US 7,742,987 B2 · Using currency to purchase from sellers that do not recognize the currency

Abstract

Processing transactions involving participants that do not support the same currency generally involves incrementing and decrementing currencies associated with the participants. This allows the participants to participate in transactions where they would not ordinarily be able to do so. A request is received from a first participant to process a transaction using a first currency that is not recognized by a second participant in the transaction. In response to receiving the request from the first participant, an amount of the first currency associated with the first participant is decremented. Also in response to receiving the request from the first participant, an amount of second currency associated with the first participant is incremented. The second participant recognizes the second currency. The transaction is processed using the amount of second currency associated with the first participant.

Claims23

Dependent claims

A computer-implemented method for allowing a user to use private currency provided by a particular entity to make purchases from a vendor that does not recognize the private currency, the method comprising:

establishing, at an intermediary computer, a first account and a second account for the user, wherein the first account maintains an amount of the private currency that is not recognized by the vendor, and wherein the second account maintains an amount of second currency that is recognized by the vendor;
receiving, at the intermediary computer, a request to purchase a product or service from the vendor using at least a portion of the amount of the private currency;
determining, by the intermediary computer, at least a portion of the amount of second currency to be used to pay for at least part of the purchase based on an exchange formula;
decrementing, by the intermediary computer, the portion of the amount of the private currency from the first account and incrementing, by the intermediary computer, the determined portion of the amount of the second currency in the second account;
and
processing the purchase request using the determined portion of the amount of the second currency from the second account.

3 more elements

A computer-readable storage medium storing one or more computer-readable instructions for allowing a user to use private currency provided by a particular entity to make purchases from a vendor that does not recognize the private currency, the one or more instructions including instructions which, when executed by one or more processors, cause the one or more processors to:

establish, at an intermediary computer, a first account and a second account for the user, wherein the first account maintains an amount of the private currency that is not recognized by the vendor, and wherein the second account maintains an amount second currency that is recognized by the vendor;
determine, by the intermediary computer in response to a request to purchase a product or service from the vendor using at least a portion of the amount of the private currency, at least a portion of the amount of second currency to be used to pay for at least part of the purchase based on an exchange formula;
decrement, by the intermediary computer, the portion of the amount of the private currency from the first account and increment, by the intermediary computer, the determined portion of the amount of the second currency in the second account;
and
process the purchase request using the determined portion of the amount of the second currency from the second account.

2 more elements

Dependencies are inferred from the claim text.

Using currency to purchase from sellers that do not recognize the currency

Life of this patent

Using currency to purchase from sellers that do not recognize the currency

Life of this patent

Abstract

Claims23