TRANSACTION SYSTEM AND METHOD
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United States of America Patent
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N/A
Issued Date -
Jan 30, 2014
app pub date -
Jul 25, 2013
filing date -
Jul 26, 2012
priority date (Note) -
Abandoned
status (Latency Note)
Importance
Abstract
A method and apparatus for performing a transaction based on a payment identifier which is embedded in or on a product. In response to an order for a product, a payment identifier is generated and associated with a monetary amount which is ring-fenced in an account. The payment identifier is embedded in or on the ordered product and the product is sent to a recipient. On receipt of the product, the recipient uses the payment identifier to obtain the monetary amount, via an Automated Teller Machine or an electronic bank transfer to their account. Ring-fenced monetary amounts in respect of the account are managed by a payment system and an associated method.
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