METHOD AND SYSTEM OF PROCESSING PAYMENTS USING A PROXY CREDENTIAL

摘要

A novel system and methodology for conducting financial and other transactions using a wireless device. Credentials may be selectively issued by issuers such as credit card companies, banks, and merchants to consumers permitting the specific consumer to conduct a transaction according to the authorization given as reflected by the credential or set of credentials. The preferred mechanism for controlling and distributing credentials according to the present invention is through one or more publicly accessible networks such as the Internet wherein the system design and operating characteristics are in conformance with the standards and other specific requirements of the chosen network or set of networks. Credentials are ultimately supplied to a handheld device such as a mobile telephone via a wireless network. The user holding the credential may then use the handheld device to conduct the authorized transaction or set of transactions via, for example, a short range wireless link with a point-of-sale terminal.

主权项

1. A method of processing electronic payment transactions, the method comprising:
transmitting a first payment transaction authorization request that includes a wallet account identifier from a point-of-sale system to a wallet service provider system associated with the wallet account identifier via a payment network; upon receiving the first payment transaction authorization request at the wallet service provider system, selecting a payment account from a wallet account associated with the wallet identifier, and transmitting a second payment transaction authorization request that includes the selected payment account from the wallet service provider system to an issuer account management system that administers the selected payment account; authorizing a payment transaction against the selected payment account within the issuer account management system and confirming the authorization of the payment transaction in a response to the second payment transaction authorization request to the wallet service provider system from the issuer account management system; and upon receiving the response to the second payment transaction authorization request at the wallet service provider system, confirming the authorization of the payment transaction in a response to the first payment transaction authorization request to the point-of-sale system from the wallet service provider system via the payment network.