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Sharing of Limited Use Credit Authorization Codes on Mobile Devices

IP.com Disclosure Number: IPCOM000244787D
Publication Date: 2016-Jan-15
Document File: 2 page(s) / 27K

Publishing Venue

The IP.com Prior Art Database

Abstract

Disclosed is a means of sharing credit over mobile devices, while limiting the purchase scope for which that credit can be used.

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Sharing of Limited Use Credit Authorization Codes on Mobile Devices

Credit card transactions are widely adopted methods of enabling cashless transactions, but inherent with credit card use is the risk of account theft or unauthorized card use. This is exacerbated when credit card companies issue multiple cards for a single account (e.g., to a wife and husband or to a parent and college-age child), thus increasing the risk of that account being compromised.

Current credit card innovations are giving way to mobile device payment technologies and enhancements. Without a physical card, stolen accounts become less problematic. Furthermore, many mobile devices do not share fixed account numbers with the vendors at the time of purchase. Rather, the account is used to create a one-time use number, which in turn allows transaction authorization.

For the purpose of this disclosure, the authors refer to a limited use credit authorization code or token, equating to a number permitting a sales transaction to occur. To maximize the scope of the disclosed solution, this may be accomplished using a persistent number, akin to a credit card number, or it may be a one-time authorization code, valid only for the specific transaction. In the latter case, the underlying account number is passed from device to device, and the child device oversees one-time authorization codes based on that underlying account. The difference is that the former represents a number that contains--if compromised--the same risks as a stolen credit card number. The latter represents a number that, if compromised, cannot be used for further transactions. While trends are toward the latter style transactions, both are included for completeness.

The novel contribution is a method that allows a user to generate a limited use credit authorization number, with restrictions in place, linked to said user's account, and then issue that number to another user through sharing on a mobile device. The application goes beyond limited use credit cards; it allows a user to lend a number to another user and control what the second user can purchase with it, keeping the borrower from abusing the card number, and giving the lender peace of mind that the card number is only used for the intended purpose.

A use case example is a parent giving a college-bound child the use of credit for books and food. Another use case is a business enforcing authorization only for business-related charges.

The method and process follow:

1. Lender(account owner) authorizes the associated credit number or token on the borrower mobile purchase application

2. Lender sets the valid purchase terms for use of the credit card n...