SYSTEM AND METHODS FOR DIGITAL CHANGE TRANSACTIONS

SYSTEM AND METHODS FOR DIGITAL CHANGE TRANSACTIONS

A system for converting physical coins into digital currency at a point of sale during a cash transaction at a retailer and related methods. A mobile app residing on a customer's mobile device communicates with a control module to manage the customer's account and obtain an identifier asso...

Ausführliche Beschreibung

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Bibliographische Detailangaben
Hauptverfasser: Panzo Matthew, Chicles Lydia, Booth David Michael, Newman David Robert, Chicles Christian Thomas, Shamrock Steve
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:A system for converting physical coins into digital currency at a point of sale during a cash transaction at a retailer and related methods. A mobile app residing on a customer's mobile device communicates with a control module to manage the customer's account and obtain an identifier associated with the customer's account. During a cash transaction where physical change is due, the mobile device transmits the identifier to the point of sale. The point of sale transmits the identifier and the amount of change due to the control module. The control module confirms the identity of the customer using the identifier and directs a financial institution to move the amount of change due from the retailer's bank account to one or more designated bank accounts, one of which may be the customer's bank account.