US 2002/0162885 A1 · Method for use of transaction media encoded with write-and-destroy entries

Abstract

A system and method for using write-and-destroy transaction cards which cannot be reprogrammed. The write-and-destroy transaction cards are programmed (i.e., written to) at bit increments representing, in total, the stated value of the card. The stated value may be represented in one or a plurality of denominations and currencies. In use, the remaining value of a card can be ascertained at a merchant location by reading those bits which have not been erased. The remaining value can additionally be confirmed by contacting the issuing financial institution using a unique serial number which may be encoded onto each transaction card. Upon confirmation that the card has sufficient value to conduct the desired transaction, the card is decremented by erasure of the bits representing that value. By invocation of locally stored software, or based upon communication with a host location, the current rate of currency exchange between the merchant-preferred currency and the currency represented at bit increments on the transaction card can be ascertained and the appropriate value decremented by erasure from the card. Once bits have been erased, they cannot be reprogrammed.

Claims24

Dependent claims

A method for ascertaining the transaction value on a transaction card having first identifier bit locations and second value bit locations encoded thereon comprising the steps of:

(a) initializing a transaction value counter;
(b) locating a first value bit location for a first denomination;
(c) determining if said located value bit location is the last entry for said denomination;
(d) reading the denomination value from said located value bit location when said located value bit location is not the last entry;
(e) adding said read denomination value to said transaction value counter;
(f) locating a next successive value bit location for said first denomination;
(g) repeating steps (c) through (e) until it is determined that said location is said last entry.

4 more elements

A method for conducting an electronic transaction based upon presentation of a transaction card having first identifier bit locations and a plurality of second value bit locations encoded thereon comprising the steps of:

reading said first identifier bit locations;
ascertaining if the transaction value represented by said plurality of second value bit locations is sufficient for said electronic transaction;
decrementing said card in the amount of said electronic transaction by obliterating at least one of said plurality of second value bit locations.

Dependencies are inferred from the claim text.

Method for use of transaction media encoded with write-and-destroy entries

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Method for use of transaction media encoded with write-and-destroy entries

Life of this patent

Abstract

Claims24