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A Method For Multiple Service Options From a Single Secure Device

IP.com Disclosure Number: IPCOM000129156D
Original Publication Date: 2005-Sep-29
Included in the Prior Art Database: 2005-Sep-29
Document File: 2 page(s) / 23K

Publishing Venue

IBM

Abstract

Today, our wallets are stuffed with various credit cards, award cards, and health services cards. As the number of ways you can make payment for services expand so will the size of our wallets. At the time of purchase, a consumer must make a determination of how to make a payment. Do they want to use cash, debit or credit? Or maybe, they would like to tap into a line of credit they have with their bank. This invention provides for a single electronic card that can be used to store and mimic all of these other cards as directed by the user.

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A Method For Multiple Service Options From a Single Secure Device

Today, merchants have the ability to use a credit card reader device to accept multiple payment options, but from the consumer point of view he must carry around what he thinks he will use for payment.

There have been other solutions to this problem such as using an USB device to connect to their financial institution and download funds to the device. The problems with this solution are that you are still limited to one method of payment at the time sale, ties you to one financial institution, and the forethought to download the correct amount of money.

A system that could provide both a secure and multiple payment option in one single secure device can reduce the amount of items carried by an individual and decrease the likely hood of identity theft. This method could be expanded beyond the retail market into other areas such as the health industry in which it carries a patient's vital health and insurance information.

The basic idea our invention, is to store information in one secure device allowing the users the ability at purchase time to select from the source of payment. The information stored on the secure device is account number information protected via a password or other technique given below. The device itself would not have any value associated with it (i.e., a debit card). If stolen, the device would be useless to the thief (couldn't simply use it at a gas station such as a stolen credit card). It also would not contain information regarding the amount of funds in a given account. It would simply contain the information needed to make a financial transaction using the said accounts.

The main advantages of this device are:
· Secure - You can secure the device in a number of ways. For example, biometrically or using encrypted password technology. Even if the device is stolen, it is pretty much useless to everyone but the owner of the device. Loss of this device wouldn't jeopardize the user's accounts. They would need to simply load another device with their account information.
· Small - easy to carry on...