Transaction mechanism

TRANSACTION MECHANISM

0002Electronic transfer of money or value system

LITERATURE:

0004Mobile trade-Transacting over a distance.

0005Micro transactions-relative small amounts paid or transferred

0006Value card-Pocket or credit card size card with a specific denominated value

00075 attached also called a scratch card.

0008Cardholder-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.

000910 Bank or bank institution-any institution legally facihtating formal bank services and deposit taking.

0010Transmitter-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.

001115

0012Disclosure of invention:

0013The 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.

0014Components and functions

001525

0016This 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

001730 exposure to fraudulant actions and is managed by the server .

0018This 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

001935 from one point to another electronically or verbal or digital.

0020No 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

002140 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.

0022The value of the card can be transferred in preferably determined minimum and maximum amounts according: national and international currency and Central bank regulations.

0023The 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

0024Institution and the Contracting Merchants supplying services or products.

0025The 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.

0026The 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.

0027The 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.

0028Once 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.

0029The 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.

0030Cards 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.

0031Value 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.

0032Payment 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.

0033The 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.

0034This 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.

0035The 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.

0036Preferable sequence of a said transaction Person buys value card.

0037Transaction starts when person contacts the main server.

0038Server prompts for merchant code,item code or quantity.

0039Client responds with information

0040Server verifies item code price and necessary information Server request card code or more card denominations when necessary.

0041Server request delivery addres or destination of transfer.

0042Client supply postal code ,ID, or other merchant number hosting an account facility

0043Server supply confirmation code,and balance on last card used, Ghent receives services or commodity through applicable channel of distribution providing transaction and/or ID.

0044Server store information and sends payment advice to merchant through applicable means. Said transaction completed. Advantages and application.

0045This 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.

0046Current Bank Facilities is only available to specific areas and income groups.

0047Credit cards is subject to relative large fraud values and only available to a small and high income group.

0048This system provides an educational advantage to up-growing kids who have no other or difficult access to clean trade mobile scenarios.

0049No 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.

0050Persons 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.

0051This 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.

0052The security value is based on the limited access to denominated card values and temporarily account existence.

0053The 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.

0054All 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.

0055This 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.