WO2002009045A2

WO2002009045A2 - Transaction mechanism

Info

Publication number: WO2002009045A2
Application number: PCT/ZA2001/000048
Authority: WO
Inventors: Johannes Hugo Engelbrecht
Original assignee: Johannes Hugo Engelbrecht
Priority date: 2000-04-26
Filing date: 2001-04-26
Publication date: 2002-01-31
Also published as: AU1469302A; WO2002009045A3

Abstract

This transaction mechanism is a solution to mobile trade and micro transactions capable to facilitate any person or user to execute a value transaction from any country to anywhere in the world. Access to this facility by any known means of communication in order to transmit the necessary data between the transacting parties at a low cost minimising logistical barriers.

Description

TRANSACTION MECHANISM

Electronic transfer of money or value system

LITERATURE:

Mobile trade-Transacting over a distance.

Micro transactions-relative small amounts paid or transferred

Value card-Pocket or credit card size card with a specific denominated value

5 attached also called a scratch card.

Cardholder-the person who legally bought or owns the specific value card Scratch code-Hidden or secret code or number attached to the value card Server-Computer storing managing calculating and sending data. Merchants-Traders or facilitators providing services or goods.

10 Bank or bank institution-any institution legally facihtating formal bank services and deposit taking.

Transmitter-any device that transmits verbal or electronic data preferably a telephone, cellular phone, radio or internet connection. Unbaked-persons not linked to a formal bank account or facility.

15

Disclosure of invention:

The solution to mobile transactions hampered by logistical,fraudial and cost effects using a unique server and card combination as components 20 accessed by any data or voice transmitter. This card and server combination supplies access to virtually any other purchasing, banking or transfer facilities over a logistical distance.

Components and functions

25

This system comprises a unique card and server combination that breaks up a money or value transaction into smaller components to obtain a cheaper and safer micro-transaction scenario .This system provides a temporary account value which limits the

30 exposure to fraudulant actions and is managed by the server .

This value card opposes the idea of access to a formal bank type account with the possibility of relative unlimited withdrawals. ^' Access components to the system can be any known radio, telephone fixed, lines ,or cellular phone, satellite or internet or system that can transfer data

35 from one point to another electronically or verbal or digital.

No smart card or ATM system is essential for the access to this mechanism. Opposed to the idea that such mentioned smart card or ATM system can be accessed when they belong to the pool of merchants To transact through the system a person needs a value card or the

40 scratch code information which is obtained by purchasing a value card with preferably a denomination value. When this card and server system is used the sever should prei _^ attach an ID. number of the person using or transacting through the system.

The value of the card can be transferred in preferably determined minimum and maximum amounts according: national and international currency and Central bank regulations.

The server should preferably advise a Banking stitution to do or to grant payments or value to the recipients meant to receive the benefit of such payments or transfers. Such a payment procedure would preferably be determined by an agreement between the Participating Banking

Institution and the Contracting Merchants supplying services or products.

The card client can use the total or partial denominated value of the card together with another card value which will preferably also have a unique or secret code attached to. Thus several cards can make up a total bigger value when the transaction required value is more than that of a standard or single denominated value card.

The denominated value to a card is preferably the only value linked to that specific card code or number to prevent access to other funds belonging to the person transacting through the system.

The balance of the funds linked to a specific card or code is calculated, stored and managed by the main Server and preferably not on the card section of the system.

Once the total amount of the denominated card value is used the access to the card value or card account is not accessible to fraudulent actions.

The account number hosted by the card code is preferably a temporarily account number and will only exist and allow access to the account while there is a positive balance left which is acknowledged by the server.

Cards of value can be purchased preferably through cash and cashed in on the balanced value by approved dealers or registered merchants which can also be formal banks acting as merchants and providing accounts as part of their services.

Value can be transmitted through any known and applied means or current interphases into accounts of the clients of these banks or institutions participating in this transaction scheme from the Bank Institution on advise of the main server.

Payment for goods or services rendered on Television, Radio or catalogs in any media publication or online internet will be preferably guaranteed by the participating Bank Institution once the Bank is instructed by the main server that the services or goods are rendered.

The main server will also instruct the participating merchants about the data and value of a transaction as well as the delivery instructions and transaction reference code.

This notification will be according the agreement between the Bank Institution and the merchants and the available interphase facilit available to both parties,preferably internet,short message system,or any radio data transmission.

The sever will prompt the client through verbal or data display to provide the necessary information about the purchase or transfer, the merchant,the item or service code, the delivery destination and preferably I.D.number then verification of the transaction by code and preferably the rernaining balance or additional card request when necessary to reach the required amount for a said transaction.

Preferable sequence of a said transaction Person buys value card.

Transaction starts when person contacts the main server.

Server prompts for merchant code,item code or quantity.

Client responds with information

Server verifies item code price and necessary information Server request card code or more card denominations when necessary.

Server request delivery addres or destination of transfer.

Client supply postal code ,ID, or other merchant number hosting an account facility

Server supply confirmation code,and balance on last card used, Ghent receives services or commodity through applicable channel of distribution providing transaction and/or ID.

Server store information and sends payment advice to merchant through applicable means. Said transaction completed. Advantages and application.

This invention provides easier access to the mobile tirade scenario and access to Global trade which is not available to the majority of all people. This majority have no access to computers or Internet and regarded as unbanked.

Current Bank Facilities is only available to specific areas and income groups.

Credit cards is subject to relative large fraud values and only available to a small and high income group.

This system provides an educational advantage to up-growing kids who have no other or difficult access to clean trade mobile scenarios.

No credit checks or ώscrimination on income applicable to the use of this said system.. Third World Countries can access any Global market over any ^ barriers.

Persons with limited income can save through participating Banks over any distance. Irregular income can be used in card denominations to make irregular payments to totalize and secure installments otherwise currently nearly impossible by unbanked persons.

This system of value transfer is cheaper per transaction than any current postal or bank facility which is not always accessible due to logistical costs and obstacles.

The security value is based on the limited access to denominated card values and temporarily account existence.

The card and server combination provides a low budget capital and infra structure compared to other smart card solutions. The return path for the customer to the merchant is in this system more available than through ATM systems and even debit cards which require mostly a bank account.

All t components in this transaction system is more available to the majority of people in the majority of countries banked or unbanked. The current mobile transaction technology is high-tech and out of reach for most compared to this basic component solution.

This system of payment and transfer of funds can be implemented in all Third World Countries as the only current gateway to the New Economy. The High Developed countries can participate through this mechanism in uplifting and educating the Rest of the World including Kids Throughout the world.

Claims

1. A system to access the mobile micro trade scenario comprising:

A transmitter operable to transmit and receive data and codes or numbers in a digital or verbal format or electronic transmission of data such as a telephone,radio₅cellular or mobile or satellite phone instrument or a online or offline internet connection

A card with a secret code attached and of denominated value.said card to be distributed and sold to the public whereon the buyer can access the secret code which reveals the secret number or code to the said buyer person to be used as a temporary account with value attached to the said card code or number which can be transmitted by a said transmitter. An affiliated merchant pool of traders or institutions which desires to take part in this transaction mechanism and which can be connected to a banking institution in order to receive payments and instructions regarding services and goods they can provide to the said card or cardcode owners or said buyers. A secure server or computer capable of identifying the said card code or number send to the said server via a said transmitter whereafter the said server can connect any value,transaction

history or balance value to the said card managing the instructions required by the said buyer or owner of the said card code connecting to the said server in order to do a transaction by instructing the said server to transfer the required value to any of the required pool of merchants or instruct a said merchant to deliver a said service or goods against the advertised value to be secured and guaranteed by a banking institution on the prepaid value of said card until paid to the said merchant which provides the said service or goods. A banking institution according the law of the local government capable of deposittaking and when desired capable to guarantee the exchange of foreign currency when international or global trade is permitted and capable to guarantee the said denominated value of a said card bo said buyer and said pool of merchants.

2. A system recited in claiml .wherein said transmitters and said users are mobile and logistical distant from any other formal bank facility or network.

3. A system recited in claim 1.wherein said transactions are executed in denorninated values determined and desired by the said banking institution in order to provide a safe method of mobile transacting.

4. A system recited in claim 1.wherein the said transmitter is based on the exchange of data through the internet .

5. A system recited in claim 1.wherein the said transmitter is a combination of two or more of the said possible types of said transmitters capable of exchanging information between the said server and said cardholder regarding the said transaction.

6. A system recited in claim 1, wherein the buyer or holder of the said card makes the secret code of the said card available to a third party to use .

7. A system recited in claim 1, wherein the identity of the cardholder is linked by the said server to the said card via his transmitter number or personal identification number or delivery address

8. A unique mechanism through various said components to make available the method of transferring value or electronic money to anybody anywhere capable of transmitting and receiving the necessary data between the various components involved described in this mechanism.

9. A system described in claim ^substantially as herein described and constructed to form a functional mechanism

10. A new mechanism or system to execute mobile trade substantially as herein described.