Mobile system and method for exchanging point value

1. A system for redeeming the value of points that are issued by one of multiple loyalty programs, wherein the points for each loyalty program are held in a point account maintained on behalf of a customer, and wherein the redeemed value of points in the point account may be transferred into a transaction account for conducting a purchase transaction with a third party merchant, the system comprising:

a single terminal providing a location for both (1) redeeming the value of points held by a first mobile customer and (2) conducting a transaction with a third party merchant at the location by a second mobile customer that is a companion of the first mobile customer, the terminal including a reader for receiving a first mobile customer ID transmitted by a first mobile device for identifying the first mobile device and a second mobile customer ID transmitted by a second mobile device for identifying the second mobile device, the first mobile customer ID associated with the point account, the second mobile customer ID associated with the transaction account for conducting the transaction with the third party, the terminal using the transaction account to conduct the transaction with the third party at the terminal, the reader using short range signaling for the terminal to determine, from the receipt of the first mobile customer ID and a second mobile customer ID at about the same time, that the first mobile device and the second mobile device are positioned at or near the reader simultaneously and that the first mobile customer and the second mobile customer are companions, with the terminal verifying the identity of both the first mobile customer and the second mobile customer and confirming that both the first mobile customer and the second mobile customer approve of transferring the redeemed value of points from the point account into the transaction account;

a point database for storing point account data, including the number of points in the point account held for the first mobile customer and a value associated with the points; and

a value server accessing the point database in response to the first mobile customer ID received from the first mobile device at the terminal and for determining the value of points held in the point account, in order to transfer value associated with points in the point account into the transaction account, whereby the second mobile customer conducts the transaction with the third party merchant using the transferred value of points held on behalf of the first customer in the point account.

2. The system of claim 1 , wherein the transaction account is a stored value account maintained on behalf of the second customer.

3. The system of claim 2 , wherein the stored value account is an account maintained by a financial institution maintained on behalf of the second customer, and wherein the value associated with points that is transferred into the stored value account is a monetary amount.

4. The system of claim 3 , wherein the stored value account is a debit card account.

5. The system of claim 1 , wherein the first and second mobile devices are each a wireless telephone having an RFID tag for transmitting a mobile customer ID, and the terminal includes an RFID reader for receiving the first and second mobile customer IDs.

6. The system of claim 1 , wherein the points are loyalty reward points, and wherein the point account is a loyalty point account that stores a record of accumulated loyalty points.

7. The system of claim 1 , wherein the points are electronic retailer coupons accumulated by the first customer and each having a redeemable value, and wherein the point account stores a record of the coupons accumulated by the first customer.

8. The system of claim 1 , wherein both the point account and the transaction account are both loyalty reward point accounts.

9. The system of claim 1 , wherein the terminal is a POS terminal where transactions may be conducted, and wherein the value transferred into the transaction account is used for payments made for those transactions.

10. The system of claim 1 , further comprising:

a payment processing server connected for receiving the first and second mobile customer IDs from the terminal; and

a payment processing database storing in relation to the first mobile customer ID, a point account ID, and in relation to the second mobile customer ID, a transaction account ID;

wherein the payment processing server accesses the payment processing database using the first mobile customer ID to retrieve a point account ID, and provides the retrieved point account ID to the value server.

11. The system of claim 10 , wherein the payment processing server is part of an acquirer system operated by a credit card processing entity.

12. The system of claim 1 , further comprising:

a processing system that periodically accesses each loyalty program in order to receive the current balance of points issued by that loyalty program for the first customer, and that provides the current balance of points to the point database in order to update the stored number of points held for the first customer.

13. A system for redeeming the value of points that are issued by one of multiple loyalty programs, wherein the points for each loyalty program are held in a point account maintained on behalf of a customer, and wherein the redeemed value of points in the point account may be transferred into a transaction account for conducting a purchase transaction with a third party merchant, the system comprising:

a single terminal providing a merchant location for simultaneously both (1) redeeming the value of points held by a first mobile customer and (2) conducting the transaction with the third party merchant at the merchant location by a second mobile customer that is a companion of the first mobile customer, the terminal including a reader for receiving a first mobile customer ID transmitted by a first mobile device for identifying the first mobile device and a second mobile customer ID transmitted by a second mobile device for identifying the second mobile device, the first mobile customer ID associated with the point account, the second mobile customer ID associated with the transaction account for conducting the transaction with the third party merchant, the terminal using the transaction account to conduct the transaction with the third party merchant at the terminal, the reader using short range signaling for the terminal to determine, from the receipt of the first mobile customer ID and a second mobile customer ID at about the same time, that the first mobile device and the second mobile device are positioned at or near the reader simultaneously and that the first mobile customer and the second mobile customer are companions, with the terminal verifying the identity of both the first mobile customer and the second mobile customer and thereafter confirming that both the first mobile customer and the second mobile customer approve of transferring the redeemed value of points from the point account into the transaction account;

a point database for storing point account data, including the number of points in the point account held for the first mobile customer and a value associated with the points; and

a server that accesses the point database in response to the first and second mobile customer IDs, and that retrieves the value associated with points in the point account in order to transfer the value of points in the point account into the transaction account, whereby the second mobile customer conducts the transaction with the third party merchant using the transferred value of points held on behalf of the first customer in the point account.