Method and system for geofencing

US10402812B2 · kind B2 · utility

Assignee

• MASTERCARD INTERNATIONAL INCORPORATED · US

Inventors

• Scott Hudson · Roanoke, US
• Kent Olof Niklas Berntsson · Rye, US
• Stephen Andrew Gerhard · San Francisco, US

Key dates

• Filing date: Jun 17, 2016
• Grant date: Sep 3, 2019
• Expiry date: May 14, 2037

Classification

• Technology area (CPC H): Electricity
• CPC primary: H04W4/021
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A method for initiating a time- and geographic-based electronic transaction includes: storing, in a mobile computing device, payment details associated with a transaction account; receiving a payment zone notification upon entry of the mobile computing device into a predefined geographic area, the notification including payment terms; registering a first timestamp upon receipt of the notification; displaying the payment terms; receiving an indication of approval of the payment terms; receiving an exit notification upon exit of the mobile computing device from the predefined geographic area; registering a second timestamp upon receipt of the exit notification; calculating a transaction amount based on an elapsed amount of time between the first timestamp and the second timestamp and a payment rate; and transmitting the calculated transaction amount and payment details.