Method and system for implementing self-imposed spending limit

US10417703B2 · kind B2 · utility

Assignee

• MASTERCARD INTERNATIONAL INCORPORATED · US

Inventors

• Tong Zhang · Zhejiang, CN
• Edward Lee · Scarsdale, US
• Qian Wang · San Jose, US

Key dates

• Filing date: Sep 9, 2014
• Grant date: Sep 17, 2019
• Expiry date: Mar 4, 2035

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/00
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A method for imposing spending limits includes: storing data related to a payment account; receiving a spending limit request from a consumer associated with the account, the request including a spending target and spending category; generating a budget including a starting spending limit and two or more periods of time; applying, to the account, a spending limit, such that a value of transactions funded by the account during a first period of time and related to the spending category cannot exceed the applied spending limit, wherein the applied spending limit is the starting spending limit; decreasing the applied spending limit after the first period of time, such that transactions funded by the account during a second period of time cannot exceed the decreased applied spending limit; and repeating the decreasing step until the applied spending limit is equal to the spending target.