SYSTEM AND METHOD FOR ACTIVATING TELEPHONE-BASED PAYMENT INSTRUMENT

摘要

A payment instrument in the form of a cell phone (102) is loaded with account information and activated as a payment instrument by reading account information from a nearby RFID device (204), and entering a user PIN or password (206). In one embodiment, the account information is read from an RFlD tag (204) provided to the user, and the password is entered on the phone keypad. In a second embodiment, the account information is read from an RFID device (320) at an ATM or kiosk (310) after the user inserts a card (302) into a card reader (316) at the ATM or kiosk and enters the password (306) at the ATM or kiosk keypad (314).