A METHOD OF CONVERTING CASH INTO VIRTUAL CASH AND LOADING IT TO MOBILE PHONE CASH ACCOUNT

摘要

A method of receiving virtual cash from an outlet through a mobile phone including the steps of: -customer requesting cash-out at an outlet; -customer showing identification and filling out a form; -frontliner accessing the device and keying in command containing customer's amount of cash-out and sending this to telco; -telco verifying that customer's mobile phone is registered with the telco's cash product services and that the amount of cash-out is available in the customer's mobile phone cash account and sending information to the device of the frontliner of the outlet; -frontliner of the outlet verifying that customer is registered with telco's cash product services and advising the customer of the unique transaction code; -customer paying cash-out fee; -customer keying in "CASHOUT" cash product command containing his PIN, amount to be cashed out, and his mobile phone number; -sending this command to telco; -outlet's device receiving a confirmatory message from telco of cash product service transfer; -customer receiving a SMS acknowledgment from telco of the completion of the cash product service; -customer getting virtual cash from the outlet; -outlet's device receiving an acknowledgment of the completion of the transaction and confirmation number from telco in a format matching the outlet's device.