Patent ID: 8676661
Filing Date: 2014-03-18
Classification: G06Q

Abstract:
1. A computer-implemented method of payment for a social network, comprising: maintaining, by a social network computer system, (i) records of registered users including a first user and a second user, (ii) records of registered merchants, (iii) a credit account for each registered user and each registered merchant wherein credits are backed by a commodity and a credit corresponds to a fraction of a standard unit of the commodity, and (iv) a cash account, in conjunction with said credit account, for each registered user and each registered merchant, wherein funds in the cash account are kept in local currency and are not backed by the commodity, and wherein funds in the first user's cash account are kept in a first local currency and funds in the second user's cash account and/or cash account of a merchant are kept in a second local currency different from said first local currency, receiving, by the social network computer system, from a user device of the first user, instructions to deposit a designated amount of first local currency from the first user's cash account, maintained by said social network computer system, into the first user's credit account; using the received instructions to deposit a designated amount of first local currency from the first user's cash account, maintained by said social network computer system, into the first user's credit account: receiving, by the social network computer system, from the user device of the first user an instruction to purchase an item of merchandise or service offered by the merchant and/or an instruction to transfer funds to said second user account; using the received instructions to purchase an item of merchandise or service offered by the merchant and/or an instruction to transfer funds to said second user account: receiving, by the social network computer system, from a user device of the merchant and/or the second user instructions to transfer a designated number of credits from the merchant credit account and/or the second user's credit account into the merchant's cash account and/or the second user's cash account; using the received instructions to transfer a designated number of credits from the merchant credit account and/or the second user's credit account into the merchant's cash account and/or the second user's cash account: