency exchange in the amount of the transaction amount (minus any host fees), received final payment in the payment format of the merchant’s choice, with the merchant’s only touchpoint to the transaction being the merchant’s interaction with the system. In one embodiment, this payout to the merchant in the merchant’s chosen format may be separate from the merchant’s cryptocurrency account. In other words, the amount transferred to the merchant in the cryptocurrency transfer may remain in the merchant’s cryptocurrency account within the system, and the system host may separately transfer the correct amount to the merchant and in the merchant’s fiat currency account from a host bank account or other host account. The system may then separately transfer the amount in the merchant’s cryptocurrency account back to the host cryptocurrency account for use in fiiture transactions by the system. In other words, the merchant has received a cryptocurrency payment within the payment application, but if the merchant chooses a fiat currency payout, the host may pay the merchant in fiat currency, and transfer the cryptocurrency back to the host account for reuse in another transaction.

[0029] In an alternative embodiment, the system could be programmed to complete wire transfers of currency in a manner similar to the above noted method for purchasing goods and services. According to this embodiment, a transferee would receive a currency transfer from a transferor. Both transferee and transferor would set up their own accounts in the system according to the KYC process and any other required verification steps as noted above. One of the two parties would then initiate the transfer by clicking on the appropriate selection within the system, via the touchscreen of a smart device or other user interface. The transfer initiationwould include a payment offer, or a payment request, for a selected amount of money in a“final currency,” which may be the currency selected by the transferee in the system, for example, USD. The other party may be required to approve the transfer and the final currency to enable the system to proceed.

[0030] Once the final currency and the transaction amount are approved, the system operates to collect payment of the transaction amount (the amount to be transferred plus any host fees) from a payment source of the transferor, such as an ACH bank transfer from transferor’s bank account to the host bank account. Next, the system operates to transfer, from the host cryptocurrency account to the transferee cryptocurrency account, a calculated amount of cryptocurrency equivalent to the transaction amount. The transferred cryptocurrency is now in the transferee’s account. The system may then operate to transfer an amount equivalent to the transaction amount (minus fees) to the transferee’s wallet in the final currency, and the system may operate to transfer the cryptocurrency from the transferee’s account back to the host cryptocurrency account. The parties have thus quickly and efficiently transferred a desired amount of currency in a desired format via a cryptocurrency transfer wherein each parties only touchpoint with the transaction is their interaction with the host system.

[0031] Fig. 1 depicts a flow chart of a typical transaction according to one embodiment of the current system and method. As noted above, prior to such transaction, each of the purchaser (or transferor) and the merchant (or transferee) would have enrolled into the system via the system application on a smart device or another user interface, such that the purchaser has a purchaser account within the system application that is verified and accessible by the purchaser and the merchant has a merchant account within the system application that is verified and accessible by the merchant.

[0032] In a first step 10, one of the parties initiates the transaction, which may include the merchant sending a payment request to the purchaser via the system with an amount equivalent to the cost of the products or services to be sold plus any taxes and host fees, i.e.,the “transaction amount,” or alternatively the purchaser may initiate the transaction by accessing the menu of available product offered by the merchant, and selecting a particular item to be purchased at a specified amount generally offered in the merchant’s desired currency or the “final currency.” As shown in Fig. 1, the transaction initiated is for an amount due to the merchant of $10 US, which includes taxes and any merchant fees.

[0033] Step 2 of the transaction, shown at reference 20 in Fig. 1, includes a transfer of funds in the total transaction amount from the purchaser’s account funding source to the host. This transaction amount includes the $10 to be paid to the merchant (20a) plus the host fees (20b), which in this example are $3. The system then operates to purchase an amount of cryptocurrency from the host’s reserve of cryptocurrency, in this example by the host purchasing cryptocurrency from the hosts cryptocurrency reserve. This converted amount is equivalent to the total transaction amount minus the amount of the host fee, in this example the converted amount is $10.

[0034] In a next step 30, the host (in this case referenced as “GuardID”) retains $3 for host fees. In step 40, the sale of goods is completed in cryptocurrency as the $10 value of cryptocurrency needed for the merchant is transferred from the host account to the merchant’s account. The merchant has two options for payout, referenced in steps 50 and 60. In option 50, the merchant initiates a conversion to the merchant’s selected currency, causing the system to transfer funds in the selected currency into the merchant’s account, and causing the host to repurchase the cryptocurrency and move that cryptocurrency back to the host’s cryptocurrency account. In option 60, the merchant may choose to keep the funds in cryptocurrency format within the merchant’s account on the system application. In final step 70, the merchant’s funds are transferred to the merchant’s bank or digital wallet or otherwise transferred to the merchant via the merchant’s desired payment format.

[0035] Figs. 2-5 show examples of a smart device 100 including a computer readable memory programmed with instructions according to the above noted system and methods. Inthe examples of Figs. 2-5, the smart device 100 includes a processor, memory, non-volatile memory, and an interface device. Various common components (e.g., cache memory) are omitted for illustrative simplicity. The smart device 100 is intended to illustrate a hardware device on which any of the components depicted in the examples (and any other components described in this specification) can be implemented. For example, the smart device 100 can be an onboard processor of a camera, and may include biometric identification capability. The smart device 100 can be of any applicable known or convenient type, and in the particular example is shown as a smart phone with a display 200. The components of the smart device 100 can be coupled together via a bus or through some other known or convenient device.

[0036] With reference to Fig. 2, the smart device 100 is shown with the display 200 depicting a QR code 201 according to one embodiment of the present invention. The QR code represents one method by which a purchaser logged into a verified account on the system may obtain a list of items available for purchase from a particular merchant or group of merchants. With reference to Fig. 3, the display 200 shows a menu of items 204 available for purchase from the merchant, each item with a noted price 206 displayed on the display 200 adjacent the item 204. Fig. 4 shows a checkout screen listing items selected by the user for purchase via the system application. On this screen, the selected items 204 are displayed along with their item price 206, and a total transaction price 208 is listed at the bottom of the display 200 adjacent a “checkout” button 210. Upon clicking the checkout button 210, the system may take the user to a final verification step, shown in Fig. 5, which may be a biometric facial scan 212 that once verified, would initiate the transfer of the transaction amount to the merchant according to the method noted above. In one embodiment, the system may identify to the user that the transaction includes the step of transferring cryptocurrency to the merchant for completing the sale of the selected items via cryptocurrency. In an alternative embodiment, the system may not notify the user of the type of transaction to be completed. In either case, the system would provide final confirmation to the user that the sale has been completed, and the selected itemswould be provided in person, by mail, via a dispensing device such as a vending machine, or by another delivery method. The receipt for the transaction would be provided to the user by the host application, and thus the host controls the language of the receipt and the record of the transaction. In one embodiment, the host application may provide a detailed receipt indicating the goods or services purchased and the cost of each item. In another embodiment, the host application may provide a receipt that simply indicates the cost of a transaction completed with the host via the host application.

[0037] The processor may be, for example, a conventional microprocessor such as an Al 7 processor, Al 7 BIONIC processor or an INTEL PENTIUM microprocessor or MOTOROLA POWER PC microprocessor. One of skill in the relevant art will recognize that the terms “machine-readable (storage) medium” or “computer-readable (storage) medium” include any type of device that is accessible by the processor. In some embodiment, these storage media are embodied in non-transitory computer-readable media that can store program instructions (e.g., as software or firmware) which, when executed by one or more processors of the disclosed technology, cause the controller means to implement, execute, or otherwise facilitate performance of the various algorithms and methods disclosed herein.

[0038] The memory is coupled to the processor by, for example, a bus. The memory can include, by way of example but not limitation, random access memory (RAM), such as dynamic RAM (DRAM) and static RAM (SRAM). The memory can be local, remote, or distributed.

[0039] The bus also couples the processor to the non-volatile memory and drive unit. The non-volatile memory is often a flash memory, a magnetic floppy or hard disk, a magnetic- optical disk, an optical disk, a read-only memory (ROM), such as EPROM, or EEPROM, a magnetic or optical card, or another form of storage for large amounts of data. Some of this data is often written, by a direct memory access process, into memory during execution of software in the smart phone 10. The non-volatile storage can be local, remote, or distributed.The non-volatile memory is optional because systems can be created with all applicable data available in memory. A typical computer system will usually include at least a processor, memory, and a device (e.g., a bus) coupling the memory to the processor.

[0040] Software is typically stored in the non-volatile memory and / or the drive unit. Indeed, for large programs, it may not even be possible to store the entire program in the memory. Nevertheless, it should be understood that for software to run, if necessary, it is moved to a computer readable location appropriate for processing, and for illustrative purposes, that location is referred to as the memory in this document. Even when software is moved to the memory for execution, the processor will typically make use of hardware registers to store values associated with the software, and local cache that, ideally, serves to speed up execution. As used herein, a software program is assumed to be stored at any known or convenient location (from non-volatile storage to hardware registers) when the software program is referred to as “implemented in a computer-readable medium”. A processor is considered to be “configured to execute a program” when at least one value associated with the program is stored in a register readable by the processor.

[0041] The bus also couples the processor to the network interface device. The interface can include one or more of a modem or network interface. It will be appreciated that a modem or network interface can be considered to be part of the smart device. The interface can include an analog modem, ISDN modem, cable modem, token ring interface, satellite transmission interface (e.g., “direct PC”), or other interfaces for coupling a smart device to other computer systems. The interface can include one or more input and / or output (I / O) devices. The I / O devices can include, by way of example but not limitation, touchscreen, a keyboard, a mouse or other pointing device, disk drives, printers, a scanner, and other input and / or output devices, including a display device. The display device can include, by way of example but not limitation, a cathode ray tube (CRT), liquid crystal display (LCD), or some other applicableknown or convenient display device. For simplicity, it is assumed that controllers of any devices not depicted in the example of Fig. 1 reside in the interface.

[0042] In operation, the smart device 10 can be controlled by operating system software that includes a file management system, such as a disk operating system. One example of operating system software with associated file management system software is the family of operating systems known as iOS from APPLE, or WINDOWS from MICROSOFT Corporation of Redmond, Washington, and their associated file management systems. Another example of operating system software with its associated file management system software is the LINUX operating system and its associated file management system. The file management system is typically stored in the non-volatile memory and / or drive unit and causes the processor to execute the various acts required by the operating system to input and output data and to store data in the memory, including storing files on the non-volatile memory and / or drive unit.

[0043] Some portions of the detailed description may be presented in terms of algorithms and symbolic representations of operations on data bits within a computer memory. These algorithmic descriptions and representations are the means used by those skilled in the data processing arts to most effectively convey the substance of their work to others skilled in the art. An algorithm is here, and generally, conceived to be a self-consistent sequence of operations leading to a desired result. The operations are those requiring physical manipulations of physical quantities. Usually, though not necessarily, these quantities take the form of electrical or magnetic signals capable of being stored, transferred, combined, compared, and otherwise manipulated. It has proven convenient at times, principally for reasons of common usage, to refer to these signals as bits, values, elements, symbols, characters, terms, numbers, or the like.

[0044] It should be borne in mind, however, that all of these and similar terms are to be associated with the appropriate physical quantities and are merely convenient labels applied to these quantities. Unless specifically stated otherwise, as apparent from the followingdiscussion, it is appreciated that throughout the description, discussions utilizing terms such as“processing” or “computing” or “calculating” or “determining” or “displaying” or the like, refer to the action and processes of a computer system, or similar electronic computing device, that manipulates and transforms data represented as physical (electronic) quantities within the computer system's registers and memories into other data similarly represented as physical quantities within the computer system memories or registers or other such information storage, transmission or display devices.

[0045] The algorithms and displays presented herein are not inherently related to any particular computer or other apparatus. Various general-purpose systems may be used with programs in accordance with the teachings herein, or it may prove convenient to construct more specialized apparatus to perform the methods of some embodiments. The required structure for a variety of these systems will appear from the description below. In addition, the techniques are not described with reference to any particular programming language, and various embodiments may thus be implemented using a variety of programming languages.

[0046] In alternative embodiments, the smart device operates as a standalone device or may be connected (e.g., networked) to other smart devices or machines. In a networked deployment, the smart device may operate in the capacity of a server or a client machine in a client-server network environment or as a peer machine in a peer-to-peer (or distributed) network environment.

[0047] The smart device or machine may be a server computer, a client computer, a personal computer (PC), a tablet PC, a laptop computer, a set-top box (STB), a personal digital assistant (PDA), a cellular telephone, an IPHONE, a BLACKBERRY, a processor, a telephone, a web appliance, a network router, switch or bridge, or any machine capable of executing a set of instructions (sequential or otherwise) that specify actions to be taken by that machine.

[0048] While the machine-readable medium or machine-readable storage medium is shown in an exemplary embodiment to be a single medium, the term “machine-readablemedium” and “machine-readable storage medium” should be taken to include a single medium or multiple media (e.g., a centralized or distributed database, and / or associated caches and servers) that store the one or more sets of instructions. The term “machine-readable medium” and “machine-readable storage medium” shall also be taken to include any medium that is capable of storing, encoding or carrying a set of instructions for execution by the machine and that cause the machine to perform any one or more of the methodologies of the presently disclosed technique and innovation.

[0049] In general, the routines executed to implement the embodiments of the disclosure, may be implemented as part of an operating system or a specific application, component, program, object, module or sequence of instructions referred to as “computer programs.” The computer programs typically comprise one or more instructions set at various times in various memory and storage devices in a computer, and that, when read and executed by one or more processing units or processors in a computer, cause the computer to perform operations to execute elements involving the various aspects of the disclosure.

[0050] Moreover, while embodiments have been described in the context of fully functioning smart devices, computers and computer systems, those skilled in the art will appreciate that the various embodiments are capable of being distributed as a program product in a variety of forms, and that the disclosure applies equally regardless of the particular type of machine or computer-readable media used to actually effect the distribution.

[0051] Further examples of machine-readable storage media, machine-readable media, or computer-readable (storage) media include but are not limited to recordable type media such as volatile and non-volatile memory devices, floppy and other removable disks, hard disk drives, optical disks (e.g., Compact Disk Read-Only Memory (CD ROMS), Digital Versatile Disks, (DVDs), etc.), among others, and transmission type media such as digital and analog communication links.

[0052] Unless the context clearly requires otherwise, throughout the description and the claims, the words “comprise,” “comprising,” and the like are to be construed in an inclusive sense, as opposed to an exclusive or exhaustive sense; that is to say, in the sense of “including, but not limited to.” As used herein, the terms “connected,” “coupled,” or any variant thereof, means any connection or coupling, either direct or indirect, between two or more elements; the coupling of connection between the elements can be physical, logical, or a combination thereof. Additionally, the words “herein,” “above,” “below,” and words of similar import, when used in this application, shall refer to this application as a whole and not to any particular portions of this application. Where the context permits, words in the above detailed description using the singular or plural number may also include the plural or singular number, respectively. The word “or,” in reference to a list of two or more items, covers all of the following interpretations of the word: any of the items in the list, all of the items in the list, and any combination of the items in the list.

[0053] The above detailed description of embodiments of the disclosure is not intended to be exhaustive or to limit the teachings to the precise form disclosed above. While specific embodiments of, and examples for, the disclosure are described above for illustrative purposes, various equivalent modifications are possible within the scope of the disclosure, as those skilled in the relevant art will recognize. For example, while processes or blocks are presented in a given order, alternative embodiments may perform routines having steps, or employ systems having blocks, in a different order, and some processes or blocks may be deleted, moved, added, subdivided, combined, and / or modified to provide alternative or subcombinations. Each of these processes or blocks may be implemented in a variety of different ways. Also, while processes or blocks are, at times, shown as being performed in a series, these processes or blocks may instead be performed in parallel, or may be performed at different times. Further, any specific numbers noted herein are only examples: alternative implementations may employ differing values or ranges.

[0054] The teachings of the disclosure provided herein can be applied to other systems, not necessarily the system described above. The elements and acts of the various embodiments described above can be combined to provide farther embodiments.

[0055] These and other changes can be made to the disclosure in light of the above detailed description. While the above description describes certain embodiments of the disclosure, and describes the best mode contemplated, no matter how detailed the above appears in text, the teachings can be practiced in many ways. Details of the system may vary considerably in its implementation details, while still being encompassed by the subject matter disclosed herein. As noted above, particular terminology used when describing certain features or aspects of the disclosure should not be taken to imply that the terminology is being redefined herein to be restricted to any specific characteristics, features, or aspects of the disclosure with which that terminology is associated. In general, the terms used in the following claims should not be construed to limit the disclosure to the specific embodiments disclosed in the specification, unless the above detailed description section explicitly defines such terms. Accordingly, the actual scope of the disclosure encompasses not only the disclosed embodiments, but also all equivalent ways of practicing or implementing the disclosure under the claims.

[0056] While certain aspects of the disclosure are presented below in certain claim forms, the inventors contemplate the various aspects of the disclosure in any number of claim forms. For example, while only one aspect of the disclosure is recited as a means-plus-fimction claim under 35 U.S.C. §112 (f), other aspects may likewise be embodied as a means-plus- fimction claim, or in other forms, such as being embodied in a computer-readable medium (any claims intended to be treated under 35 U.S.C. § 112(f) will begin with the words “means for”). Accordingly, the applicant reserves the right to add additional claims after filing the application to pursue such additional claim forms for other aspects of the disclosure.

[0057] The detailed description provided herein may be applied to other systems, not necessarily only the system described above. The elements and acts of the various examples described above can be combined to provide further implementations of the invention. Some alternative implementations of the invention may include not only additional elements to those implementations noted above, but also may include fewer elements. These and other changes can be made to the invention in light of the above detailed description. While the above description defines certain examples of the invention, and describes the best mode contemplated, no matter how detailed the above appears in text, the invention can be practiced in many ways. Details of the system may vary considerably in its specific implementation, while still being encompassed by the invention disclosed herein. As noted above, particular terminology used when describing certain features or aspects of the invention should not be taken to imply that the terminology is being redefined herein to be restricted to any specific characteristics, features, or aspects of the invention with which that terminology is associated. In general, the terms used in the following claims should not be construed to limit the invention to the specific examples disclosed in the specification, unless the above detailed description section explicitly defines such terms. Accordingly, the actual scope of the invention encompasses not only the disclosed examples, but also all equivalent ways of practicing or implementing the invention.

Claims

CLAIMSThe embodiments of the invention in which an exclusive property or privilege is claimed are defined as follows:

1. A method for completing a payment transaction between a merchant and a purchaser, comprising: initiating the payment transaction, through a user interface from a payment application on a smart device, for a selected item at a transaction amount; transferring the transaction amount from a purchaser hinds account to a host funds account via the payment application; and transferring an amount of cryptocurrency from a host cryptocurrency account to a merchant cryptocurrency account via the payment application to complete the purchase of the selected item by the purchaser.

2. The method of claim 1 wherein the transaction amount includes a merchant transaction amount and a host fee transaction amount.

3. The method of claim 2 wherein the amount of cryptocurrency transferred to the merchant cryptocurrency account is equivalent to the merchant transaction amount.

4. The method of claim 1 including transferring, via the payment application, fiat currency to a merchant funds account, and transferring the amount of cryptocurrency transferred to the merchant cryptocurrency account back to the host cryptocurrency account, such that the transaction for purchase of the selected goods is completed in cryptocurrency, and the merchant receives a payout in fiat currency.

5. The method of claim 1 wherein the step of initiating the payment transaction is performed by one of the merchant and the purchaser.

6. The method of claim 5 wherein the step of initiating the payment transaction includes the purchaser selecting the selected item from a menu of items presented on the smart device via the payment application.

7. The method of claim 1 wherein the purchaser creates a purchaser account in the payment application by enrolling in the payment application using know your customer (KYC) identity authentication.

8. The method of claim 7 wherein the merchant creates a merchant account in the payment application by enrolling in the payment application using KYC identity authentication.

9. A computer-readable medium for providing a payment transaction on a smart device comprising instructions for: enrolling in a verified user account on a payment application through a user interface on the smart device; connecting a fiat currency fimds account to the user account such that a user can access the fiat currency fimds account through the payment application; selecting an item to be purchased through the user account; initiating a payment transaction for the selected item at a transaction amount; transferring the transaction amount through the user account from the fiat currency fimds account to a host fimds account; and transferring an amount of cryptocurrency from a host cryptocurrency account to a merchant cryptocurrency account to complete the purchase of the selected item by the purchaser.

10. The computer-readable medium of claim 9 including instructions for enrolling, via a second smart device, in a merchant account on the payment application by a merchant offering one or more selected items to be purchased, the selected item selected from the one of more selected items by a purchaser through the user account, the merchant cryptocurrency account accessible by the merchant through the merchant account.

11. The computer-readable medium of claim 10 including a merchant fiat currency funds account accessible by the merchant within the merchant account, the instructions enabling themerchant to initiate a fiat currency payment including a transfer of fiat currency into the merchant fiat currency funds account.

12. The computer-readable medium of claim 11 wherein the transaction amount includes a merchant transaction amount and a host fee amount, wherein the transferring of an amount of cryptocurrency to a merchant cryptocurrency account includes transferring an amount of cryptocurrency equivalent to the merchant transaction account.

13. The computer-readable medium of claim 12 wherein the instructions include transferring the cryptocurrency that was transferred to the merchant cryptocurrency account back to the host cryptocurrency account upon the merchant initiating a fiat currency payout.

14. A smart device comprising a processor, a user interface and a memory, the memory storing computer executable instructions for a payment transaction between a purchaser and a merchant, comprising: selecting, on the user interface, an item to be purchased through a payment application; initiating a payment transaction, by one of the purchaser and the merchant through the user interface from the payment application, for the selected item at a transaction amount; transferring the transaction amount in fiat currency from a purchaser Rinds account to a host funds account via the payment application; transferring an amount of cryptocurrency from a host cryptocurrency account to a merchant cryptocurrency account via the payment application to complete the purchase of the selected item by the purchaser; transferring an amount of fiat currency to a merchant funds account; and transferring the amount of cryptocurrency back from the merchant cryptocurrency account to the host cryptocurrency account.

15. The smart device of claim 14 wherein the transaction amount includes a merchant transaction amount and a host fee amount.

16. The smart device of claim 15 wherein the amount of cryptocurrency transferred from the host cryptocurrency account to the merchant cryptocurrency account is equivalent to the merchant transaction amount.

17. The smart device of claim 16 wherein the amount of fiat currency transferred to the merchant fimds account is equivalent to the merchant transaction amount.

18. The smart device of claim 17 wherein, prior to the initiation of the payment transaction, the merchant is enrolled in a merchant account via the payment application and the purchaser has enrolled in a purchaser account via the payment application.

19. The smart device of claim 18 wherein the merchant account is capable of accessing the merchant funds account and the merchant cryptocurrency account and wherein the purchaser account is capable of accessing the purchaser fimds account.

20. The smart device of claim 19 wherein the enrollment by the merchant and the purchaser includes KYC identity authentication.

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