Techniques for conducting financial transactions using mobile communication devices
The present invention advantageously combines communications aspects of mobile devices with financial transaction system capabilities in a novel manner. This advantageous combination enables a user to automatically initiate a financial transaction with a merchant upon the user being located in a particular geographic vicinity. Numerous types of transactions can be enabled using the present invention.
1. A method of conducting a transaction exchange comprising:
providing a payment terminal with a computer device for charging a user account to complete a financial transaction;
providing a payment device with a processing unit configured to use a global positioning system to automatically complete said financial transaction;
accepting a user input into said payment device containing a transaction amount and a selected geographic location corresponding to a geographic location of said payment device;
calculating, with said payment device, a current geographic location for said payment device in response to receiving a plurality of distances signals from said global positioning system; and
comparing said calculated current geographic location to said selected geographic location and if said payment device determines that said calculated current geographic location is within a predefined distance of said selected geographic location, said payment device automatically initiates a secure connection to said payment terminal and sends a financial transaction instruction to said payment terminal, said instruction instructing said payment terminal to charge said user account associated with a financial institution and to automatically complete said financial transaction.
2. The method of claim 1 , comprising using said payment device to calculate said current geographic location using a trilateration technique.
3. The method of claim 1 , comprising coupling operatively said payment terminal and said payment device using a network.
4. The method of claim 3 , wherein said network is a wireless network.
5. The method of claim 1 , wherein said payment device compares said calculated current geographic location to a selected geographic location using a GPS module.
6. The method of claim 1 , further comprising identifying said selected geographic location using a graphical user interface.
7. The method of claim 6 , comprising displaying a map on said payment device for selecting said selected geographic location.
8. The method of claim 1 , wherein said payment terminal completes said transaction.
9. The method of claim 1 , further comprising providing a map to said payment device from a map server.
10. The method of claim 8 , further comprising charging a fee for processing said transaction between said payment device and said payment terminal.
11. The method of claim 8 , further comprising transmitting an acknowledgement from said payment terminal to said payment device upon completion of said transaction.