Enhanced mobile wallet payment elements

Patent metadata

Field	Value
Publication number	US-11250422-B1
Application number	US-201615394656-A
Country	US
Kind code	B1
Filing date	Dec 29, 2016
Priority date	Dec 29, 2016
Publication date	Feb 15, 2022
Grant date	Feb 15, 2022

Abstract

Disclosed in some examples are methods, systems, and machine readable mediums which provide a store credit issued electronically to a mobile wallet application from a merchant. This credit may be issued to a mobile wallet in the form of an enhanced wallet payment element. This enhanced wallet payment element may include the terms and conditions (e.g., repayment terms) of the credit (e.g., a digital/smart contract). The customer may accept or reject these terms. For example, when the customer accepts the terms, the enhanced wallet payment element digitally signs the agreement and indicates acceptance to the merchant mobile wallet system (e.g., sends the digital signature to the merchant). Once accepted, the enhanced wallet payment element may be utilized to pay for goods or services subject to the terms and conditions.

First claim

What is claimed is:

1. A method for obtaining credit for a transaction, the method comprising:
using one or more processors executing a mobile wallet application to perform operations of:
receiving, over a packet-based network, an enhanced mobile wallet payment element (EMWPE), the EMWPE comprising computer-executable instructions, an encrypted account code, data describing conditions for a store credit from a merchant, and digital logic that verifies use of the mobile wallet application according to the conditions;
executing the instructions of the EMWPE in an application framework of the mobile wallet application, wherein the instructions of the EMWPE perform operations comprising:
displaying the conditions for the store credit from the merchant on a display device coupled to the one or more processors;
receiving an indication that a user of the mobile wallet application approves of the conditions from an input device coupled to the one or more processors;
sending, over the network, an indication of the approval along with a digital signature signed by a private key of the mobile wallet application;
responsive to sending the indication of the approval, receiving, over the network, an account code unlocking encryption key; and
unencrypting the encrypted account code by utilizing the unlocking encryption key, the account code for authorizing payment on the obtained credit;
receiving an indication that the user wishes to utilize the EMWPE for a transaction from the input device;
responsive to receiving the indication that the user wishes to utilize the EMWPE for the transaction, executing the digital logic to determine whether the transaction complies with the conditions, the conditions including a credit limit, the digital logic determining whether the transaction complies with the conditions based upon comparing a balance on the EMWPE with the credit limit;
responsive to determining that the transaction complies with the conditions, proceeding with the transaction, by sending a payment request over the network, using the account code in dependence on a result of the execution of the digital logic that verifies use of the mobile wallet application according to the conditions, the transaction comprising a loan on the store credit issued by the merchant; and
subsequent to the transaction:
executing the EMWPE at a scheduled time;
determining that a repayment of the loan is due to be made in accordance with the conditions; and
automatically making a payment to the merchant from another mobile wallet payment element of the user.

2. The method of claim 1 , wherein the EMWPE is executed upon a user selection of the EMWPE in a Graphical User Interface (GUI) of the mobile wallet application.

3. The method of claim 1 , wherein the EMWPE is received from a merchant mobile wallet application using a peer-to-peer mobile wallet to mobile wallet communication.

4. The method of claim 1 , wherein the EMWPE is received from a merchant mobile wallet application using an infrastructure mobile wallet to mobile wallet communication method.

5. The method of claim 1 , wherein the conditions restrict usage to transactions with the merchant, and wherein the EMWPE prohibits use of the store credit with other merchants.

6. The method of claim 1 , wherein the store credit is backed by a financial account of the merchant.

7. A computing device for obtaining credit for a transaction, the computing device comprising:
one or more processors executing a mobile wallet application, the mobile wallet application including instructions for:
receiving, over a packet-based network, an enhanced mobile wallet payment element (EMWPE), the EMWPE comprising computer-executable instructions, an encrypted account code, data describing conditions for a store credit from a merchant, and digital logic that verifies use of the mobile wallet application according to the conditions;
executing on the one or more processors the instructions of the EMWPE in an application framework of the mobile wallet application, wherein the instructions of the EMWPE perform operations comprising:
displaying the conditions for the store credit from the merchant on a display coupled to the one or more processors;
receiving an indication that a user of the mobile wallet application approves of the conditions from an input device coupled to the one or more processors;
sending, over the network, an indication of the approval along with a digital signature signed by a private key of the mobile wallet application;
responsive to sending the indication of the approval, receiving, over the network, an account code unlocking encryption key;
unencrypting the encrypted account code by utilizing the unlocking encryption key, the account code for authorizing payment on the obtained credit;
receiving an indication that the user wishes to utilize the EMWPE for a transaction from the input device;
responsive to receiving the indication that the user wishes to utilize the EMWPE for the transaction, executing the digital logic to determine whether the transaction complies with the conditions, the conditions including a credit limit, the digital logic determining whether the transaction complies with the conditions based upon comparing a balance on the EMWPE with the credit limit;
responsive to determining that the transaction complies with the conditions, proceeding with the transaction, by sending a payment request over the network, using the account code in dependence on a result of the execution of the digital logic that verifies use of the mobile wallet application according to the conditions, the transaction comprising a loan on the store credit issued by the merchant; and
subsequent to the transaction:
executing the EMWPE at a scheduled time;
determining that a repayment of the loan is due to be made in accordance with the conditions; and
automatically making a payment to the merchant from another mobile wallet payment element of the user.

8. The computing device of claim 7 , wherein the EMWPE is executed upon a user selection of the EMWPE in a Graphical User Interface (GUI) of the mobile wallet application.

9. The computing device of claim 7 , wherein the EMWPE is received from a merchant mobile wallet application using a peer-to-peer mobile wallet to mobile wallet communication.

10. The computing device of claim 7 , wherein the EMWPE is received from a merchant mobile wallet application using an infrastructure mobile wallet to mobile wallet communication method.

11. The computing device of claim 7 , wherein the conditions restrict usage to transactions with the merchant, and wherein the EMWPE prohibits use of the store credit with other merchants.

12. The computing device of claim 7 , wherein the store credit is backed by a financial account of the merchant.

13. A non-transitory machine-readable medium including instructions, which when performed by a machine, cause the machine to perform operations for obtaining credit for a transaction, the operations comprising:
executing a mobile wallet application, the mobile wallet application:
receiving, over a packet-based network, an enhanced mobile wallet payment element (EMWPE), the EMWPE comprising computer-executable instructions, an encrypted account code, data describing conditions for a store credit from a merchant, and digital logic that verifies use of the mobile wallet application according to the conditions;

executing the instructions of the EMWPE in an application framework of the mobile wallet application, wherein the instructions of the EMWPE perform operations comprising:
displaying the conditions for the store credit from the merchant on

Assignees

• Wells Fargo Bank Na

Inventors

• Hayes Thomas
• Maeng Joon
• Ramanathan Ramanathan

Classifications

• G06Q20/36 Primary

  using electronic wallets or electronic money safes · CPC title

• G06Q20/3278

  RFID or NFC payments by means of M-devices · CPC title

• G06Q20/3829 Primary

  involving key management · CPC title

• G06Q20/10

  specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems · CPC title

• G06F3/04842

  Selection of displayed objects or displayed text elements (G06F3/0482 takes precedence) · CPC title