SYSTEM AND METHOD FOR GENERATING A SINGLE-USE TIME-LIMITED PURCHASE CODE FOR COMPLETING TRANSACTIONS WITH A PORTABLE COMPUTING DEVICE

摘要

A request for a purchase code may be received from a portable computing device (PCD) from a communications network. The request may further include a purchase amount and location information of the PCD. The system determines if a funding account has sufficient funds to cover the purchase amount. If the funding account has sufficient funds to cover the purchase amount, then the system generates a single-use time limited purchase code to the PCD. The system may receive the purchase code from a POS terminal and then it may determine if the received purchase code matches purchase code issued to the PCD. The system may compare the location of the PCD against the POS terminal. If a requested transaction amount is less than or equal to the purchase amount and if the purchase codes and location information match, then they system may generate a message approving the transaction.

主权项

1. A method for completing a transaction with a portable computing device, the method comprising:
receiving credentials from a communications network for accessing a purchase code account; receiving a request for a purchase code from a communications network, the request further comprising a purchase amount and first location information; determining if a funding account has sufficient funds to cover the purchase amount; if the funding account has sufficient funds to cover the purchase amount, then generating a first instance of a single-use time limited purchase code for completing the transaction; transmitting the first instance of the single-use time limited purchase code over the communications network; receiving a transaction amount, a second instance of the single-use time limited purchase code, and second location information from the communications network; and determining if second instance of the single-use time limited purchase code matches the first instance of the single-use time limited purchase code.