Importance

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Abstract

It is a virtual money 'card/bill' with a unique identifier, which will be used by the consumers for purchasing through a computer network like the internet, the telephone, or even at the buying place itself. The card does not have to exist physically, and can exist in some representations (digital representation is recommended). The card is limited to an amount of money like a money bill (for example a card of 100 dollars or 1000 dollars etc). The card is identified by a card number and an identifier code number (which is constant or changing for each purchase) and/or some more details. The card can also be used for transferring money from person to person, which is done securely with the help of a 'changing code'. The changing code is a code known only to the card owner, the issuing company and to the person who is supposed to get the money (after the card owner passed it to him), but it is not known to the seller at any stage. The person who gets the money can use this code to change the card's details and prevent any use of this card by anybody else including the person who delivered the money to him (the changing code will be explained in details latter). The importance of this card is that it will allow more secured purchases through the internet, the telephone, through other communication systems, and even at the buying place itself, and it will also enable money transference from person to person in an easy, secured and fast way.

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First Claim