Point of interaction loyalty currency redemption in a transaction

US10430774B2 · kind B2 · utility

Assignee

• Visa International Service Association · US

Inventors

• Diane C. Salmon · Lafayette, US
• Meara Day · Sunnyvale, US
• Leigh Amaro · Woodside, US

Key dates

• Filing date: Jun 23, 2017
• Grant date: Oct 1, 2019
• Expiry date: Mar 31, 2038

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/02
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Multiple different non-financial loyalty currencies held by different issuers are used by a consumer as financial tender for a transaction with a merchant. Each issuer pays to a primary issuer the financial currency value of the non-financial loyalty currencies being held in return for a corresponding reduction of the balance of non-financial loyalty currency. For each reduced balance, the primary issuer adds an equivalent primary loyalty currency to a primary loyalty account for the consumer. The primary issuer pays the merchant for the transaction in financial currency and makes an equivalent reduction in the balance of the primary loyalty currency. The financial value of each loyalty currency may be dependent upon its use in a transaction with a competitor of a merchant supplying loyalty currency to the consumer.