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Claims  |
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What is claimed is:
1. An electronic wallet, comprising:
storing means for storing at least a balance corresponding to an account in a financial institution;
selective call receiving means for receiving a wireless message transmitted from a remote transmitter, the wireless message including financial information relating to the balance for confirming a financial transaction with the financial
institution; and
updating means, coupled to the storing means and to the receiving means, for updating the balance in the storing means in response to the wireless message.
2. The electronic wallet of claim 1, further comprising bar code reading means coupled to the storing means for reading into the storing means a representation of bar code information for initiating the financial transaction with the financial
institution.
3. The electronic wallet of claim 1, further comprising means for wireless transmitting a message including financial information relating to the balance for initiating the financial transaction with the financial institution.
4. The electronic wallet of claim 1, further comprising means for encrypting and decrypting at least one of a financial information and the balance stored in the storing means, an encryption/decryption key being utilized by the means for
encrypting and decrypting for securely receiving and decrypting the financial information relating to the balance, and for decrypting and then encrypting the balance for updating the balance in the storing means in response to the wireless message.
5. The electronic wallet of claim 5, wherein the encryption/decryption key is stored in the storing means, and the selective call receiving means being capable of receiving a wireless access control message transmitted from a remote transmitter,
the storing means being responsive to the access control message for erasing the encryption/decryption key from the storing means for securing the financial information and the balance stored in the storing means in response to receiving the access
control message.
6. The electronic wallet of claim 1, further comprising initiating means, coupled to the storing means and to the selective call receiving means, for initiating a financial transaction, and receiving a confirmation of the financial transaction
from the financial institution via the wireless message including financial information relating to the balance.
7. The electronic wallet of claim 6, further comprising modem means coupled to the initiating means for initiating the transaction via modem communication.
8. The electronic wallet of claim 6, further comprising tone transmitting means coupled to the initiating means for initiating the transaction via tone communication.
9. The electronic wallet of claim 6, further comprising verifying means, coupled to the selective call receiving means and to the initiating means, for verifying the initiated financial transaction with the wireless message including financial
information relating to the balance.
10. The electronic wallet of claim 1, further comprising printing means coupled to the storing means for printing at least one of a financial information and the balance, and for printing checks/vouchers for initiating financial transactions
with the financial institution, each financial transaction being confirmed with a wireless message including financial information relating to the balance.
11. The electronic wallet of claim 1, further comprising magnetic writing means coupled to the storing means for magnetically writing a representation of at least one of a financial information and the balance to a universal financial card for
initiating the financial transaction with the financial institution.
12. The electronic wallet of claim 11, further comprising indicating means for indicating the status of the magnetic writing means.
13. The electronic wallet of claim 11, further comprising magnetic reading means coupled to the storing means for magnetically reading into the storing means a representation of financial information from at least one financial card, the
representation of financial information stored in the storing means from one of the at least one financial card can be selectively written to the universal financial card for initiating a financial transaction with a financial institution corresponding
to the one of the at least one financial card.
14. The electronic wallet of claim 1, further comprising securing means for controlling user access to functions of the electronic wallet, the securing means being responsive to a received wireless message comprising a user access control
message.
15. The electronic wallet of claim 14, further comprising means for encrypting and decrypting at least one of a financial information and the balance stored in the storing means using a key stored in the storing means, and wherein the securing
means in response to the user access control message erases the key to secure any encrypted at least one of the financial information and the balance and causes a flag to be stored in the storing means to prevent unauthorized use of the electronic
wallet.
16. In an electronic wallet, a method comprising the steps of:
storing at least a balance corresponding to an account in a financial institution;
automatically initiating a financial transaction with the financial institution from the electronic wallet;
selective call receiving a wireless message transmitted from a remote transmitter, the wireless message including financial information relating to the balance for confirming the financial transaction with the financial institution; and
updating the balance in response to the wireless message.
17. The method of claim 16, further comprising the step of reading bar code information for automatically initiating the financial transaction, and wherein the wireless message comprises a confirmation of the financial transaction.
18. The method of claim 16, further comprising the step of transmitting a wireless message from the electronic wallet to a remote receiver including information relating to the balance for initiating the financial transaction.
19. The method of claim 16, further comprising the steps of encrypting at least one of a financial information and the balance and storing the encrypted at least one of the financial information and the balance in the electronic wallet.
20. The method of claim 16, further comprising the step of decrypting at least one of an encrypted financial information and an encrypted balance.
21. The method of claim 20, wherein the decrypting step decrypts an encrypted financial information included with a received wireless message and further decrypts an encrypted balance stored in the electronic wallet to provide an updatable
balance for updating the updatable balance in response to the received financial information included with the wireless message confirming the financial transaction with the financial institution.
22. The method of claim 16, further comprising the step of magnetically writing a representation of at least one of a financial information and the balance stored in the electronic wallet to a universal financial card for initiating a financial
transaction with the financial institution having an account corresponding to the balance.
23. The method of claim 16, further comprising the steps of magnetically reading a representation of financial information from at least one financial card corresponding to at least one account in at least one financial institution, storing the
read representation of financial information into the electronic wallet, and magnetically writing a representation of the stored financial information corresponding to one of the at least one account to the universal financial card for initiating a
financial transaction with the one of the at least one account in the at least one financial institution corresponding to the stored financial information.
24. The method of claim 16, further comprising the step of verifying the automatically initiated financial transaction with the received wireless message including financial information relating to the balance for confirming the financial
transaction with the financial institution.
25. The method of claim 16, further comprising the step of printing at least one of a financial information and the balance, and printing checks/vouchers for initiating financial transactions with the financial institution, each financial
transaction being confirmed with a wireless message including financial information relating to the balance.
26. The method of claim 16, further comprising the step of storing a flag in the electronic wallet for prohibiting user access to financial functions of the electronic wallet in response to a received wireless message comprising a user access
control message.
27. The method of claim 24, further comprising the steps of:
encrypting at least one of a financial information and the balance stored in the electronic wallet using a key stored in the electronic wallet;
decrypting the at least one of the financial information and the balance stored using the key; and
securing any of the encrypted at least one of the financial information and the balance stored in the electronic wallet by erasing the key in response to the received user access control message.
28. A communication system for communicating financial information, comprising:
storing means for storing at least a balance corresponding to an account in a financial institution;
paging system transmitting means coupled to a computer system associated with the financial institution for transmitting a wireless message including information relating to the balance corresponding to the account in the financial institution,
the wireless message confirming a financial transaction with the financial institution;
selective call receiving means for receiving the wireless message from the paging system transmitting means; and
updating means, coupled to the storing means and to the selective call receiving means, for updating the balance in the storing means in response to the wireless message.
29. The communication system of claim 28, further comprising initiating means, coupled to the storing means and to the selective call receiving means, for initiating a financial transaction, and wherein the received wireless message comprises a
confirmation of the initiated financial transaction.
30. The communication system of claim 29, further comprising verifying means, coupled to the selective call receiving means and to the initiating means, for verifying the initiated financial transaction with the received wireless message.
31. The communication system of claim 29, further comprising modem means coupled to the initiating means for initiating the transaction via modem communication.
32. The communication system of claim 28, further comprising electronic wallet transmitting means, coupled to the storing means and the selective call receiving means, for transmitting a wireless message from an electronic wallet to a paging
receiver, the wireless message including information relating to the balance for initiating a financial transaction with the financial institution.
33. A communication system, comprising:
means for entering a financial transaction into the communication system from one of a plurality of associated portable data devices; and
means for updating the financial transaction from the communication system to the one of the plurality of associated portable data devices and to at least a second portable data device of the plurality of associated portable data devices via
wireless message communication from at least one remote transmitter.
34. The communication system of claim 33, wherein the communication system comprises a financial institution computer system coupled to a paging system capable of coupling the entered financial transaction to the financial institution computer
system, and the updating means comprises a paging system transmitting means coupled to the financial institution computer system for transmitting paging information including wireless message communication to update the financial transaction at the one
of the plurality of portable devices and at the at least a second portable data device.
35. The communication system of claim 33, wherein the means for entering a transaction comprises modem means for communicating via modem communication.
36. An electronic wallet, comprising:
storing means for storing at least a balance corresponding to an account in a financial institution;
selective call receiving means for receiving a wireless message transmitted from a remote transmitter, the wireless message including financial information relating to the balance for confirming a financial transaction with the financial
institution;
updating means, coupled to the storing means and to the selective call receiving means, for updating the balance in the storing means in response to the wireless message;
wireless message transmitting means, coupled to the storing means and to the selective call receiving means, for initiating a financial transaction with the financial institution by transmitting a wireless message including financial information
corresponding to the account, the selective call receiving means operating to receive a confirmation of the financial transaction by receiving the wireless message transmitted from the remote transmitter and including the financial information relating
to the balance;
modem means coupled to the initiating means for initiating the financial transaction with the financial institution via modem communication, and then confirming the financial transaction by the selective call receiver subsequently receiving the
wireless message from the remote transmitter;
verifying means, coupled to the selective call receiving means and to the wireless message transmitting means, for verifying the financial transaction with the received wireless message including financial information relating to the balance;
printing means coupled to the storing means for printing check/vouchers for initiating financial transactions with the financial institution, each financial transaction being confirmed with a wireless message including financial information
relating to the balance;
magnetic reading means coupled to the storing means for magnetically reading into the storing means a representation of financial information from at least one financial card;
magnetic writing means coupled to the storing means for magnetically writing a representation of the financial information stored in the storing means from one of the at least one financial card to a universal financial card for initiating a
financial transaction with a financial institution corresponding to the one of the at least one financial card, the financial transaction being confirmed by the selective call receiver subsequently receiving the wireless message from the remote
transmitter;
timer means coupled to the storing means for storing time information in the storing means; and
securing means, responsive to a received wireless message having access control information, for prohibiting user access to financial functions of the electronic wallet.
37. The electronic wallet of claim 1, wherein the selective call receiving means comprises a paging receiver for receiving a page as the remote wireless message from a paging system.
38. The electric wallet of claim 6, wherein the initiating means comprises a transmitting means for transmitting a wireless paging message to a remote paging receiver coupled to a financial computer system of a financial institution to initiate
the financial transaction via a paging system, the selective call receiving means subsequently receiving a confirmation of the initiated financial transaction from the financial computer system of the financial institution by receiving a wireless paging
message transmitted from a remote paging transmitter, the received wireless paging message including financial information relating to the balance. |
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Claims |
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Description |
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FIELD OF THE INVENTION
This invention relates generally to portable communication devices capable of communicating financial information, and including but not limited to those portable communication devices capable of selective call communication of messages that may
include financial information, and further capable of storing and updating at least one of the financial information and a balance.
BACKGROUND OF THE INVENTION
In today's world of financing and personal money management, convenience and time are extremely valuable commodities. Contemporary financial comminication systems significantly improve accessibility to financial information and substantially
facilitate financial transactions. However, a number of unfortunate limitations reduce the potential convenience and time efficiency for a user of these financial communication systems.
Conventional financial communication systems typically receive financial information (e.g., a request for a financial transaction) from an individual using a dedicated terminal device (e.g., an Automatic Teller Machine (ATM), a point of sale
(POS) terminal, or a video display terminal (VDT) connected to a central financial computer). In the aforementioned devices, a user of the dedicated terminal communicates a request for a financial transaction via direct wireline and/or modem
communication. Furthermore, the user is normally required to be physically present at the terminal device to initiate a financial transaction. Unfortunately, the terminal device is normally located at a fixed site, such as a banking facility. Also,
the financial information is typically maintained electronically within the financial communication system, and usually only a paper receipt is provided to the user.
For example, an individual desiring to withdraw a sum of money from a bank account is usually required to physically commute to a banking facility or to an ATM to perform the financial transaction. Also, the individual is typically required to
present a corresponding ATM financial card for identification. Consequently, a financial card for each financial institution must normally be carried on one's person at all times. Lastly, after the transaction is consummated, the information is
typically maintained electronically at the banking facility and only a paper receipt is provided to the individual. Hence, at least one additional step is required for the individual to manually transfer the financial information (i.e., an update to a
balance) to a financial log or diary (e.g., one normally included with a check book).
In a second example, to execute a purchase the individual normally surrenders some form of money (e.g., cash, check, or financial card) in exchange for goods or service. At the point of sale, the individual may present cash in exchange for a
merchandise and receive a paper receipt for the transaction. In the case of a check transaction, an establishment may honor a check, usually after collecting the individual's personal information (e.g., a driver's license number, and a financial card
number and expiration date), and complete the check purchase transaction as discussed earlier for the cash purchase transaction. Alternatively, by using a financial card (e.g., a credit card) a financial card transaction is substantially more
complicated, as will be discussed below.
In the financial card transaction, the individual must usually select and present one of many financial cards that are necessarily carried on one's person. A point of sale (POS) terminal usually reads the financial card for financial information
and additionally receives keyboard entry of a purchase price and associated information. The POS terminal then normally auto-dials a central financial computer to verify an identification code and an allowable credit limit. Upon approval, a balance at
the central financial computer is updated accordingly, and the individual must normally confirm the transaction with a signature on a paper receipt, copies of which are divided among the individual, the establishment, and a central financial institution
(e.g., MasterCard or Visa). A financial card transaction, therefore, allows the convenience of carrying minimal amounts of cash, however at the expense of a more complicated financial transaction and an additional processing fee for the financial
service provided.
In the cash transaction, the individual normally receives a paper receipt and must perform additional steps to collect and record the financial information associated with the transaction. Usually, the individual manually transfers the financial
information from the paper receipt to a financial log or diary.
Unfortunately, the check transaction additionally requires maintaining a paper trail for an extended time period. Typically, the check is honored by the establishment with little or no verification of the funds actually being available at a
financial institution (e.g., a bank). Consequently, a paper trail must be maintained both by the individual and the establishment for at least until the financial institution honors the check (i.e., a check float period). This float period tends to be
confusing, and with multiple checks written increases the probability of an error by the individual (i.e., typically in not maintaining proper account of a checkbook balance) leading to a check not honored by the financial institution (i.e., a check
written on an overdrawn bank account). In such a case, the establishment must find the individual and retrieve the cash due (i.e., usually including a penalty fee).
In the case of the financial card transaction, the consummation of the financial transaction is normally more complicated and requires additional parties (e.g., the central financial institution) immediately in the transaction. The communication
of financial information between the establishment, the individual, and the financial institution typically requires a number of steps to close the financial card transaction.
Additionally, the financial information is only maintained electronically at the financial institution. Hence, a redundant paper trail is required to record and maintain the financial information with all parties to the financial card
transaction.
Lastly, the individual making the purchase must manually transfer the financial information to a financial log or diary, thereby maintaining a personal account (i.e., a balance) of all transpired financial card transactions. Similar to the check
transaction, previously discussed, an error by the individual while manually maintaining a balance in a financial log or diary for each financial card may result in exceeding a credit limit for a financial card, thereby including all associated
consequences.
Moreover, this situation is particularly problematic when multiple financial cards or multiple checkbooks (i.e., with the same account identification information) are distributed between two or more individuals (e.g., between husband and wife, or
between partners in a business). The concurrent use of the same financial card or checkbook account by many individuals may typically result in lost or untimely financial information maintained by at least one of the individuals, and consequently result
in an exceeded financial card credit limit or a bounced check.
In a third example, an individual purchasing groceries at a supermarket is currently required to push a cart through many aisles stocked with grocery items. Selection of items and comparison of alternatives is performed manually, and usually
while standing at a shelf in the supermarket. If a product is not present at the shelf, possibly due to stocking space limitations, the product is not considered. Additionally, the comparison of product attributes in executing a selection to initiate a
purchase transaction (e.g., prices, nutritional content, etc. . . . ) must normally be performed manually by reading the product labels, the supermarket labels, and mentally calculating the differences between alternative products. Very little
assistance is provided the individual in performing the purchase transaction, other than stocking the items on the supermarket shelves. Lastly, the loaded shopping cart must usually be pushed around the entire supermarket and subsequently stand in line
waiting for a cashier to tally up the total bill. After the cashier provides a total due, the individual consummates the purchase transaction by providing the proper monetary exchange for the groceries (e.g., cash, check, or financial card). The
individual then faces all the similar limitations and hindrances presented in the second example above.
Therefore, it is unfortunate that no contemporary device is capable of effectively dealing with the aforementioned encumbrances to financial communication systems.
SUMMARY OF THE INVENTION
In carrying out one form of this invention, there is provided an electronic wallet, comprising storing means for storing at least a balance corresponding to an account in a financial institution, selective call receiving means for receiving a
wireless message transmitted from a remote transmitter, the wireless message including financial information relating to the balance for confirming a financial transaction with the financial institution, and updating means, coupled to the storing means
and to the receiving means, for updating the balance in the storing means in response to the wireless message.
In another aspect of the present invention, a communication system comprises means for entering a financial transaction into the communication system from one of a plurality of associated portable data devices, and means for updating the
financial transaction from the communication system to the one of the plurality of associated portable data devices and to at least a second portable data device of the plurality of associated portable data devices via wireless message communication from
at least one remote transmitter.
BRIEF DESCRIPTION OF THE DRAWINGS
FIG. 1 is a perspective view of an electronic wallet in accordance with an embodiment of the present invention.
FIGS. 2A and 2B comprise a block diagram of the electronic wallet of FIG. 1.
FIG. 3 is a block diagram of a communication system in accordance with an embodiment of the present invention.
FIG. 4 is a more detailed block diagram of the paging terminal of FIG. 3.
FIGS. 5A thru 5E are a number of block diagrams depicting exemplary transactions for the communication system of the present invention.
FIGS. 6A thru 6D comprise a flow diagram for a controller of the electronic wallet, in accordance with the present invention.
FIG. 7 thru FIG. 12 are flow diagrams illustrating a number of operations of the communication system of FIG. 3.
DESCRIPTION OF A PREFERRED EMBODIMENT
Satisfying consumer demand for convenience and timeliness in dealing with financial transactions may be accomplished with an electronic wallet. A user of such an electronic wallet, in its embodiments, may be capable of successfully initiating
and confirming a financial transaction in a timely fashion. Further, by maintaining personal financial information readily accessible to the user, the electronic wallet enhances the user's convenience while performing the financial transaction, as will
be more fully discussed below.
Referring to FIG. 1, a perspective view of a communication device (e.g., an electronic wallet) 100 is shown, in accordance with an embodiment of the present invention. Such an electronic wallet 100 preferably comprises a selective call receiver
(not shown) capable of receiving a wireless message for communicating financial information with a central financial computer (not shown), as will be subsequently more fully discussed.
Such a wireless message may be communicated via a communication system (not shown) comprising wireless communication means (i.e., other than an electronic signal through wire or other physical coupling means). The wireless communication means
may comprise radio frequency (RF) communication, microwave communication (e.g., satellite communication), optical communication (e.g., infrared (IR) communication), and ultra-sound communication. Therefore, a message communicated via the wireless
communication means may be considered a wireless message.
In one embodiment of the present invention, the electronic wallet 100 further comprises user input controls (e.g., a keyboard 102, function keys 104, and buttons 106) for receiving user input data and commands, and a display (e.g., a liquid
crystal display) 108 for displaying information to a user of the electronic wallet 100. Also, three means for indicating to the user of the device are provided: an audible alert indicator (e.g., a speaker or a transducer) 110, a visual alert indicator
(e.g., a lamp 112, a light emitting diode 114, or an icon representation on the display 108), and a tactile alert indicator such as a vibrator (not shown). The tactile alert indicator is capable of silently alerting a user of the electronic wallet 100.
Further, this embodiment of the present invention comprises a bar code reading device (e.g., an optical wand 116 coupled to the electronic wallet 100 for reading bar code information in a known way) to conveniently capture bar code information
into the electronic wallet 100. The electronic wallet 100 may indicate to the user the status of reading a bar code symbol by using one or more of the aforementioned means for indicating. A bar code is a self-contained message with information encoded
in the widths of bars and spaces in a printed pattern. The bar code information is normally read by sweeping a small spot of light across the printed bar code symbol. The most widely used bar code format is the Universal Product Code (UPC), which is a
subset of the European Article Numbering (EAN) or World Product Code (WPC). This bar code format is used internationally to identify retail food products and general merchandise. Particularly in contemporary supermarkets, reading the UPC from products
as part of initiating a purchase transaction is a standard business practice. However, a number of bar coding standards may be supported by the electronic wallet 100 (e.g., Code 39, UPC/EAN, Standard 2 of 5, Interleaved 2 of 5, and Codabar).
Additionally, a printer (e.g., a conventional thermal printer, or an impact printer) 118 is included in this embodiment of the electronic wallet 100 for printing checks 120 and other printed hardcopy. Although the absolute elimination of paper
in financial transactions may appear very attractive, it is expected that some financial transactions may nonetheless require a paper check or voucher 120 (i.e., a paper trail). By printing a check 120 directly from the electronic wallet 100, a user of
the device may be capable of reducing the amount of manual entry and tabulation normally required with conventional checkbooks. Consequently, the possibility for entry errors are substantially reduced. Lastly, by linking the transaction information
printed on the check 120 with the information stored in the electronic wallet 100, a check transaction may be automatically monitored, verified, and confirmed by the electronic wallet 100 with minimal effort by the user, as will be more fully discussed
below.
Furthermore, a financial card reader 122, such as a magnetic card reader having a slot 124 capable of receiving a financial card (e.g., a MasterCard or Visa card) 126, for reading a representation of a financial information from the financial
card 126 is included. Such a financial card reader 122 may serve to read financial information from most or all of one's personal financial cards using known standards (e.g., ANSI X4.16-1983 "American National Standard for Financial Services--Financial
Transaction Cards--Magnetic Stripe Encoding") and known techniques. The electronic wallet 100 may indicate to the user the status of reading a financial card by using one or more of the aforementioned means for indicating. The financial information may
subsequently be stored into the electronic wallet 100. An exemplary communication system incorporating a financial card reader at a mobile radiotelephone unit is discussed in U.S. Pat. No. 4,831,647, issued May 16, 1989, to D'Avello et al. and
entitled "Radiotelephone Credit Card Data Communications", which is assigned to the assignee of the present invention and which is incorporated by reference herein.
In similar fashion, a financial card writer 128, such as a magnetic card writer that may be collocated with the magnetic card reader and slot 124, is capable of writing a representation of a financial information from the electronic wallet 100 to
a financial card (e.g., a universal financial card 130) using known standards (e.g., ANSI X4.16-1983 "American National Standard for Financial Services--Financial Transaction Cards--Magnetic Stripe Encoding") and known techniques. Similarly, the
electronic wallet 100 may indicate to the user the status of writing a financial card by using one or more of the aforementioned means for indicating.
Consequently, by reading all of one's personal financial cards 126 into the electronic wallet and selectively writing financial information to the universal financial card 130, efficient use of space in the wallet 100 may result (i.e., since only
one universal financial card 130 may be carried with the electronic wallet 100 to effect financial transactions). Additionally, the financial information from multiple financial cards may be better organized and secured in one place (i.e., within the
electronic wallet 100). These and other advantages will be subsequently more fully discussed.
Lastly, the electronic wallet 100 may be secured within a corresponding pocketbook or pouch (e.g., a leather wallet) 132 by securing stra | | |
