Patent ID: 9218594
Filing Date: 2015-12-22
Classification: G06Q

Abstract:
1. A method for executing an electronic payment with collaboration from a social network, the method comprising the following steps: presenting an interface on a mobile device of a user, upon receiving a real-time transaction order for a good and/or a service from a merchant point-of-sale terminal, a set of multiple payment method options comprising (i) use of a bank account accessed via a first financial institution server, (ii) use of a credit card account accessed via a second financial institution server, and (iii) use of a mobile wallet provided by a telecommunication network operator module; in response to a user selection of the payment method option of the use of a mobile wallet provided by the telecommunication network operator module, implementing a payment mediator linked to (i) the mobile device of the user, (ii) the merchant point-of-sale terminal, (iii) the first financial institution server, (iv) the second financial institution server, (v) the telecommunication network operator module, and (vi) a social network server associated with a user's social network, for: determining one or more members of the user's social network to query for a financial contribution towards payment of the real-time transaction order between the user and a merchant; managing querying of said one or more members (i) in an order based on descending likelihood of member financial contribution above a given threshold and (ii) in accordance with one or more policy configurations attributed to each respective member, wherein said one or more policy configurations comprise (a) querying a given one of said one or more members if an amount of the financial contribution requested is above a predetermined amount and (b) skipping said querying and automatically initiating a money transfer from the given one of said one or more members if the amount of the financial contribution requested is equal to or below the predetermined amount, and wherein said querying comprises querying until sufficient funds for said payment of the transaction are received or all of said one or more members have been queried, and wherein said likelihood of member financial contribution is based on (i) a history of one or more past payments from said one or more members made upon past social network-based queries for the financial contribution towards payment of the real-time transaction between the user and the merchant and (ii) a determination as to whether a financial balance associated with each of said one or more members is sufficient to allow a positive response to said querying; and processing a money transfer from the user and/or each of said one or more members to the merchant to complete the real-time transaction, wherein said processing is carried out by the telecommunication network operator module, and wherein: wherein each of the steps is carried out by a computer device.