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Electronic Cash Back (Reverse Payments)

IP.com Disclosure Number: IPCOM000247956D
Publication Date: 2016-Oct-14
Document File: 2 page(s) / 74K

Publishing Venue

The IP.com Prior Art Database

Abstract

Having a means to deposit loose change into your bank account at the point of a retail transaction.

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Electronic Cash Back

Electronic Cash Back

The problem being solved is the need to carry loose change. Carrying change in today's society is uncomfortable and noisy given the new fashion trend (slim wallets/purse, card holders etc).

The invention also assists in the digitalisation of cash. The world is moving to an electronic based cash system, this invention assists in that transition. Furthermore, the invention assists retailers

in preserving change and coins.

Benefits for the Retailer:

- Provide a more efficient and integrated client experience

- Lowers risk of human error in cash handling

- Preserves amount of change in till. Less risk of running out of change
- Less worry of employees cash handling

Benefits for Customer

Benefits for Customer:

:

- Reduce the annoyance of carrying change

- Provides a method of service in depositing cash through retailers

- Provides a means to deposit foreign currency while travelling

- Lowers risk of human error in cash handling (receiving incorrect change)
- Provides additional source of revenue (through reduction of lost change)

Benefits to bank

Benefits to bank:

:

- Additional source of cash flow and holding.

Some statistics

- Average of 80% adults make payments with cash of transaction value between $1-$25
- Average of 45% adults make payments with cash of transaction value between $26-$50 (Study conducted by Reserve Bank of Australia in 2011)


- Results from the Visa Payment Attitudes Study in 2013 show that Australians lose...