ZA200302445B - A financial transaction card. - Google Patents

Description

A FINANCIAL TRANSACTION CARD

BACKGROUND OF THE INVENTION

THIS invention relates to a financial transaction card.

There are a number of financial transaction cards available at the moment which allow a user to conduct a variety of financial transactions, such as smart cards, debit cards, credit cards and conventional automated teller machine (ATM) cards.

N These cards, however, tend to be relatively expensive to produce. In addition, when these cards are lost or stolen, the procedure for replacing them is often complicated and lengthy, thus increasing the chance of an unauthorised user . obtaining access to the user’s various bank accounts. In addition, if certain

OH cards such as smart cards are stolen, the cash value on the card cannot be

M reclaimed. oo

CONFIRMATION COPY v SUMMARY OF THE INVENTION

According to a first aspect of the invention there is provided a financial transaction card for enabling a user to conduct a financial transaction, the card comprising: a card-defining portion including data storing means for storing data for linking the card to a user account; and a counterfoil portion removably attached to the card-defining portion, the counterfoil portion including the details of the user account, such that when the user is issued with the card, the counterfoil portion can be removed from the card-defining portion for the user's safekeeping, with the : ‘card-defining portion then being usable by the user to conduct a plurality of financial transactions.

In one form of the invention, the card is of a pre-paid type having a fixed monetary value, the fixed monetary value being transferred to the user account when the card is issued. a } Alternatively, or in addition, the user can transfer additional funds to his or her user account using the card-defining portion of the card, thereby allowing the user to continue using the card.

Conveniently, the card-defining portion and the counterfoil portion include first and second identification receiving zones respectively for receiving first and d second user-specific identification information, with the first and second user-

LE specific identification information being inserted by the user when the card is :

N issued.

Conveniently, the first and second user-specific identification information is ! substantially identical, and comprises either the user's fingerprint or the user's signature.

According to a second aspect of the invention there is provided a method of issuing a financial transaction card for enabling a user to conduct a financial transaction, the method comprising the steps of: ) providing a card having a card-defining portion and a counterfoil portion removably attached to the card-defining portion; and removing the counterfoil portion from the card-defining portion, the counterfoil portion being kept by the user for safekeeping, with the card- . defining portion then being usable by the user to conduct a plurality of financial transactions.

Typically, the method includes the step of linking the card to a user account.

Preferably, the user inserts first and second user-specific identification information onto the card-defining portion and the counterfoil portion respectively when the card is issued. "In one form of the invention, the method includes the step of allowing the user to transfer additional funds to his or her user account using the card-defining portion of the card, thereby allowing the user to continue using the card.

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BRIEF DESCRIPTION OF THE DRAWING

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The only figure shows a front view of a financial transaction card according to the invention.

DESCRIPTION OF EMBODIMENTS

A financial transaction card 10 for enabling a user to conduct a financial transaction comprises a card-defining portion 12 and a counterfoil portion 14 that are joined together along a perforated line 16. : In one form of the invention, the card 10 is of a pre-paid type having a fixed monetary value 18, such as R100, indicated on the card-defining portion 12 itself. The card-defining portion 12 includes a magnetic strip 20 for facilitating the financial transaction by linking the card 10 to a user account which is opened once the card 10 is issued to the user. The user account is typically initially credited with the pre-paid value 18, less any service charges that are to i be imposed.

Alternatively, or in addition, the user can transfer additional funds to his or her user account using the card-defining portion of the card, thereby allowing the user to continue using the card. This can be done in any one of a number of conventional ways, such as using ATM machines. :

The magnetic strip 20 continues onto the counterfoil portion 14 of the card 10, with this part of the magnetic strip 20 also containing the user account details. * This feature is advantageous in the event of the card-defining portion 12 becoming lost or stolen, and is discussed in more detail further below.

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“ The card-defining portion 12 further includes an identification receiving zone 22 a for receiving user-specific identification information such as the user's ‘ signature or fingerprint. The counterfoil portion 14 also includes an identification receiving zone 24 for receiving user-specific identification information.

In use, the user purchases the card 10 from any one of a number of selected vendors. At present, it is envisaged that the vendors would be linked to or associated with banking institutions. The vendor then opens the user account, which is linked to the card 10 via a card-specific identification number contained on the magnetic strip 20. The card-specific identification number may either be an index linked to the user account number or it may simply correspond to the user account number. Thus, it is only at the point of purchase that the card 10 is activated, with the user account only being created at this point. The user then inserts the user-specific information in the receiving zones 22, 24, as described above, in the presence of the vendor.

The counterfoil portion 14 is then removed from the card-defining portion 12 and both portions 12, 14 are kept by the user. The card-defining portion 12 of the card 10 then acts as a conventional debit or credit card, which allows the user to conduct a financial transaction at any point, such as at an ATM machine or any retail shop that accepts debit or credit cards. During a transaction, a user may be required to key in or otherwise supply a secret

Personal Identification Number (PIN) to an appropriate electronic transacting device on which the transaction is facilitated. -

In the event that the card 10, and in particular the card-defining portion 12 is

A lost or stolen, the counterfoil portion 14 can be taken to the vendor. The user- specific identification information can then be used to verify that the person ' presenting the counterfoil portion of the card is the legitimate owner. Thus, if

“ the card-defining portion 12 of the card 10 is lost or stolen, the magnetic strip . 20 on the counterfoil portion 12 can be read by a conventional reading device ‘ so as to provide an accurate method of identifying the lost card and associated user account number. In this way, the user account that is identified by the counterfoil portion 14 can be accessed and the amount contained within the account verified and a new card issued for the amount left in the account. The user account will then be closed upon successful verification of the user- specific identification information. The amount contained in the user account will be transferred to a new user account, and the account number of the user account that is being closed will be discarded for possible later use.

Alternatively, a cash refund could be issued to the user.

The rear of the card is typically left blank, but may be used for advertising purposes. All other blank spaces on the front of the card may also be used for advertising purposes.

The card 10 can be made from either a cardboard-type material or a plastics : material, with the choice of the material to be used depending on a number of factors, such as the pre-paid value of the card 10.

The advantages of such a financial transaction card include the low cost of implementation and the high security of the system. In addition, the relatively simple steps required to replace a lost or stolen card is an added advantage as well as the ability to distribute the card through non traditional channels as a result of the card only being activated at the point of purchase. Further applications of the invention include the use thereof as a replacement for traveler's cheques, and for on-line ticket purchases. 1] } . iy

Claims (9)

1. A financial transaction card for enabling a user to conduct a financial g transaction, the card comprising: a card-defining portion including data storing means for storing data for linking the card to a user account; and a counterfoil portion removably attached to the card-defining portion, the counterfoil portion including the details of the user account, such that when the user is issued with the card, the counterfoil portion can be removed from the card-defining portion for the user's safekeeping, with the card-defining portion then being usable by the user to conduct a plurality of financial transactions.

2. A financial transaction card according to claim 1, wherein the card is of a pre-paid type having a fixed monetary value, the fixed monetary value being transferred to the user account when the card is issued. :

3. A financial transaction card according to either one of the preceding claims 1 or 2, wherein the user can transfer additional funds to his or her user account using the card-defining portion of the card, thereby allowing the user to continue using the card.

4, A financial transaction card according to any one of the preceding claims, wherein the card-defining portion and the counterfoil portion include first and second identification receiving zones respectively for receiving first and second user-specific identification information, with the first and second user-specific identification information being inserted by the user when the card is issued.

5. A financial transaction card according to claim 4, wherein the first and second user-specific identification information is substantially identical, and comprises either the user's fingerprint and/or the user's signature.

6. A method of issuing a financial transaction card for enabling a user to conduct a financial transaction, the method comprising the steps of: ~- providing a card having a card-defining portion and a counterfoil portion removably attached to the card-defining portion; and removing the counterfoil portion from the card-defining portion, the counterfoil portion being kept by the user for safekeeping, with the card-defining portion then being usable by the user to : conduct a plurality of financial transactions. -

7. A method of issuing a financial transaction card according to claim 6 which includes the step of linking the card to a user account.

8. A method of issuing a financial transaction card according to either one : of the preceding claims 6 or 7, wherein the user inserts first and second user-specific identification information onto the card-defining portion and the counterfoil portion respectively when the card is issued.

9. A method of issuing a financial transaction card according to any one of the preceding claims 6 to 8 which includes the step of allowing the user to transfer additional funds to his or her user account using the card-

-0- defining portion of the card, thereby allowing the user to continue using the card.