Wearable transaction device

A wearable transaction device, comprising:

• a housing defining an interior;
• a fastener component attached to the housing,
• the fastener component being movable between an open position and a closed position to facilitate attaching the wearable transaction device to a user or apparel of the user;
• and
• an electronic chip enclosed within the interior of the housing,
• the electronic chip configured to:
• detect a connection with a user device;
• receive, from the user device and via the connection, security information for operating the wearable transaction device,
• the security information indicating conditions for placing the wearable transaction device in a payment mode or a non-payment mode,
• the payment mode allowing the wearable transaction device to be used to perform a transaction,
• the non-payment mode preventing the wearable transaction device from being used to perform any transaction until the wearable transaction device is re-paired with the user device,
• the conditions including two or more of:
• a first condition that relates to the open position or the closed position of the fastener component,
• a second condition relating to a threshold amount of money that can be transferred while the wearable transaction device is in the payment mode,
• a third condition relating to a threshold period of time since the wearable transaction device was last paired with the user device, or
• a fourth condition relating to a threshold number of transactions that can be made while the wearable transaction device is in the payment mode;
• receive a request for the transaction;
• determine, based on the security information, whether the wearable transaction device is in the payment mode or the non-payment mode;
• and
• selectively perform the transaction based on whether the wearable transaction device is in the payment mode or the non-payment mode.

A wearable transaction device, comprising:

• a housing having a front surface, a rear surface, and a side surface,
• the front surface, the rear surface, and the side surface each having an area less than 40 cm2;
• a fastener component projecting from the housing,
• the fastener component being adapted to attach the wearable transaction device to a user or apparel of the user;
• and
• an electronic chip secured within the housing,
• the electronic chip configured to:
• detect a connection with a user device;
• receive, from the user device and via the connection, security information for operating the wearable transaction device,
• the security information indicating conditions for placing the wearable transaction device in a payment mode or a non-payment mode,
• the payment mode allowing the wearable transaction device to be used to perform a transaction,
• the non-payment mode preventing the wearable transaction device from being used to perform any transaction until the wearable transaction device is re-paired with the user device,
• the conditions including two or more of:
• a first condition associated with the fastener component,
• a second condition relating to a threshold amount of money that can be transferred while the wearable transaction device is in the payment mode,
• a third condition relating to a threshold period of time since the wearable transaction device was last paired with the user device, or
• a fourth condition relating to a threshold number of transactions that can be made while the wearable transaction device is in the payment mode;
• receive a request to perform the transaction;
• determine, based on the security information, whether the wearable transaction device is in the payment mode or the non-payment mode;
• and
• selectively perform the transaction based on whether the wearable transaction device is in the payment mode or the non-payment mode.