Patent ID: 8543496
Filing Date: 2013-09-24
Classification: G06Q,G07F

Abstract:
1. A computer-implemented method of operating a mobile phone as a financial transaction instrument to complete a purchase, wherein the mobile phone has financial transaction account information of a user and an application for operating the mobile phone as a financial transaction instrument, the method comprising: receiving at a provider computer, from a merchant, (a) the financial transaction account information of the user transmitted directly from the mobile phone to a financial transaction instrument reader of the merchant in response to the user's mobile phone being in proximity thereto, and (b) transaction informaticm of a financial transaction between the user and the merchant; processing, by the provider computer, the transaction information and the financial transaction account information; authorizing, by the provider computer, the transaction between the merchant and user without contacting the mobile phone; communicating, in response to the authorizing and by the provider computer, from the provider computer to the mobile phone over a wireless network, a record of the purchase; providing, by the provider computer and to the mobile phone, the application for operating the mobile phone as a financial transaction instrument, wherein the application comprises program code for defining a maximum number of transactions that can be completed using the application without further authorization from the user, wherein the application comprises program code for tracking the number of transactions completed using the application since the last authorization from the user, wherein in response to the number of transactions completed using the application since the last authorization from the user being a user selectable number less than the maximum number of transactions, prompting the user to provide a PIN for access, wherein in response to the number of transactions approaching the number calling for the user to provide the PIN, the user is prompted via the mobile phone with a first warning indicating that a request to provide the PIN will be requested in a subsequent transaction, wherein in response to the number of transactions completed using the application since the last authorization from the user being equal to the maximum number of transactions that can be completed using the application without further authorization from the user, denying the purchase, wherein in response to the number of transactions completed using the application since the last authorization from the user approaching a number equal to the maximum number of transactions that can be completed using the application without further authorization from the user, prompting the user via the mobile phone with a second warning indicating that the maximum number of transactions that can be completed using the application without further authorization from the user is approaching, and wherein, in response to determining that the maximum number of transactions has been exceeded, the application disables the application to prevent financial transaction account information from being transmitted.