Patent ID: 8650071

Claim:
A method of issuing and redeeming an electronic coupon, the method comprising: transmitting, by a financial institution computer system to a mobile device of a consumer, the electronic coupon, wherein the electronic coupon is linked to a discount monetary amount; receiving, by the financial institution computer system, settlement data from a merchant point-of-sale device, wherein the settlement data is linked to a purchase transaction associated with a financial account of the consumer and includes merchant account information associated with a merchant account and a merchant electronic coupon program and an indicator within a portion of an account number of the financial account of the consumer that indicates the consumer participates in the merchant electronic coupon program; identifying, by the financial institution computer system, the merchant account information and the indicator within the settlement data; validating, by the financial institution computer system, the electronic coupon in response to identifying the merchant account information and the indicator; transmitting, by the financial institution computer system to the mobile device, a notification that the electronic coupon has been successfully redeemed; debiting, by the financial institution computer system, at least the discount monetary amount from the merchant account associated with the merchant electronic coupon program; and crediting, by the financial institution computer system, at least a portion of the discount monetary amount of the electronic coupon to the financial account of the consumer.