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US 5,557,516 AGranted
System and method for conducting cashless transactions
AssigneeMastercard International Incorporated
InventorEdward J. Hogan
Life of this patent
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AssigneeMastercard International Incorporated
InventorEdward J. Hogan
Estimating the term…
In a commercial transaction system, a system user uses a card device to interact with sales or transaction terminals to conduct cashless transactions. Each terminal processes data including a balance stored on the card device and updates the stored data at the end of the transaction. The system is specially designed for purchases of items or transactions of relatively small monetary value, where purchases are generally unattended by salespersons. In this manner, the amount of the transaction is deducted from the balance on the card device. In accordance with the invention, when the existing balance associated with the card does not cover the price of the transaction, the system provides an automatic renewal feature which automatically increases the balance of the card device by a predetermined amount. Such a feature allows the purchase to be made without inconveniencing the card user to increase the balance by other means. Each time the balance is increased by an automatic renewal, the card issuing bank bills the card user for increments of the predetermined amount.
Financial card apparatus comprising:
Terminal apparatus for conducting a cashless transaction comprising:
A system for conducting a cashless transaction comprising:
A method for conducting a cashless transaction with a user card apparatus comprising the steps of:
Dependencies are inferred from the claim text.