Patent ID: 11875346
Assignee: WELLS FARGO BANK, N.A.
Field: IT methods for management (Electrical engineering)
Classification: CPC G | IPC G

Claim 7:
8. A computing device comprising:
a processor;
a memory, the memory storing instructions of a mobile wallet application, the instructions of the mobile wallet application, when executed, causing the processor to perform operations comprising:
receiving, over a packet-based network, an enhanced mobile wallet payment element (EMWPE), the EMWPE comprising computer-executable instructions, an encrypted account code, data describing usage conditions, and digital logic that verifies use of the mobile wallet application according to the usage conditions;
executing the instructions of the EMWPE in an application framework of the mobile wallet application, wherein the instructions of the EMWPE cause the processor to perform operations comprising:
displaying the conditions on a display device communicatively coupled to the processor using the data describing the conditions;
receiving an indication that a user of the mobile wallet application approves of the conditions from an input device communicatively coupled to the processor;
sending, over the network, an indication of the approval;
responsive to sending the indication of the approval, receiving, over the network, an account code unlocking encryption key; and
unencrypting the encrypted account code by utilizing the unlocking encryption key, the account code for authorizing payment on credit;

receiving an indication to use the EMWPE for a transaction from the input device;
responsive to receiving the indication that the user wishes to utilize the EMWPE for the transaction, executing the digital logic to determine whether the transaction complies with the conditions, the conditions including a credit limit, the digital logic determining whether the transaction complies with the conditions based upon comparing a balance on the EMWPE with the credit limit;
responsive to determining that the transaction complies with the conditions, proceeding with the transaction, by sending a payment request over the network, using the account code in dependence on a result of the execution of the digital logic that verifies use of the mobile wallet application according to the conditions, the transaction comprising a loan; and
subsequent to the transaction:
executing the EMWPE at a scheduled time;
determining that a repayment of the loan is due to be made in accordance with the conditions; and
automatically making a payment from another mobile wallet payment element of the user.