System and method for token based mobile payment
AssigneeJPMorgan Chase Bank, N.A.
InventorsAlex Lieberman, Nicholas M. Lore
Life of this patent
Estimating the term…
Abstract
The invention relates to a token-based mobile payment device comprising: a memory component that stores tokens and corresponding token use data; an interactive display that receives user input and in response to the user input, displays output data; a processor, coupled to the memory component and the interactive display, configured to perform the steps of: request a token to be transmitted to one or more recipients; identify an amount for the token and one or more restrictions on use of the token; communicating, via a wireless communication network, the token to the one or more recipients; and tracking the token and providing active token use data, via the interactive display.
Claims18
A token-based mobile payment device comprising:
- a memory component that stores tokens and corresponding token use data;
- an interactive display that receives user input and in response to the user input, displays output data;
- a processor, coupled to the memory component and the interactive display, configured to perform the steps of:
- requesting an indirect sharing of money in the form of a token to be transmitted to one or more non-merchant recipients for use with a merchant to purchase goods or services;
- identifying an amount for the token and a plurality of restrictions on use of the token, the restrictions comprising a time until token expiration and at least one of a limitation on how and where the token may be used;
- providing, via a wireless communication network, the token to the one or more non-merchant recipients for use by the non-merchant recipient consistent with the one or more restrictions;
- tracking the token and providing active token use data, via the interactive display;
- providing, via the interactive display, a request for a modification to the token;
- receiving, via the interactive display, an approval of the request for a modification to the token;
- and
- wherein the processor executes a machine learning algorithm that automatically modifies the token based on historical data associated with the one or more recipients and token use history.
A computer implemented method for implementing a token-based mobile payment device comprising the steps of:
- storing, via memory component, tokens and corresponding token use data;
- receiving, via an interactive display, user input and in response to the user input, the interactive display provides output data;
- requesting, via a processor, an indirect sharing of money in the form of a token to be transmitted to one or more non-merchant recipients for use with a merchant to purchase goods or services;
- identifying, via the processor, an amount for the token and a plurality of restrictions on use of the token, the restrictions comprising a time until token expiration and at least one of a limitation on how and where the token may be used;
- providing, via a wireless communication network, the token to the one or more non-merchant recipients for use by the non-merchant recipient consistent with the one or more restrictions;
- and
- tracking, via the processor, the token and providing active token use data, via the interactive display;
- providing, via the interactive display, a request for a modification to the token;
- receiving, via the interactive display, an approval of the request for a modification to the token;
- and
- executing, via the processor, a machine learning algorithm that automatically modifies the token based on historical data associated with the one or more recipients and token use history.
Dependencies are inferred from the claim text.