Credit card substitute system
OwnerVarughese Philipinventor
Life of this patent
Estimating the term…
Abstract
A credit card number is assigned to a transponder as its tag number. The transponder has a circuit for wirelessly transmitting the tag number to a reader located at any point of sale. The reader is connected to a credit card company database. The transponder has also a keypad for a user to program a personal identification number. When a card member enters in to a transaction with a merchant, the card member will simply point the transponder at a reader and enter a personal identification number on the transponder and an authorization is returned from the credit card company.
Claims4
A method for completing a credit card transaction in which a credit card holder uses a transponder in place of the plastic card during a credit card transaction, the method comprising the steps of:
- assigning a credit card number to a transponder as its tag number;
- using the transponder in place of the credit card;
- providing a credit card owner with the transponder;
- retrieving the credit card number from the database maintained by the credit card company using the transponder;
- authenticating the transaction after verifying the credit card number through database search;
- and
- informing the merchant of the authentication and charging of the credit card.
A method for completing a credit card transaction in which a credit card holder uses a transponder in place of the plastic card during a credit card transaction, the method comprising the steps of:
- initiating a transaction when a card holder points the transponder at a reader and enters a personal identification number on the transponder;
- wirelessly transmitting the credit card number to the reader;
- searching the database for the credit card number;
- authenticating the transaction after verifying the credit card number through database search;
- and
- completing the transaction by charging the credit card.
Dependencies are inferred from the claim text.