# US 2014/0195435 A1 · Method and system for facilitating micropayments in a financial transaction system

> Agents: this data is available as JSON from the patentgrep API and MCP server — see https://patentgrep.com/llms.txt

- Number: US 2014/0195435 A1
- Document ID: US20140195435A1
- Status: Published application
- Kind: A1
- Application number: 14/205,122
- Filed: 2014-03-11
- Published: 2014-07-10
- Earliest claimed: 2012-02-23
- Assignees: Mastercard International Incorporated
- Applicants: MasterCard International Incorporated
- Inventors: Garry LYONS; Oran Cummins; Donghao Huang
- Web page: https://patentgrep.com/patent/US20140195435A1

## CPC

- G06Q 20/065: {using e-cash}
- G06Q 20/0655: {e-cash managed centrally}
- G06Q 20/227: {characterised in that multiple accounts are available, e.g. to the payer}
- G06Q 20/29: {characterised by micropayments}
- G06Q 20/381: {Currency conversion}
- G06Q: INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR

## Abstract

A system for processing accounts includes a database configured to store a plurality of accounts, the accounts including a consumer account associated with a consumer and a plurality of merchant accounts including a transacting merchant account associated with a merchant, wherein at least one account includes an amount of a virtual currency associated with the account. The system further includes a processor configured to process a financial transaction, wherein the transaction includes the consumer and the merchant, is for a specified amount of virtual currency, and processing the transaction includes transferring the specified amount of virtual currency from the consumer account to the transacting merchant account. The processor is further configured to process the at least one account, wherein processing the at least one account includes converting the associated amount of virtual currency to or from a real currency when the at least one account meets a predetermined criteria.

## Claims

### Claim 1

A system for processing virtual currency transactions, comprising:
a database configured to store a plurality of accounts, the plurality of accounts including a consumer account associated with a consumer and a transacting personal account associated with a person other than the consumer, wherein the consumer account and the transacting personal account each include an amount of virtual currency associated with the account;
a receiving device configured to receive a transaction request for a financial transaction between the consumer and the person, the transaction request including the consumer account, the transacting personal account, and a transaction amount of virtual currency;
a processor configured to
approve or deny the transaction request based on at least the amount of virtual currency associated with the consumer account and the transaction amount of virtual currency,
transfer the transaction amount of virtual currency from the consumer account to the transacting personal account upon approval of the transaction, and
process the consumer account or the transacting personal account, wherein the processing includes converting at least part of the associated amount of virtual currency into a real currency when the account meets a predetermined criteria; and
a transmitting device configured to transmit the approval or denial of the transaction request.

### Claim 2 (depends on 1)

The system of claim 1, wherein the predetermined criteria includes a request from a user associated with the account.

### Claim 3 (depends on 1)

The system of claim 1, wherein the predetermined criteria includes when the associated amount of virtual currency corresponds to a minimum amount of the real currency.

### Claim 4 (depends on 1)

The system of claim 1, wherein the financial transaction is an ultra-micropayment transaction.

### Claim 5 (depends on 1)

The system of claim 1, wherein a unit of the real currency corresponds to a plurality of units of the virtual currency.

### Claim 6 (depends on 1)

The system of claim 1, wherein processing the financial transaction further includes using non-traditional payment rails.

### Claim 7 (depends on 1)

The system of claim 1, wherein
the transaction request is received from a computing device of the consumer associated with the consumer account,
the transmitting device is further configured to transmit a confirmation request to a computing device of the person associated with the transacting personal account, and
the receiving device is further configured to receive a confirmation response indicating approval of the financial transaction from the computing device of the person associated with the transacting personal account.

### Claim 8 (depends on 1)

The system of claim 1, wherein
the received transaction request further includes a memo field, and
the transmitting device is further configured to transmit data included in the memo field included in the received transaction request to the person associated with the transacting personal account.

### Claim 9

A method for processing financial accounts, comprising:
storing, in a database, of a processing device, a plurality of accounts, the plurality of accounts including a consumer account associated with a consumer and a transacting personal account associated with a person other than the consumer, wherein the consumer account and the transacting personal account each include an amount of virtual currency associated with the account;
receiving, by a receiving device, a transaction request for a financial transaction between the consumer and the merchant, the transaction request including the consumer account, the transacting personal account, and a transaction amount of virtual currency;
approving or denying, by the processing device, the transaction request based on at least the amount of virtual currency associated with the consumer account and the transaction amount of virtual currency;
transferring, by the processing device, the transaction amount of virtual currency from the consumer account to the transacting personal account upon approval of the transaction;
processing, by the processing device, the consumer account or the transacting personal account, wherein the processing includes converting at least part of the associated amount of virtual currency into a real currency when the account meets a predetermined criteria; and
transmitting, by the processing device, the approval or denial of the transaction request.

### Claim 10 (depends on 9)

The method of claim 9, wherein the predetermined criteria includes a request from a user associated with the account.

### Claim 11 (depends on 9)

The method of claim 9, wherein the predetermined criteria includes when the associated amount of virtual currency corresponds to a minimum amount of the real currency.

### Claim 12 (depends on 9)

The method of claim 9, wherein the financial transaction is an ultra-micropayment transaction.

### Claim 13 (depends on 9)

The method of claim 9, wherein a unit of the real currency corresponds to a plurality of units of the virtual currency.

### Claim 14 (depends on 9)

The method of claim 9, wherein processing the financial transaction further includes using non-traditional payment rails.

### Claim 15 (depends on 9)

The method of claim 9, wherein
the transaction request is received from a computing device of the consumer associated with the consumer account, and the method further comprises:
transmitting, by the transmitting device, a confirmation request to a computing device of the person associated with the transacting personal account; and
receiving, by the receiving device, a confirmation response indicating approval of the financial transaction from the computing device of the person associated with the transacting personal account.

### Claim 16 (depends on 9)

The method of claim 9, wherein
the received transaction request further includes a memo field, and the method further comprises:
transmitting, by the transmitting device, data included in the memo field included in the received transaction request to the person associated with the transacting personal account.

### Claim 17

A system for processing financial transaction using a universal virtual currency, comprising:
a receiver configured to receive a transaction request for a financial transaction, the transaction request including at least information associated with a consumer, information associated with a person other than the consumer, and a transaction amount;
a database configured to store account information including consumer account information corresponding to the consumer and personal account information corresponding to the person, each account information including an associated value of a universal virtual currency;
a database configured to store at least one processing rule defining rules or guidelines for how to process the financial transaction;
a processor configured to process the financial transaction in accordance with the at least one processing rule, wherein processing the financial transaction includes adjusting the associated value of universal virtual currency in the consumer account information and the personal account information based on the transaction amount; and
a transmitting component configured to transmit a response to the transaction request, the response including at least a notification of success or failure of the processing of the financial transaction,
wherein the universal virtual currency can be exchanged for real currency.

### Claim 18 (depends on 17)

The system of claim 17, wherein
the receiver is further configured to receive an exchange request, the exchange request including at least the information associated with the consumer, a real currency, an exchange value, and account routing information;
the processor is further configured to
retrieve a rate of exchange, the rate of exchange defining an amount of the universal virtual currency corresponding to an amount of the real currency,
identify exchange amounts of the universal virtual currency and the real currency by applying the rate of exchange to the exchange value,
adjusting the associated value of universal virtual currency in the consumer account information based on the exchange amount of the universal virtual currency; and
the system further comprises a transmitter configured to transmit the exchange amount of the real currency to a financial account based on the received account routing information.

### Claim 19 (depends on 18)

The system of claim 18, wherein the real currency is transmitted on traditional payment rails.

### Claim 20 (depends on 17)

The system of claim 17, wherein the processor is further configured to process the financial transaction using non-traditional payment rails.

### Claim 21 (depends on 17)

The system of claim 17, wherein the information associated with the consumer is a unique account identifier.

### Claim 22 (depends on 17)

The system of claim 17, wherein the transaction request is received from a computing device of the consumer associated with the consumer account,
the transmitting component is further configured to transmit a confirmation request to a computing device of the person associated with the transacting personal account, and
the receiver is further configured to receive a confirmation response indicating approval of the financial transaction from the computing device of the person associated with the transacting personal account.

### Claim 23 (depends on 17)

The system of claim 17, wherein
the received transaction request further includes a memo field, and
the transmitting component is further configured to transmit data included in the memo field included in the received transaction request to the person associated with the transacting personal account.

### Claim 24

A method for processing financial transactions using a universal virtual currency, comprising:
receiving, by a communication component in a transaction system, a transaction request for a financial transaction, the transaction request including at least information associated with a consumer, information associated with a person other than the consumer, and a transaction amount;
identifying, from a database of account information in the transaction system, consumer account information corresponding to the information associated with the consumer and personal account information corresponding to the information associated with the person, each account information including an associated value of universal virtual currency;
retrieving from a plurality of processing rules a processing rule corresponding to the financial transaction, the processing rule defining rules or guidelines for how to process the financial transaction;
processing, by a processor in the transaction system, the financial transaction in accordance with the retrieved processing rule, the processing step including adjusting the associated value of universal virtual currency in the consumer account information and the personal account information based on the transaction amount; and
transmitting, by the communication component, a response to the transaction request, the response including at least a notification of the success or failure of the processing of the financial transaction,
wherein the universal virtual currency can be exchanged for real currency.

### Claim 25 (depends on 24)

The method of claim 24, further comprising:
receiving, by the communication component, an exchange request, the exchange request including at least the information associated with the consumer, a real currency, an exchange value, and account routing information;
identifying, from the database, the consumer account information;
retrieving a rate of exchange, the rate of exchange defining an amount of the universal virtual currency corresponding to an amount of the real currency; and
processing, by a processor, the exchange request, the processing step comprising:
identifying exchange amounts of the universal virtual currency and the real currency by applying the rate of exchange to the exchange value;
adjusting the associated value of universal virtual currency in the consumer account information based on the exchange amount of the universal virtual currency; and
transmitting the exchange amount of the real currency to a financial account based on the received account routing information.

### Claim 26 (depends on 25)

The method of claim 25, wherein the real currency is transmitting on traditional payment rails.

### Claim 27 (depends on 24)

The method of claim 24, wherein processing the financial transaction further includes using non-traditional payment rails.

### Claim 28 (depends on 24)

The method of claim 24, wherein the information associated with the consumer is a unique account identifier.

### Claim 29 (depends on 24)

The method of claim 24, wherein
the transaction request is received from a computing device of the consumer associated with the consumer account, and the method further comprises:
transmitting, by the communication component, a confirmation request to a computing device of the person associated with the transacting personal account; and
receiving, by the communication component, a confirmation response indicating approval of the financial transaction from the computing device of the person associated with the transacting personal account.

### Claim 30 (depends on 24)

The method of claim 24, wherein
the received transaction request further includes a memo field, and the method further comprises:
transmitting, by the communication component, data included in the memo included in the received transaction request to the person associated with the transacting personal account.