Patent ID: 8108307

Claim:
A system for performing a financial transaction, comprising: a transaction card configured for performing the financial transaction, the transaction card comprising a dual-interface processor for use with a contact interface or a contactless interface and coupled to a memory for executing: a first electronic application for storing application-specific value on the transaction card, wherein the application-specific value provides payment for a transaction with only one type of merchant, a second electronic application for storing general value on the transaction card, wherein the general value provides payment equivalent to cash, wherein the only one type of merchant has a purchase key provided by a financial institution for conducting a financial transaction with the application-specific value of the transaction card, and the general value of the transaction card is automatically used to conduct the financial transaction when the application-specific value cannot be used; a transaction application associated with at least said first electronic application for performing a value exchange, wherein said application-specific value and said general value are each exchangeable between each other in said transaction application; and a loyalty application for linking a loyalty program to the first electronic application and the second electronic application; and wherein said application-specific value and said general value are each compatible within said system for performing said financial transaction, such that, upon a transfer request by a user, general value transfers to the application-specific value on the transaction card, and, upon a transfer request by a user, application-specific value transfers to the general value on the transaction card.