Method for conducting financial transactions

US8615445B2 · kind B2 · utility

Assignee

• INC SQUARE, CO., LTD · JP

Inventors

• Jack Dorsey · San Francisco, US
• William Henderson · San Francisco, US
• Brian Grassadonia · San Francisco, US
• Jim McKelvey · Miami, US
• Brian Joseph Neidermeyer · Portland, US

Key dates

• Filing date: Jul 27, 2011
• Grant date: Dec 24, 2013
• Expiry date: Jul 27, 2031

Classification

• Technology area (CPC G): Physics
• CPC primary: G07F7/0886
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A method is providing of paying second parties where if f they do not have an established association with the payment service, have an established association with the payment service prior to payment. The first party has an association with the payment service. A tab is opened by the first party that can be selected by the qualified second party at any geographic location of a first party's mobile device. The qualified second party is only able to charge a first party's financial account when the first party's mobile device is within a defined geographic area. The tab is a relationship between the first party, the payment service and the qualified second party. The qualified second party can engage in a financial transaction with the first party when the first party is within the defined geographic area. In response to the second party, (i) attempting to charge the first party or (ii) charging the first party, a determination is made to see if a fraudulent attempt or fraudulent use of the first party's financial account is committed.