Patent ID: 8924246
Filing Date: 2014-12-30
Classification: G06Q

Abstract:
1. A method of purchasing or using an instant prepaid card for mobile payments comprising: displaying an offer for the instant prepaid card on a device of an account holder at a financial institution or displaying an offer for the instant prepaid card at a point of sale to the account holder at a financial institution, wherein the instant prepaid card is redeemable with one or more merchants; accepting a command to purchase the instant prepaid card, from the account holder; determining, with aid of a processor, whether the account holder has sufficient funds or line of credit in the account holder's account at the financial institution for the purchase of the instant prepaid card; initiating an ON-US transfer for the cost of the purchased instant prepaid card from the account holder's account to a holding account at the same financial institution without incurring a purchase fee if the account holder has sufficient funds or line of credit, wherein the ON-US transfer amount that is received at the holding account at the same financial institution equals the cost of the purchased instant prepaid card to the account holder, and wherein the holding account at the same financial institution belongs to an intermediary entity that (1) has holding accounts at multiple financial institutions offering instant prepaid cards to permit ON-US transfers for purchase of the instant prepaid cards, and (2) communicates with the one or more merchants; and generating and presenting the purchased instant prepaid card for redemption by a user at the point of sale, wherein the instant prepaid card is prepared for redemption within seconds of accepting the command to purchase the instant prepaid card and said determining whether the account holder has sufficient funds or line of credit and said initiating the ON-US transfer for the cost of the purchased instant prepaid card occurs after accepting the command to purchase the instant prepaid card and before generating and presenting the purchased instant prepaid card for redemption.