Patent ID: 7445150

Claim:
A pre-paid credit card method of purchasing goods and services using a pre-paid credit card, consisting of a single account number without a magnetic stripe where card is activated during first use of card by entering an access code consisting of a phone number and a PIN, the pre-paid credit card, comprising: a master data source for storing the pre-paid credit card number and balance information of the pre-paid credit card issued to or purchased by the user and managing the same; a pre-paid credit card connected to the master data source for authenticating the pre-paid credit card, settling the balances from the balance information of the corresponding card number of the pre-paid credit card through inquiry to the master data source when a request for settlement is received through the merchant; receiving, by a goods and/or services provider a pre-paid credit card information to be used to purchase an item or service, said pre-paid credit card information including a single number identifying a single account associated with said pre-paid credit card; determining, based on said single account number, that said single account number is a pre-paid credit card and a transaction using the said pre-paid credit card is able to be processed over a network of merchants and a bank card network; determining the identity of the said merchant or service provider; processing such transaction and transmitting said single account number using one of said network of merchants, bank card network and non network merchants through the master data source based on the identity of the said merchant or service provider.