Member-supported mobile payment system
A member-supported payment system is available to consumers and merchants without sign-up fees, subscription fees, or transaction fees to either consumers or merchants. In a specific implementation, the member payment system is a mobile payment system where consumers may conduct transactions using a mobile device such as a mobile telephone, smartphone, personal digital assistant, or similar portable wireless handheld device. Merchants will make a refundable one-time contribution. These contributions are stored in a pooled trust account by the system and the float dividends or interest on these contributions will fund the system.
1. A method comprising:
receiving, via a computer network, a plurality of merchant contributions to fund a member payment system;
placing the merchant contributions into at least one pooled trust account, wherein the contributions are recorded on a server and merchants will not receive interest on their contributions;
permitting a plurality of consumers to become registered users of the member payment system without charge via a network;
permitting registered users to send instructions to a server to load or unload funds into a working account of the member payment system without charge;
permitting merchants to load or unload funds into the working account of the member payment system without charge, and
distributing, via a server, interest on at least one pooled trust account to fund the member payment system.
2. The method of claim 1 wherein the member payment system permits a registered user to request payment of money to another register user via a mobile phone.
3. The method of claim 1 wherein the member payment system permits a registered user to request payment of money to a merchant via a mobile phone.
4. The method of claim 1 wherein the member payment system manages transactions records of the registered users.
5. The method of claim 1 wherein the member payment system manages transactions records of the merchants.
6. The method of claim 1 wherein the member payment system manages transactions records of the registered users and merchants.
7. The method of claim 1 wherein when a merchant requests a refund of the merchant's contribution to the member payment system, registered users will no longer be permitted to transfer money to the merchant.
8. The method of claim 1 wherein the merchant is not charged a periodic recurring transaction fee for being a participant of the member payment system.
9. The method of claim 1 wherein registered users may load or unload funds by way of at least one of Automated Clearing House (ACH) or direct deposit account (DDA).
10. The method of claim 1 comprising:
permitting a registered user to authorize paying a merchant through the member payment system by using a two-factor authorization scheme.
11. The method of claim 1 comprising:
permitting a registered user to authorize paying a merchant through the member payment system by using a mobile phone of the registered user and the user correctly entering a personal identification number.
12. The method of claim 1 wherein each registered user is provided a debit card.