Secure, automated transaction system that supports an electronic currency operating in mixed debit & credit modes
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United States of America Patent
Stats
-
May 30, 1995
Grant Date -
N/A
app pub date -
Feb 26, 1993
filing date -
Feb 26, 1993
priority date (Note) -
Expired
status (Latency Note)
Importance
Abstract
This invention describes a combination of methods and apparatus that creates electronic money for personal transactions which integrates the functions of cash, checks and credit cards with constant surveilance against fraud. This money can also serve as an international medium-of-exchange, and support automated sales tax collections and payment. This money's support system is comprised of personal terminals, vendor terminals, an electronic banking sub-system, and homebase terminals. Such a system, if widely used, would increase commercial and personal productivity, provide better security against fraud and counterfeiting, facilitate the automation of operations that involve currency, and sharply diminish the flood of paper that threatens to inundate the present system.
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