Wearable device as a payment vehicle

摘要

The present invention is directed to apparatuses, methods, and computer-program products for a multipurpose wearable device that is associated with one or more financial accounts wherein, in use, the wearable device is configured to facilitate a financial transaction using at least one of the one or more financial accounts. The wearable device comprises: a wearable article, wherein the wearable article comprises one or more features securing the wearable article to a person or an item associated with the person; and a portion comprising a machine-readable indicia, wherein the machine-readable indicia, when successfully read, provides payment information for conducting a financial transaction.

主权项

1. A method for facilitating a financial transaction using a wearable device as a payment vehicle, where the wearable device comprises:
a wearable article, wherein the wearable article comprises one or more features securing the wearable article to a person or an item associated with the person; and a portion of said wearable article comprising at least one machine-readable indicia, wherein the at least one machine-readable indicia, when successfully read, provides payment information for facilitating the financial transaction; and a mobile communication device comprising a memory and at least one processor said method comprising:
receiving from a second device the at least one readable indicia, which was scanned via a sensor associated with the second device, the readable indicia being associated with the wearable device of the user;receiving a first user input that assigns the at least one readable indicia to a financial payment account;receiving at least one limit associated with a user's spending, where the limit is associated with the at least one readable indicia;continuously monitoring the user spending, wherein monitoring further comprises comparing the user spending with the at least one limit, wherein comparing further comprises assigning a spending index to indicate whether the user spending is lesser than, equal to, or greater than the at least one limit; anddisplaying the spending index on a display device associated with the wearable device.