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Universal Credit Code

IP.com Disclosure Number: IPCOM000240781D
Publication Date: 2015-Feb-27
Document File: 2 page(s) / 138K

Publishing Venue

The IP.com Prior Art Database

Abstract

Disclosed is a new purchasing method that uses a Universal Credit Code (UCC) system. The UCC system provides a convenient way to purchase a cash code in advance that allows consumers to securely obtain other goods using a provided code vs. a credit card through a Point of Sale (POS) station.

This text was extracted from a PDF file.
This is the abbreviated version, containing approximately 79% of the total text.

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Universal Credit Code

Despite many security measures currently in use, such as Card Security Codes, many consumers are hesitant to use credit cards over the Internet. One popular solution is the use of products that act as proxies for the credit card companies or financial institutions. This can be effective, but use is currently limited to the Internet, and usually involves extra steps, such as entering a user name and password and verifying the debit amount.

The novel contribution is the Universal Credit Code (UCC) system. The UCC system provides a convenient way to purchase a cash code in advance that allows consumers to safely obtain other goods using a provided code vs. a credit card. Point of Sale (POS) systems can register with the UCC system so that when users swipe a debit or credit card on a POS machine, the system offers the option for the user to purchase a UCC and specify an amount. If the consumer chooses to buy a UCC, then the system asks for an amount and verifies that the consumer has sufficient funds for the purchase. Upon receiving approval from the consumer's financial institution, the consumer is asked to enter a cell phone number. The system then accesses the UCC system to generate a unique code, which could be based on a unique ID that uses the

cell phone number as seed. The newly generated code it then sent as a text message to the specified cell phone number.

The consumer can then use that code to purchase items online, pay for gas and g...