WO2007024151A1 - A method of converting cash into virtual cash and loading it to mobile phone cash account - Google Patents
A method of converting cash into virtual cash and loading it to mobile phone cash account Download PDFInfo
- Publication number
- WO2007024151A1 WO2007024151A1 PCT/PH2006/000008 PH2006000008W WO2007024151A1 WO 2007024151 A1 WO2007024151 A1 WO 2007024151A1 PH 2006000008 W PH2006000008 W PH 2006000008W WO 2007024151 A1 WO2007024151 A1 WO 2007024151A1
- Authority
- WO
- WIPO (PCT)
- Prior art keywords
- cash
- customer
- telco
- outlet
- mobile phone
- Prior art date
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
- G06Q20/30—Payment architectures, schemes or protocols characterised by the use of specific devices or networks
- G06Q20/32—Payment architectures, schemes or protocols characterised by the use of specific devices or networks using wireless devices
- G06Q20/322—Aspects of commerce using mobile devices [M-devices]
-
- 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
- G06Q20/10—Payment architectures specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
-
- 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
- G06Q20/16—Payments settled via telecommunication systems
-
- 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
- G06Q20/22—Payment schemes or models
- G06Q20/28—Pre-payment schemes, e.g. "pay before"
Definitions
- This invention relates in general to mobile phones but more particularly to a method of receiving and transmitting data regarding individual financial transactions.
- Financial transactions are commonly conducted using a wide variety of credit and debit cards.
- the transactions may be on-line or off-line retail purchase to withdraw cash or make financial transfers using automated teller machines or self service terminals.
- SMS Short Messaging Service
- the present mobile phones are not yet used for financial transfers from one person (entity) to another (entity) or for purchase of goods or services.
- the virtual cash may be used for financial transfers and the purchase of goods or services.
- Another object is to provide a method of loading the mobile phones with virtual cash from a telco's outlet or a 3rd party (outlet) through a range of devices including mobile phone, web portal, point-of-sale terminal (device) using telco's cash product services.
- the virtual cash can be converted back to cash or be used to purchase goods or services with much more ease than going to a bank and withdrawing money.
- Still an object is to provide a novel method using the mobile phones in purchasing goods or services wherein transaction data is simultaneously transferred and recorded to and on the customer's mobile phone and the outlet's device.
- Figure 1 is a block diagram of the elements involve in carrying out the method; and Figure 2 is a flow chart of the method.
- the present invention involves a customer 11, his mobile phone or 3 rd party's mobile phone 12, an outlet 13 and a teleco 14 and are all united by software.
- the customer goes (15) to an outlet to convert cash into virtual cash and loading it to customer's mobile phone or a 3 rd party-recipient's mobile phone using telco's cash product service.
- the customer fills up a registration form (16) and submits his identification.
- Frontliner of the outlet verifies (17) customer's information and identification.
- Frontliner accesses the device and keys in command (18) containing customer's information, reference number of registration form, customer's or 3 rd party-recipient's mobile phone number and amount of cash to be converted to virtual cash and sends this to telco.
- Frontliner collects (19) cash to be converted to virtual cash and the service fee and issues receipt to the customer.
- Customer receives (20) an SMS acknowledgment from telco that the cash has been converted to virtual cash and loaded in the recipient's mobile phone cash account using telco's cash product service transfer.
- Frontliner receives (21) an acknowledgment and confirmation number from telco in a format that corresponds to the outlet's device.
- the customer's mobile phone or 3 rd party recipient's mobile phone is loaded with virtual cash, which may be used for other financial transactions.
Landscapes
- Business, Economics & Management (AREA)
- Accounting & Taxation (AREA)
- Engineering & Computer Science (AREA)
- Physics & Mathematics (AREA)
- General Business, Economics & Management (AREA)
- General Physics & Mathematics (AREA)
- Strategic Management (AREA)
- Theoretical Computer Science (AREA)
- Finance (AREA)
- Development Economics (AREA)
- Economics (AREA)
- Computer Networks & Wireless Communication (AREA)
- Telephonic Communication Services (AREA)
- Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)
Abstract
A method of receiving cash from an outlet through a mobile phone comprising the steps of: - customer requesting for cash-out at an outlet; - customer showing identification and filling up a form; - frontliner accessing the device and keying in command containing customer's amount of cash-out and sending this to telco; - telco verifying that customer's mobile phone is registered with the telco' s cash product services and that the amount of cash-out is available in the customer's mobile phone cash account and sending information to the device of the frontliner of the outlet; - frontliner of the outlet verifying that customer is registered with telco' s cash product service and advising the customer of the unique transaction code; - customer paying for cash-out fee; - customer keying in 'CASHOUT' cash product command containing his PIN, amount to be cashed out, and his mobile phone number; - sending this command to telco; - outlet's device receiving a confirmatory message from telco of cash product service transfer; - customer receiving a SMS acknowledgment from telco of the completion of the cash product service; - customer getting cash from the outlet; - outlet's device receiving an acknowledgment of the completion of the transaction and confirmation number from telco in a format matching the outlet's device.
Description
SPECIFICATION
A METHOD OF CONVERTING CASH INTO VIRTUAL CASH
AND LOADING IT TO MOBILE PHONE CASH ACCOUNT Title
This invention relates in general to mobile phones but more particularly to a method of receiving and transmitting data regarding individual financial transactions. Financial transactions are commonly conducted using a wide variety of credit and debit cards. The transactions may be on-line or off-line retail purchase to withdraw cash or make financial transfers using automated teller machines or self service terminals.
With the advent of mobile phones, the following transactions, namely: (a) balance inquiry, (b) airtime load transfers, (c) funds transfer from one account to another account where both accounts are maintained by one bank, and (d) bills payment where funds are transferred from one account to another account where both accounts are maintained by one bank, are completed by sending Short Messaging Service (SMS) commands using mobile phones.
However, the present mobile phones are not yet used for financial transfers from one person (entity) to another (entity) or for purchase of goods or services.
It is the primary aim of the present invention to provide a method of converting cash into virtual cash and loading it to a mobile phone cash account by using a telephone company's (telco) cash product services. The virtual cash may be used for financial transfers and the purchase of goods or services.
Another object is to provide a method of loading the mobile phones with virtual cash from a telco's outlet or a 3rd party (outlet) through a
range of devices including mobile phone, web portal, point-of-sale terminal (device) using telco's cash product services.
The virtual cash can be converted back to cash or be used to purchase goods or services with much more ease than going to a bank and withdrawing money.
Still an object is to provide a novel method using the mobile phones in purchasing goods or services wherein transaction data is simultaneously transferred and recorded to and on the customer's mobile phone and the outlet's device. These and other objects and advantage of the present invention will become apparent upon reading the following detailed description taken in conjunction with the appended drawings, wherein:
Figure 1 is a block diagram of the elements involve in carrying out the method; and Figure 2 is a flow chart of the method.
Referring now to several views of the drawings wherein like reference numerals designate same parts throughout, the method of converting cash into virtual cash and loading it to the customer's mobile phone or 3rd party recipient's mobile phone using telco's cash product services generally designated as 10.
The present invention involves a customer 11, his mobile phone or 3rd party's mobile phone 12, an outlet 13 and a teleco 14 and are all united by software.
The customer goes (15) to an outlet to convert cash into virtual cash and loading it to customer's mobile phone or a 3rd party-recipient's mobile phone using telco's cash product service.
The customer fills up a registration form (16) and submits his identification.
Frontliner of the outlet verifies (17) customer's information and identification.
Frontliner accesses the device and keys in command (18) containing customer's information, reference number of registration form, customer's or 3rd party-recipient's mobile phone number and amount of cash to be converted to virtual cash and sends this to telco. Frontliner collects (19) cash to be converted to virtual cash and the service fee and issues receipt to the customer.
Customer receives (20) an SMS acknowledgment from telco that the cash has been converted to virtual cash and loaded in the recipient's mobile phone cash account using telco's cash product service transfer. Frontliner receives (21) an acknowledgment and confirmation number from telco in a format that corresponds to the outlet's device.
The customer's mobile phone or 3rd party recipient's mobile phone is loaded with virtual cash, which may be used for other financial transactions.
Claims
I CLAIM: The method of converting cash into virtual cash and loaded into a mobile phone cash account using telco's cash product services comprising the steps of:
- customer going to outlet to convert cash into virtual cash using telco's cash product services; - customer filling up forms, showing identification;
- frontliner of outlet verifying customers' identification;
- frontliner accessing the device and keying command containing customer's information, reference number of registration form, customer's or 3rd party-recipient's mobile phone number and amount of cash to be converted to virtual cash and sends this to telco;
- frontliner collecting cash to be converted to virtual cash and the service fee and issues receipt to the customer;
- customer receiving SMS acknowledgment from telco that the cash has been converted to virtual cash and loaded in the recipient's mobile phone cash account;
- frontliner's device receiving a message from telco (with format matching the device) of acknowledgment with confirmation number.
Priority Applications (2)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
EP06769503A EP1960954A4 (en) | 2005-08-22 | 2006-05-23 | A method of converting cash into virtual cash and loading it to mobile phone cash account |
US12/069,532 US8577763B2 (en) | 2005-08-22 | 2008-02-11 | Method of converting cash into virtual cash and loading it to mobile phone cash account |
Applications Claiming Priority (2)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
PH12005000421 | 2005-08-22 | ||
PH1-2005-000421 | 2005-08-23 |
Related Child Applications (1)
Application Number | Title | Priority Date | Filing Date |
---|---|---|---|
US12/069,532 Continuation US8577763B2 (en) | 2005-08-22 | 2008-02-11 | Method of converting cash into virtual cash and loading it to mobile phone cash account |
Publications (1)
Publication Number | Publication Date |
---|---|
WO2007024151A1 true WO2007024151A1 (en) | 2007-03-01 |
Family
ID=37771835
Family Applications (1)
Application Number | Title | Priority Date | Filing Date |
---|---|---|---|
PCT/PH2006/000008 WO2007024151A1 (en) | 2005-08-22 | 2006-05-23 | A method of converting cash into virtual cash and loading it to mobile phone cash account |
Country Status (3)
Country | Link |
---|---|
US (1) | US8577763B2 (en) |
EP (1) | EP1960954A4 (en) |
WO (1) | WO2007024151A1 (en) |
Cited By (1)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
US20110270744A1 (en) * | 2010-04-30 | 2011-11-03 | Ginger Baker | Mobile tangible value banking system |
Families Citing this family (7)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
US8688563B2 (en) * | 2009-07-14 | 2014-04-01 | The Western Union Company | Alternative value exchange systems and methods |
US8538845B2 (en) | 2011-06-03 | 2013-09-17 | Mozido, Llc | Monetary transaction system |
US9208488B2 (en) | 2011-11-21 | 2015-12-08 | Mozido, Inc. | Using a mobile wallet infrastructure to support multiple mobile wallet providers |
US10438196B2 (en) | 2011-11-21 | 2019-10-08 | Mozido, Inc. | Using a mobile wallet infrastructure to support multiple mobile wallet providers |
JP2015500529A (en) * | 2011-12-05 | 2015-01-05 | ロゼン、リモールROZEN, Limor | System and method for enabling financial transactions |
US10621570B2 (en) * | 2014-03-03 | 2020-04-14 | Apple Inc. | Processing payments for an online marketplace |
CN112133044B (en) * | 2020-10-21 | 2022-03-25 | 陕西科技大学 | Multifunctional paper money receiving and paying system based on big data |
Citations (6)
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WO2001097118A1 (en) * | 2000-06-14 | 2001-12-20 | Takako Jogu | Settling method using mobile phone and mobile phone |
JP2003162642A (en) * | 2001-11-26 | 2003-06-06 | Oki Electric Ind Co Ltd | Card settlement system, account management server and terminal device |
JP2003296824A (en) * | 2002-04-05 | 2003-10-17 | Tsk:Kk | System for constructing pay-in system from pos register to financial institution |
JP2003337890A (en) * | 2002-05-20 | 2003-11-28 | Nec Corp | Cash management system |
JP2004126906A (en) * | 2002-10-02 | 2004-04-22 | Ufj Bank Ltd | User authentication processing system and user authentication processing method |
JP2004252588A (en) * | 2003-02-18 | 2004-09-09 | Oki Electric Ind Co Ltd | Card payment system and cellular phone program therefor |
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FI981902A (en) * | 1998-09-04 | 2000-03-05 | Sonera Oyj | Security module, security system and mobile station |
US20030132291A1 (en) * | 2002-01-11 | 2003-07-17 | Metrologic Instruments, Inc. | Point of sale (POS) station having bar code reading system with integrated internet-enabled customer-kiosk terminal |
US7774231B2 (en) * | 2000-09-29 | 2010-08-10 | Nokia Corporation | Electronic payment methods for a mobile device |
US20040098740A1 (en) * | 2000-12-07 | 2004-05-20 | Maritzen L. Michael | Method and apparatus for using a kiosk and a transaction device in an electronic commerce system |
US20030187785A1 (en) * | 2002-04-02 | 2003-10-02 | Robert Bernstein | Telecom credit system |
TW200409521A (en) * | 2002-11-28 | 2004-06-01 | Lohmac Pte Ltd | Authentication and identification system and transactions using such an authentication and identification system |
US20050199709A1 (en) * | 2003-10-10 | 2005-09-15 | James Linlor | Secure money transfer between hand-held devices |
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-
2006
- 2006-05-23 WO PCT/PH2006/000008 patent/WO2007024151A1/en active Application Filing
- 2006-05-23 EP EP06769503A patent/EP1960954A4/en not_active Withdrawn
-
2008
- 2008-02-11 US US12/069,532 patent/US8577763B2/en active Active
Patent Citations (6)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
WO2001097118A1 (en) * | 2000-06-14 | 2001-12-20 | Takako Jogu | Settling method using mobile phone and mobile phone |
JP2003162642A (en) * | 2001-11-26 | 2003-06-06 | Oki Electric Ind Co Ltd | Card settlement system, account management server and terminal device |
JP2003296824A (en) * | 2002-04-05 | 2003-10-17 | Tsk:Kk | System for constructing pay-in system from pos register to financial institution |
JP2003337890A (en) * | 2002-05-20 | 2003-11-28 | Nec Corp | Cash management system |
JP2004126906A (en) * | 2002-10-02 | 2004-04-22 | Ufj Bank Ltd | User authentication processing system and user authentication processing method |
JP2004252588A (en) * | 2003-02-18 | 2004-09-09 | Oki Electric Ind Co Ltd | Card payment system and cellular phone program therefor |
Non-Patent Citations (1)
Title |
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See also references of EP1960954A4 * |
Cited By (1)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
US20110270744A1 (en) * | 2010-04-30 | 2011-11-03 | Ginger Baker | Mobile tangible value banking system |
Also Published As
Publication number | Publication date |
---|---|
EP1960954A4 (en) | 2012-12-05 |
US20090177578A1 (en) | 2009-07-09 |
US8577763B2 (en) | 2013-11-05 |
EP1960954A1 (en) | 2008-08-27 |
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