METHOD AND SYSTEM FOR SECURE MOBILE PAYMENT OF A VENDOR OR SERVICE PROVIDER VIA A DEMAND DRAFT

摘要

A method and system for consumers to pay vendors or service providers is presented. A demand draft is created and sent to a vendor or service provider from a trusted third party on behalf of a consumer. The verification of consumer funds available to cover the demand draft is not necessary because the demand draft is from a trusted third party to a vendor or service provider. The method employs real-time geolocation information available within mobile devices and time-synchronized one time passwords to increase the security of the process.

主权项

1. A computer-implemented method for enabling payment from a Consumer, via a third party intermediary using demand drafts and/or electronic delivery of funds, to a Vendor or Service-Provider and the method comprising:
accepting, by a computer system or cell phone or handheld device, geolocation information associated with the request; comparing, by the computer system, the geolocation information associated with the payment from a Consumer, with geolocation information to a Vendor or Service Providers; determining, by the computer system, whether the Consumer during the time of purchase is within the acceptable radius the Vendor's or Service-Provider's geolocation; determining, by the computer system, whether the Consumer, during the time of purchase, has provided a valid time-synchronized one-time use password that has been generated by the hand held device; determining, by the computer system, whether the Consumer, during the time of purchase, is in good standing with a third party before a demand draft is created or delivered; determining, by the computer system, whether the Consumer, during the time of purchase, has funds available for a purchase in an account accessible via a unique Identification number, ID, before a demand draft is created or delivered; and determining, by the computer system, whether the gift card holder/consumer, during the time of purchase, has funds available for a purchase in a gift card account accessible via a unique identification number, before a demand draft is created or delivered;