Systems and methods for processing transactions using a wallet

Systems and methods for processing transactions using a wallet

The invention is directed to a wallet vault, in the form of a tangibly embodied processing machine, disposed in communication with a financial payment network and a wallet in a customer device. Token information is generated and stored and corresponds to a payment product of the customer. The token...

Ausführliche Beschreibung

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Bibliographische Detailangaben
Hauptverfasser: Mahy, Russ, Ouellette, Scott Hollis, Poswolsky, Dan, Grewal, Reetika, Smyth, Brian, Allen, Sherry Ann, Spector, Howard, D'Agostino, Vincent R, Stanish, Joseph William, Tamassia, Hugh
Format: Patent
Sprache:eng
Schlagworte:
CALCULATING
COMPUTING
COUNTING
DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES
PHYSICS
SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR
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Beschreibung
Zusammenfassung:The invention is directed to a wallet vault, in the form of a tangibly embodied processing machine, disposed in communication with a financial payment network and a wallet in a customer device. Token information is generated and stored and corresponds to a payment product of the customer. The token information is output from the customer device by the wallet, to a merchant POS system, and routed to the wallet vault. At the wallet vault, the token information is used to retrieve the customer's payment product information and then output by the wallet vault for approval by the appropriate financial entity. In such manner, a transaction may be authorized but the merchant does not receive the customer's payment product information for such authorization.