CA2303723A1 - Scalable, secure cash payment system, method and article of manufacture for effecting commercial transactions using internet - Google Patents
Scalable, secure cash payment system, method and article of manufacture for effecting commercial transactions using internet Download PDFInfo
- Publication number
- CA2303723A1 CA2303723A1 CA 2303723 CA2303723A CA2303723A1 CA 2303723 A1 CA2303723 A1 CA 2303723A1 CA 2303723 CA2303723 CA 2303723 CA 2303723 A CA2303723 A CA 2303723A CA 2303723 A1 CA2303723 A1 CA 2303723A1
- Authority
- CA
- Canada
- Prior art keywords
- cash
- account
- points
- cash points
- accounts
- Prior art date
- Legal status (The legal status is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.)
- Abandoned
Links
Classifications
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- 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
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/04—Payment circuits
- G06Q20/06—Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- 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
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/08—Payment architectures
- G06Q20/12—Payment architectures specially adapted for electronic shopping systems
Landscapes
- Business, Economics & Management (AREA)
- Accounting & Taxation (AREA)
- Strategic Management (AREA)
- Physics & Mathematics (AREA)
- General Business, Economics & Management (AREA)
- General Physics & Mathematics (AREA)
- Engineering & Computer Science (AREA)
- Theoretical Computer Science (AREA)
- Finance (AREA)
- Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)
Abstract
A cash payment system and method for effecting commercial transactions using public communication system like Internet and utilizing a hybrid of an encryption technology and a recordable, USB port connectable microprocessor devices. A computer system will issue a series of digital cash points, which may be purchased at par value by a customer having an account with the system administrator. Cash points will be used by customers to acquire goods and services from the Internet merchant sites. System administrator will re-purchase cash points at set value for cash at the point of transaction. By eliminating seller's requirement to obtain customer's financial information in order to complete transaction, the system will particularly protect privacy of the buyer.
Description
SCALABLE, SECURE CASH PAYMENT SYSTEM, METHOD, AND ARTICLE OF
MANUFACTURE FOR EFFECTING COMMERCIAL TRANSACTIONS USING
INTERNET
FIELD OF THE INVENTION
This invention relates to the electronic payments system to be used for purchasing goods and services on the Internet and in particular, to Internet cash based payment system, method, and article of manufacture for secure and private transmission of transactional information between consumers, vendors, and the payment center.
BACKGROUND OF THE INVENTION
With the expansion of the Internet commerce, various payment systems have been developed to be used over the public and private electronic networks. Majority of these systems, however, address primarily the needs of credit-worthy consumer and safety of Credit Card data transmission over the Internet.
Even though secure data transmission over the Internet is continually improving through advances in the field of encryption techniques, current e-commerce payment methods are limited, making online shopping a frustrating experience.
Consumers using Internet to execute commercial transactions are, to a considerable degree, exposed to the loss of their privilege to privacy, as sensitive and confidential information is often required in order to make a purchase. In most instances, after providing such information to a vendor, consumers are unable to control the flow and storage of the personal data potentially exposing it to abuse and, more often, resale or dissemination of the compiled databases to the third parties.
MANUFACTURE FOR EFFECTING COMMERCIAL TRANSACTIONS USING
INTERNET
FIELD OF THE INVENTION
This invention relates to the electronic payments system to be used for purchasing goods and services on the Internet and in particular, to Internet cash based payment system, method, and article of manufacture for secure and private transmission of transactional information between consumers, vendors, and the payment center.
BACKGROUND OF THE INVENTION
With the expansion of the Internet commerce, various payment systems have been developed to be used over the public and private electronic networks. Majority of these systems, however, address primarily the needs of credit-worthy consumer and safety of Credit Card data transmission over the Internet.
Even though secure data transmission over the Internet is continually improving through advances in the field of encryption techniques, current e-commerce payment methods are limited, making online shopping a frustrating experience.
Consumers using Internet to execute commercial transactions are, to a considerable degree, exposed to the loss of their privilege to privacy, as sensitive and confidential information is often required in order to make a purchase. In most instances, after providing such information to a vendor, consumers are unable to control the flow and storage of the personal data potentially exposing it to abuse and, more often, resale or dissemination of the compiled databases to the third parties.
In addition, present payment solutions do not offer sufficient relief to the consumers who do not have access to a Credit Card or who choose to consider alternate payment methods and, in particular, those who choose to pay cash.
Surfing the Internet can be fun in the privacy of your own home. However, a great many potential online shoppers are uncomfortable giving Credit Card information over the Internet or having their purchases or site visits appearing on their bills.
The most dedicated users of the Internet happen to be young people between 16 and 25 years of age. Unfortunately, few of them hold a major Credit Card, which effectively excludes them from making online purchases.
Diverse electronic cash elimination payment systems have been devised. One such example is disclosed in United States patent No. 5,983,207 to Turk.
Plurality of secure data exchange methods and systems have been developed for executing electronic transactions over the open communication channels such as Internet.
Usually these systems and methods relate to secure Credit Card information relay over the electronic network, typically including a blind signature obtained by a payee from a financial institution as the authentication of identification information provided by the payee.
Such systems and methods are disclosed; for example, in United States patent No. 4,977,595 to Ohta et al. or United States patent No. 4,759,063 to Chaum.
Another generally similar system is the Electronic cash system found in United States Patent No.5,224,162 to Okamoto et al.
Surfing the Internet can be fun in the privacy of your own home. However, a great many potential online shoppers are uncomfortable giving Credit Card information over the Internet or having their purchases or site visits appearing on their bills.
The most dedicated users of the Internet happen to be young people between 16 and 25 years of age. Unfortunately, few of them hold a major Credit Card, which effectively excludes them from making online purchases.
Diverse electronic cash elimination payment systems have been devised. One such example is disclosed in United States patent No. 5,983,207 to Turk.
Plurality of secure data exchange methods and systems have been developed for executing electronic transactions over the open communication channels such as Internet.
Usually these systems and methods relate to secure Credit Card information relay over the electronic network, typically including a blind signature obtained by a payee from a financial institution as the authentication of identification information provided by the payee.
Such systems and methods are disclosed; for example, in United States patent No. 4,977,595 to Ohta et al. or United States patent No. 4,759,063 to Chaum.
Another generally similar system is the Electronic cash system found in United States Patent No.5,224,162 to Okamoto et al.
In United States patent No. 5,983,208 to Haller et al. a system is disclosed utilizing multichannel secure data transmission architecture for handling commercial transactions over the public communication system.
United States patent No. 5,987,140 to Rowney et al discloses a system and articles of manufacture for secure electronic credit payment over a public communication system.
An asset based electronic payment system shown in 5,983,207 to Turk attempts to provide for risk eliminating method of value exchange using Internet.
Another such attempt is described in United States Patent No. 5,453,601 to Rosen and provides for an electronic monetary system substituting cash payments for electronic money transactions utilizing electronic representation of money for economic value exchanges.
Various publications disclose cryptographic and privacy issues related to electronic transactions over the public communication network; among them, "Security Without Identification: Transaction Systems To Make Big Brother Obsolete" Chaum, D., Communications of the ACM, 28:10, Oct. 1985; "Technology overview of eCash"--eCash Technologies Inc. Company presentation, February 29, 2000; SpendCash.com --Company Press Release, September 29, 1999; Trivnet Inc. -- Company Announcement, February 8, 2000;
None of the prior art systems and methods has received universal acceptance in the marketplace in that they are not providing a unified solution to the underlying objections regarding consumer privacy, choice, and transactional security.
These systems usually require the customer to set up a bank or credit account in order to access funds and to rely on a communication link between the consumer and the financial institution for verifying information.
Various secure data transmission methods utilizing sophisticated encryption and decryption methods are well known in the art.
United States patent No. 5,987,140 to Rowney et al discloses a system and articles of manufacture for secure electronic credit payment over a public communication system.
An asset based electronic payment system shown in 5,983,207 to Turk attempts to provide for risk eliminating method of value exchange using Internet.
Another such attempt is described in United States Patent No. 5,453,601 to Rosen and provides for an electronic monetary system substituting cash payments for electronic money transactions utilizing electronic representation of money for economic value exchanges.
Various publications disclose cryptographic and privacy issues related to electronic transactions over the public communication network; among them, "Security Without Identification: Transaction Systems To Make Big Brother Obsolete" Chaum, D., Communications of the ACM, 28:10, Oct. 1985; "Technology overview of eCash"--eCash Technologies Inc. Company presentation, February 29, 2000; SpendCash.com --Company Press Release, September 29, 1999; Trivnet Inc. -- Company Announcement, February 8, 2000;
None of the prior art systems and methods has received universal acceptance in the marketplace in that they are not providing a unified solution to the underlying objections regarding consumer privacy, choice, and transactional security.
These systems usually require the customer to set up a bank or credit account in order to access funds and to rely on a communication link between the consumer and the financial institution for verifying information.
Various secure data transmission methods utilizing sophisticated encryption and decryption methods are well known in the art.
Recent development in personal computing architecture and microchip technologies make it possible to provide consumer with a new range of possibilities regarding electronic cash payment, whereby the privacy and the security of the flow of sensitive information may be enhanced substantially.
OBJECTS OF THE INVENTION
There is a growing need in today's e-commerce marketplace to provide system and method of reliable cash based payment for goods and services purchased online.
It would be, therefore, appreciated and desirable to provide cash payment system and method that would satisfy consumer expectations respecting the ability to choose a method of payment for goods or services available online, improved level of security, and complete privacy while executing commercial transaction over the Internet.
SUMMARY OF THE INVENTION
It is an object of the invention to provide an improved cash payment system and method for effecting commercial transactions using public communication system like Internet.
It is also an object of the invention to provide improved security method for sensitive data transmission over the Internet by utilizing an application a hybrid of an encryption technology and a recordable, USB connectable microprocessor.
It is a further object of the invention to facilitate direct cash transactions between the seller and the buyer via Internet whereby, the buyer will direct the payment without the need for a digital signature from a financial institution.
OBJECTS OF THE INVENTION
There is a growing need in today's e-commerce marketplace to provide system and method of reliable cash based payment for goods and services purchased online.
It would be, therefore, appreciated and desirable to provide cash payment system and method that would satisfy consumer expectations respecting the ability to choose a method of payment for goods or services available online, improved level of security, and complete privacy while executing commercial transaction over the Internet.
SUMMARY OF THE INVENTION
It is an object of the invention to provide an improved cash payment system and method for effecting commercial transactions using public communication system like Internet.
It is also an object of the invention to provide improved security method for sensitive data transmission over the Internet by utilizing an application a hybrid of an encryption technology and a recordable, USB connectable microprocessor.
It is a further object of the invention to facilitate direct cash transactions between the seller and the buyer via Internet whereby, the buyer will direct the payment without the need for a digital signature from a financial institution.
It is a still further object of the invention to provide an optional and improved security by incorporating a machine sensitive access to the account, whereby the payee will have an option to activate and deactivate a machine sensitive security key generator.
In accordance with these objects, there is provided an electronic cash points based system that will enable consumers to make cash purchases over the Internet using a personal computer and a cash point account.
BRIEF DESCRIPTION OF THE DRAWINGS
In the drawings:
Fig. l is a flowchart illustrating setting-up multiple cash point accounts;
Fig. 2 is a flowchart illustrating purchase of Gate Cash points and account activation;
Fig. 3 is a flowchart illustrating execution of Internet purchase utilizing Gate Cash payment method;
Fig. 4 is a flowchart illustrating execution of Internet purchase utilizing Gate Cash payment method whereby the consumer has activated a machine sensitive key generator.
In accordance with these objects, there is provided an electronic cash points based system that will enable consumers to make cash purchases over the Internet using a personal computer and a cash point account.
BRIEF DESCRIPTION OF THE DRAWINGS
In the drawings:
Fig. l is a flowchart illustrating setting-up multiple cash point accounts;
Fig. 2 is a flowchart illustrating purchase of Gate Cash points and account activation;
Fig. 3 is a flowchart illustrating execution of Internet purchase utilizing Gate Cash payment method;
Fig. 4 is a flowchart illustrating execution of Internet purchase utilizing Gate Cash payment method whereby the consumer has activated a machine sensitive key generator.
DESCRIPTION OF THE PREFERRED EMBODIMENTS
Provided hereinafter is a brief description of the terms used in the present application:
As used in this application, "GateCash.com Inc." is an entity providing consumers with a cash points based electronic payment system.
As used in this application, "Gatecash User Interface" is a web site interface enabling consumers to establish accounts with the GateCash.com Inc. and to transact purchases online.
As used in this application, "Account" is a uniquely profiled digital record.
As used in this application, "Gate Cash" is cash points equivalent of cash purchased at par value from GateCash.com Inc. by account holder.
As used in this application, "Depository" is a bank or other financial institution capable of accepting, storing, and moving cash.
As used in this application, "USB key" is a portable, electronic device, which may be connected to the computer via universal serial bus.
As used in this application, "Database" is a mass storage device or an array of devices capable of storing large amount of digital information.
As used in this application, "Servers" is a computer-based information processing and communication system.
As used in this application, "Merchant" is a commercial vendor capable of accepting electronic form of payments for goods and services.
As used in this application, "Customer machine sensitive security gate" is a customer selectable, enhanced security level providing additional key to access Gate Cash account.
Machine specific key is generated by a mathematical algorithm using specific parameters of the customer's computing device used to access Gate Cash account.
In reference to the drawings, there is provided a preferred embodiment of the electronic cash payment system, which enables consumers to transact purchases of goods and services using public electronic network like Internet.
Before any purchase of Gate Cash may take place, the customer must establish a Gate Cash Account. As shown in Fig. 1, customer 1 can set up multiple Gate Cash Accounts 5 with GateCash.com Inc. by accessing Gatecash User Interface 2 and posting a request A to open an Account 5. The system allows for separate Accounts in different currencies to provide for simplified payments depending on the location of the user at the time of purchase.
Reciprocally, a unique Account number B is generated and a request for user name and password C is sent to the customer 1 via secure connection. In order to activate the Account 5 the customer 1 must provide user name and a password. Unique customer profile D
comprising user name and password is sent via secure connection E for registration. The Account profile F comprising Account number, user name, and password is created and a record G is registered in database 4.
The Account will remain open for a specified period of time within which a purchase of Gate Cash may be made and input into the Account and used to transact e-commerce purchases.
The Account will be automatically deleted if Gate Cash is not purchased within the specified period of time.
As shown in Fig. 2, customer 1 will activate the Account 5 by purchasing Gate Cash 11. In one embodiment of the invention, customer 1 will make a request I to access the Account 5 by using account number, user name, and password.
In another embodiment of the invention, customer 1 will make a request I to access the Account 5 through request H to access a USB key 8 comprising a recordable microprocessor, _g_ which will allow the customer 1 to configure additional account access security level. After request H to access the Account 5 through USB key 8 and placing a request I to purchase Gate Cash 11, the account will activate USB key code generator using a unique device number prerecorded on the USB key microprocessor, Account number, and the amount of GateCash 11 at the time of purchase.
In yet another embodiment of the invention, customer 1 may request still additional level of account access security by generating specific access key using parameters of customer's computer 9. The account security level configured in such way will allow access to the Account 5 only from the specific machine 9 used to activate the account 5.
Using Gatecash user interface 2, customer 1 will make direct cash transfer J
in exchange for Gate Cash 11, alternatively, customer may make a cash transfer K at a financial institution 7.
After completing transaction J or K, a deposit L is than made to GateCash.com Inc. account with Depository 6. After credit notification M from Depository 6 is received by Gatecash user interface 2, a record of credit R is delivered to Servers 3. Equivalent amount N of Gate Cash 11 is generated and a record S is created in Database 4. Account activation confirmation O is generated with the Account 5 and account activation confirmation Q is issued to the customer. Alternatively, a USB key code P is generated and recorded on USB
device microprocessor and account activation confirmation Q1 is issued to the customer. In still another variation, machine specific account access key T is recorded on the customer's computer 9 and account activation confirmation U is issued to the customer.
When the account activation confirmation is issued to the customer, the customer has an immediate access to the account up to the Gate Cash input limit, allowing customer to make purchases online utilizing cash as payment for goods and services.
It is to be appreciated that any given Gate Cash Account will always remain denominated in the currency it was first selected when registering the Account. Any concurrent purchases of Gate Cash towards the same account made in other currency then the currency in which the account was initially registered will trigger the conversion and any fees associated with the conversion will be automatically charged to the account. If the consumer makes a purchase requiring payment in currency different from the currency in which the account was initially registered, it will be automatically converted at then current conversion rate adjusted for any bank service charges relating to the conversion.
As shown in Fig. 3 and Fig. 4, after purchase V of a product or service is made with the Merchant 10, customer 1 will choose the method of payment by selecting a Gate Cash payment method, this will trigger Merchant 10 request for payment W with the Gatecash User Interface 2 and will activate secure connection X between customer 1 and Gatecash User Interface 2 bringing GateCash account terminal window on the customer's computer screen. In one embodiment of the invention as shown in Fig.3, in order to access Account 5, customer 1 will be asked to enter account number, user name, and password.
After positive identification Y, customer will access Account 5 and confirm the transaction value.
In another variation as shown in Fig. 3, in order to access Account 5, customer 1 will be asked to connect USB key 8, enter account number, user name, and password.
After positive identification Z, customer will access Account 5 and confirm the transaction value.
In another embodiment of the invention as shown in Fig. 4, in order to access Account 5, customer 1 will be asked to use specific machine, enter account number, user name, and password. After positive identification AM, customer 1 will access Account 5 and confirm the transaction value.
As shown in Fig. 3 and Fig. 4, positive identification and purchase confirmation AA is relayed to Gatecash User Interface 2 and a payment approval AB is issued to Merchant 10.
Instruction AC to credit Merchant 10 is issued to Depository 6. Credit AD to Merchant 10 is issued by Depository 10 and a transaction receipt AJ is issued to customer 1 from Merchant 10. Confirmation of credit AE to Merchant 10 is relayed to Gatecash User Interface 2 from Depository 10. An instruction AF to debit customer's account is received by Servers 3 which records new Gate Cash account value in the Database 4. A new value AI is entered into the Account 5.
In one variation as shown in Fig. 3, a new USB key code AN is generated and recorded on USB microprocessor.
As shown in Fig 3 and Fig. 4, a transaction identification number and confirmation AL of current value of Gate Cash is issued to consumer.
As can be derived from the present invention, the privacy of the customer and transactional security is particularly protected by eliminating merchant's requirement for customer's financial information and by incorporating hardware based security gates to prevent unauthorized access to the customer's account.
It will be understood by someone skilled in the art that many of the details described above are illustrative and not limiting the invention, and that they can be varied or deleted without departing from the scope of the present invention, which is to be interpreted with reference to the following claims.
Provided hereinafter is a brief description of the terms used in the present application:
As used in this application, "GateCash.com Inc." is an entity providing consumers with a cash points based electronic payment system.
As used in this application, "Gatecash User Interface" is a web site interface enabling consumers to establish accounts with the GateCash.com Inc. and to transact purchases online.
As used in this application, "Account" is a uniquely profiled digital record.
As used in this application, "Gate Cash" is cash points equivalent of cash purchased at par value from GateCash.com Inc. by account holder.
As used in this application, "Depository" is a bank or other financial institution capable of accepting, storing, and moving cash.
As used in this application, "USB key" is a portable, electronic device, which may be connected to the computer via universal serial bus.
As used in this application, "Database" is a mass storage device or an array of devices capable of storing large amount of digital information.
As used in this application, "Servers" is a computer-based information processing and communication system.
As used in this application, "Merchant" is a commercial vendor capable of accepting electronic form of payments for goods and services.
As used in this application, "Customer machine sensitive security gate" is a customer selectable, enhanced security level providing additional key to access Gate Cash account.
Machine specific key is generated by a mathematical algorithm using specific parameters of the customer's computing device used to access Gate Cash account.
In reference to the drawings, there is provided a preferred embodiment of the electronic cash payment system, which enables consumers to transact purchases of goods and services using public electronic network like Internet.
Before any purchase of Gate Cash may take place, the customer must establish a Gate Cash Account. As shown in Fig. 1, customer 1 can set up multiple Gate Cash Accounts 5 with GateCash.com Inc. by accessing Gatecash User Interface 2 and posting a request A to open an Account 5. The system allows for separate Accounts in different currencies to provide for simplified payments depending on the location of the user at the time of purchase.
Reciprocally, a unique Account number B is generated and a request for user name and password C is sent to the customer 1 via secure connection. In order to activate the Account 5 the customer 1 must provide user name and a password. Unique customer profile D
comprising user name and password is sent via secure connection E for registration. The Account profile F comprising Account number, user name, and password is created and a record G is registered in database 4.
The Account will remain open for a specified period of time within which a purchase of Gate Cash may be made and input into the Account and used to transact e-commerce purchases.
The Account will be automatically deleted if Gate Cash is not purchased within the specified period of time.
As shown in Fig. 2, customer 1 will activate the Account 5 by purchasing Gate Cash 11. In one embodiment of the invention, customer 1 will make a request I to access the Account 5 by using account number, user name, and password.
In another embodiment of the invention, customer 1 will make a request I to access the Account 5 through request H to access a USB key 8 comprising a recordable microprocessor, _g_ which will allow the customer 1 to configure additional account access security level. After request H to access the Account 5 through USB key 8 and placing a request I to purchase Gate Cash 11, the account will activate USB key code generator using a unique device number prerecorded on the USB key microprocessor, Account number, and the amount of GateCash 11 at the time of purchase.
In yet another embodiment of the invention, customer 1 may request still additional level of account access security by generating specific access key using parameters of customer's computer 9. The account security level configured in such way will allow access to the Account 5 only from the specific machine 9 used to activate the account 5.
Using Gatecash user interface 2, customer 1 will make direct cash transfer J
in exchange for Gate Cash 11, alternatively, customer may make a cash transfer K at a financial institution 7.
After completing transaction J or K, a deposit L is than made to GateCash.com Inc. account with Depository 6. After credit notification M from Depository 6 is received by Gatecash user interface 2, a record of credit R is delivered to Servers 3. Equivalent amount N of Gate Cash 11 is generated and a record S is created in Database 4. Account activation confirmation O is generated with the Account 5 and account activation confirmation Q is issued to the customer. Alternatively, a USB key code P is generated and recorded on USB
device microprocessor and account activation confirmation Q1 is issued to the customer. In still another variation, machine specific account access key T is recorded on the customer's computer 9 and account activation confirmation U is issued to the customer.
When the account activation confirmation is issued to the customer, the customer has an immediate access to the account up to the Gate Cash input limit, allowing customer to make purchases online utilizing cash as payment for goods and services.
It is to be appreciated that any given Gate Cash Account will always remain denominated in the currency it was first selected when registering the Account. Any concurrent purchases of Gate Cash towards the same account made in other currency then the currency in which the account was initially registered will trigger the conversion and any fees associated with the conversion will be automatically charged to the account. If the consumer makes a purchase requiring payment in currency different from the currency in which the account was initially registered, it will be automatically converted at then current conversion rate adjusted for any bank service charges relating to the conversion.
As shown in Fig. 3 and Fig. 4, after purchase V of a product or service is made with the Merchant 10, customer 1 will choose the method of payment by selecting a Gate Cash payment method, this will trigger Merchant 10 request for payment W with the Gatecash User Interface 2 and will activate secure connection X between customer 1 and Gatecash User Interface 2 bringing GateCash account terminal window on the customer's computer screen. In one embodiment of the invention as shown in Fig.3, in order to access Account 5, customer 1 will be asked to enter account number, user name, and password.
After positive identification Y, customer will access Account 5 and confirm the transaction value.
In another variation as shown in Fig. 3, in order to access Account 5, customer 1 will be asked to connect USB key 8, enter account number, user name, and password.
After positive identification Z, customer will access Account 5 and confirm the transaction value.
In another embodiment of the invention as shown in Fig. 4, in order to access Account 5, customer 1 will be asked to use specific machine, enter account number, user name, and password. After positive identification AM, customer 1 will access Account 5 and confirm the transaction value.
As shown in Fig. 3 and Fig. 4, positive identification and purchase confirmation AA is relayed to Gatecash User Interface 2 and a payment approval AB is issued to Merchant 10.
Instruction AC to credit Merchant 10 is issued to Depository 6. Credit AD to Merchant 10 is issued by Depository 10 and a transaction receipt AJ is issued to customer 1 from Merchant 10. Confirmation of credit AE to Merchant 10 is relayed to Gatecash User Interface 2 from Depository 10. An instruction AF to debit customer's account is received by Servers 3 which records new Gate Cash account value in the Database 4. A new value AI is entered into the Account 5.
In one variation as shown in Fig. 3, a new USB key code AN is generated and recorded on USB microprocessor.
As shown in Fig 3 and Fig. 4, a transaction identification number and confirmation AL of current value of Gate Cash is issued to consumer.
As can be derived from the present invention, the privacy of the customer and transactional security is particularly protected by eliminating merchant's requirement for customer's financial information and by incorporating hardware based security gates to prevent unauthorized access to the customer's account.
It will be understood by someone skilled in the art that many of the details described above are illustrative and not limiting the invention, and that they can be varied or deleted without departing from the scope of the present invention, which is to be interpreted with reference to the following claims.
Claims (11)
1. An electronic cash points based payment system comprising:
at least one electronic storage facility for accommodating multiple cash points accounts;
an inventory of cash points accounts stored in the said facility;
an inventory of cash points stored in said cash points accounts;
a computer system having:
means for recording an input of said cash points to said cash points accounts;
means for maintaining records of said inventory of said cash points accounts stored in said facility;
means for maintaining records of said inventory of said cash points stored in said accounts;
means for adjusting and verifying the value of said cash points stored in said accounts;
a cash depository facility having means to receive, store, and move cash;
means for secure electronic data exchange between a cash points account holder and said cash points account;
means for secure electronic data exchange between said cash depository and an electronic merchant site.
at least one electronic storage facility for accommodating multiple cash points accounts;
an inventory of cash points accounts stored in the said facility;
an inventory of cash points stored in said cash points accounts;
a computer system having:
means for recording an input of said cash points to said cash points accounts;
means for maintaining records of said inventory of said cash points accounts stored in said facility;
means for maintaining records of said inventory of said cash points stored in said accounts;
means for adjusting and verifying the value of said cash points stored in said accounts;
a cash depository facility having means to receive, store, and move cash;
means for secure electronic data exchange between a cash points account holder and said cash points account;
means for secure electronic data exchange between said cash depository and an electronic merchant site.
2. A system as claimed in claim 1, further comprising a portable electronic device capable of receiving, recording, storing and issuing instructions to a computer via USB
connection.
connection.
3. A system as claimed in claim 1 or 2, wherein said cash depository facility is a financial institution.
4. A system as claimed in claim 3, wherein said cash depository facility is a bank.
5. A system as claimed in claim 1 or 2, wherein the system user may request creating said account having a unique account number.
6. A system as claimed in claim 5, wherein the system user may purchase said cash points, store said cash points in said account having said unique account number and use said cash points as payment for goods or service available on the Internet.
7. A method for conducting an electronic transaction comprising an agreement between system administrator and customer agreeing to buy said points at par value.
8. A method as claimed in claim 7 further comprising an agreement between system administrator and merchant wherein merchant agrees to accept cash points at set value as the payment for goods or service and said administrator agrees to re-buy said cash points from merchant at par value.
9. A method of accessing said cash points account comprising:
a personal computing device capable of connecting to said system;
a unique account number;
a user generated user name;
a user generated password.
a personal computing device capable of connecting to said system;
a unique account number;
a user generated user name;
a user generated password.
10. A method as claimed in claim 9 further comprising said portable electronic device connected to said personal computing device.
11. A method as claimed in claim 9 or 10 further comprising electronic key generated by said account and stored in said personal computing device.
Priority Applications (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| CA 2303723 CA2303723A1 (en) | 2000-03-10 | 2000-03-10 | Scalable, secure cash payment system, method and article of manufacture for effecting commercial transactions using internet |
Applications Claiming Priority (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| CA 2303723 CA2303723A1 (en) | 2000-03-10 | 2000-03-10 | Scalable, secure cash payment system, method and article of manufacture for effecting commercial transactions using internet |
Publications (1)
| Publication Number | Publication Date |
|---|---|
| CA2303723A1 true CA2303723A1 (en) | 2001-09-10 |
Family
ID=4165776
Family Applications (1)
| Application Number | Title | Priority Date | Filing Date |
|---|---|---|---|
| CA 2303723 Abandoned CA2303723A1 (en) | 2000-03-10 | 2000-03-10 | Scalable, secure cash payment system, method and article of manufacture for effecting commercial transactions using internet |
Country Status (1)
| Country | Link |
|---|---|
| CA (1) | CA2303723A1 (en) |
Cited By (2)
| Publication number | Priority date | Publication date | Assignee | Title |
|---|---|---|---|---|
| WO2016032567A1 (en) * | 2014-08-25 | 2016-03-03 | Environmental Financial Products, LLC | Secure electronic storage devices for physical delivery of digital currencies when trading |
| CN113902435A (en) * | 2021-10-29 | 2022-01-07 | 广州品唯软件有限公司 | Repayment withholding method and system |
-
2000
- 2000-03-10 CA CA 2303723 patent/CA2303723A1/en not_active Abandoned
Cited By (2)
| Publication number | Priority date | Publication date | Assignee | Title |
|---|---|---|---|---|
| WO2016032567A1 (en) * | 2014-08-25 | 2016-03-03 | Environmental Financial Products, LLC | Secure electronic storage devices for physical delivery of digital currencies when trading |
| CN113902435A (en) * | 2021-10-29 | 2022-01-07 | 广州品唯软件有限公司 | Repayment withholding method and system |
Similar Documents
| Publication | Publication Date | Title |
|---|---|---|
| CA2604913C (en) | Method and system for risk management in a transaction | |
| US7680736B2 (en) | Payment system | |
| US7433845B1 (en) | Data structure, method and system for generating person-to-person, person-to-business, business-to-person, and business-to-business financial transactions | |
| US20010051902A1 (en) | Method for performing secure internet transactions | |
| US20090327133A1 (en) | Secure mechanism and system for processing financial transactions | |
| US20010007983A1 (en) | Method and system for transaction of electronic money with a mobile communication unit as an electronic wallet | |
| US20120095917A1 (en) | System and method for performing secure credit card purchases | |
| US20080162318A1 (en) | Method of securely transferring funds via a mobile internet enabled device | |
| AU3108199A (en) | A method for using a telephone calling card for business transactions | |
| US7430540B1 (en) | System and method for safe financial transactions in E.Commerce | |
| NZ521239A (en) | Electronic funds transfers | |
| US20020032662A1 (en) | System and method for servicing secure credit/debit card transactions | |
| JP2004503018A (en) | System and method for managing micropayment processing, and corresponding client terminal and retailer device | |
| CA2390167A1 (en) | Payment method and system for online commerce | |
| WO2000067178A2 (en) | Anonymous on-line payment system and method | |
| US20020123935A1 (en) | Secure commerce system and method | |
| KR20020094165A (en) | System and Method for exchange of electronic currency and electronic securities | |
| CA2303723A1 (en) | Scalable, secure cash payment system, method and article of manufacture for effecting commercial transactions using internet | |
| KR20040072537A (en) | System for Exchange of Electronic Currency and Electronic Securities | |
| KR20010106572A (en) | System and method for settling acount utilizing a cyber cash card | |
| KR20010081876A (en) | Electronic Check Transfer System for Electronic Commercial Transactions of Internet | |
| KR20030071287A (en) | Cyber card, e-business method using the same and system therefor | |
| KR20010025471A (en) | Method for settling web-coin over the internet in user-holding manner | |
| Spring | Electronic Payment Systems | |
| JP2000040116A (en) | Gateway device for electronic money and electronic money transfer method |
Legal Events
| Date | Code | Title | Description |
|---|---|---|---|
| FZDE | Dead |