Systems and methods for mobile payments
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United States of America Patent
Stats
-
Dec 30, 2014
Grant Date -
N/A
app pub date -
Dec 18, 2012
filing date -
Dec 20, 2011
priority date (Note) -
In Force
status (Latency Note)
Importance
Abstract
Systems and methods are provided for mobile payments. A financial institution may offer an electronic prepaid card of a merchant for sale to holders of Demand Deposit Accounts (DDA) and/or Line of Credit Account and/or Loan Account. The card may be provided in electronic form that may be scanned off the account holder's mobile device or by the device. When the account holder purchases the prepaid card, the financial institution may perform a real-time check whether the account holder has sufficient funds. If funds are sufficient, a transfer may be performed from the account holder's account to a holding account of another party at the same financial institution via ON-US transfer. The time duration between prepaid card purchase and its redemption can be so short that the purchaser does not feel the prepay process behind the scene.
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