Multi-function smart tokenizing electronic payment device
An embodiment includes a multi-function electronic device capable of generating a programmed magnetic field of alternating polarity based on a speed of a card swipe, and methods for constructing the device for the purpose of emulating a standard credit card. An apparatus is described to allow the device to emulate behavior of a credit card when used in electronic credit card readers. Additionally, methods are described to allow user control of the device for the purpose of authorizing or controlling use of the device in the application of credit, debit and cash transactions, including cryptocurrency and device-to-device transactions. Methods are also described for generating a limited-duration payment number when performing a transaction for the purpose of creating a limited-use payment number, which is limited in scope of use to a predetermined number of authorized transactions. Furthermore the device may interact with other similar devices in proximity for the purpose of funds or credit/debit transfers.
1 . A payment processing facility, comprising at least one electronic computing server device, wherein said server device is configured to:
receive an electronic payment request including a first information from a payment transaction,
wherein said payment transaction originates from a multi-function electronic device performing said payment transaction at a merchant's payment facility;
determine a user, and an original payment issuer authority account information from said first information from said payment transaction;
dynamically generate, at the server device, an authentic limited-use payment information;
generate a comparison of said authentic limited-use payment information against at least a portion of the first information received in the payment transaction;
reject as invalid the payment transaction failing said comparison or authorize as valid the payment transaction responsive to a successful said comparison; and
wherein further, said authentic limited-use payment information is dynamically generated based on combining one or more limiting factors, selected from a set of limiting factors, consisting of:
a unique-per-user user-identifying parameter,
a unique-per-merchant merchant-identifying parameter,
a unique-per-multi-function-electronic-device device-identifying parameter,
a unique-per-issuer payment-issuer-authority-identifying parameter,
a unique-per-multi-function-electronic-device device account number,
a time-limit duration parameter,
a usage count parameter,
a recurrent usage-limit parameter,
a balance amount parameter,
a transaction amount parameter,
a transaction amount limit parameter,
an aggregate amount limit parameter,
a transaction recurrence parameter,
a transaction recurrence limit parameter,
a per-transaction sequential count parameter; and
wherein selection of said one or more limiting factors is similarly combined by the payment processing facility, as were combined within the multi-function electronic device when dynamically generating the first information;
wherein said server device determines an original payment issuer authority information from a static portion of the authentic limited-use payment information, that is associated with a user selected payment account associated with the first information; and
responsive to the comparison, send a status reflecting authorization or rejection of the payment transaction, to an original payment issuer authority.
2 . The payment processing facility of claim 1 , wherein the server device is further configured to:
determine, from said information from said payment transaction, a specific multi-function electronic device performing said payment transaction; and
determine a valid set of limiting factors to be used for validating payment transactions generated from said specific multi-function electronic device.
3 . The payment processing facility of claim 1 , wherein the server device is further configured to:
determine, from said information from said payment transaction, a specific user performing said payment transaction; and
determine a valid set of limiting factors to be used for validating payment transactions performed by said specific user.
4 . The payment processing facility of claim 1 , wherein the server device is further configured to:
determine from the information received in the payment transaction, a specific merchant where said payment transaction is directed; and
determine a valid set of limiting factors to be used for validating payment transactions generated for payment to said specific merchant.
5 . The payment processing facility of claim 1 , wherein the server device is further configured to:
determine from said information from said payment transaction, a device account number used in performing said payment transaction;
determine from said device account number, a specific multi-function electronic device used in performing said payment transaction; and
determine a valid set of limiting factors to be used for validating payment transactions generated from said specific multi-function electronic device.
6 . The payment processing facility of claim 1 , wherein the server device is further configured to:
determine from said first information from said payment transaction, a merchant account number used in performing said payment transaction;
determine from said merchant account number, a specific user-identifier from whom the payment transaction originated, and a specific merchant-identifier for whom said payment transaction was intended; and
determine a valid set of limiting factors to be used for validating payment transactions generated from said specific user-identifier for said specific merchant-identifier.
7 . A computer implemented method performed by a payment processing facility, comprising at least one computing device to processes electronic payment requests, said method comprising:
receiving an electronic payment request including a first information from a payment transaction, wherein said payment transaction originates from said payment transaction at a merchant's payment facility;
determining a user, and an original payment issuer authority account information from said first information from said payment transaction;
dynamically generating an authentic limited-use payment information;
generating a comparison of said authentic limited-use payment information against at least a portion of the first information received in the payment transaction;
rejecting as invalid a payment transaction failing said comparison and otherwise authorizing as valid a payment transaction succeeding said comparison, and wherein further, said authentic limited-use payment information is dynamically generated based on combining one or more limiting factors, selected from a set of limiting factors, consisting of:
a unique-per-user user-identifying parameter,
a unique-per-merchant merchant-identifying parameter,
a unique-per-multi-function-electronic-device device-identifying parameter,
a unique-per-issuer payment-issuer-authority-identifying parameter,
a unique-per-multi-function-electronic-device device account number,
a time-limit duration parameter,
a usage count parameter,
a recurrent usage-limit parameter,
a balance amount parameter,
an aggregate amount limit parameter,
a transaction amount parameter,
a transaction amount limit parameter,
a transaction recurrence parameter,
a transaction recurrence limit parameter, and
a per-transaction sequential count parameter; and
wherein selection of said one or more limiting factors is determined by said at least one computing device to have been combined within a multi-function electronic device when dynamically generating the first information, and
said at least one computing device determining an original payment issuer authority information from a static portion of the authentic limited-use payment information, that is associated with a user selected payment account associated with the payment transaction; and
responsive to the comparison, sending a status reflecting authorizing or rejecting of the payment transaction, to an original payment issuer authority.
8 . The method of claim 7 , further comprising:
determining, from said information from said payment transaction, a specific multi-function electronic device performing said payment transaction; and
determining a valid set of limiting factors to be used for validating payment transactions generated from said specific multi-function electronic device.
9 . The method of claim 7 , further comprising:
determining, from said information from said payment transaction, a specific user, performing said payment transaction; and
determining a valid set of limiting factors to be used for validating payment transactions performed by said specific user.
10 . The method of claim 7 , further comprising:
determining from the information received in the payment transaction, a specific merchant where said payment transaction is directed; and
determining a valid set of limiting factors to be used for validating payment transactions generated for payment to said specific merchant.
11 . The method of claim 7 , further comprising:
determining from said information from said payment transaction, a device account number used in performing said payment transaction;
determining from said device account number, a specific multi-function electronic device used in performing said payment transaction; and
determining a valid set of limiting factors to be used for validating payment transactions generated from said specific multi-function electronic device.
12 . The method of claim 7 , further comprising:
determining from said first information from said payment transaction, a merchant account number used in performing said payment transaction;
determining from said merchant account number, a specific user-identifier from whom the payment transaction originated, and a specific merchant-identifier for whom said payment transaction was intended; and
determining a valid set of limiting factors to be used for validating payment transactions generated from said specific user-identifier for said specific merchant-identifier.
13 . A non-transitory computer-readable medium having instructions stored thereon that, responsive to execution by an electronic computing device which processes electronic payment requests, cause said electronic computing device to perform a method comprising:
receiving an electronic payment request including a first information from a payment transaction, wherein said payment transaction originates from a multi-function electronic device performing said payment transaction at a merchant's payment facility;
determining a user, and an original payment issuer authority account information from said first information from said payment transaction;
dynamically generating an authentic limited-use payment information;
generating a comparison of said authentic limited-use payment information against at least a portion of the first information received in the payment transaction;
rejecting as invalid a payment transaction failing said comparison and otherwise authorizing as valid a payment transaction succeeding said comparison, and wherein further, said authentic limited-use payment information is dynamically generated based on combining one or more limiting factors, selected from a valid set of limiting factors; and
wherein said one or more limiting factors were combined within the multi-function electronic device when dynamically generating the payment transaction, and
said electronic computing device determining an original payment issuer authority information from a static portion of the authentic limited-use payment information, that is associated with a user selected payment account used in the payment transaction; and
responsive to the comparison, sending a status reflecting authorizing or rejecting of the payment transaction, to an original payment issuer authority.
14 . The method of claim 13 , further comprising:
determining, from said first information from said payment transaction, an identifying parameter of a specific multi-function electronic device performing said payment transaction; and
determining the valid set of limiting factors to be used for validating payment transactions generated from said specific multi-function electronic device.
15 . The method of claim 14 wherein said valid set of limiting factors, is a set consisting of at least one or more of:
a unique-per-user user-identifying parameter,
a unique-per-merchant merchant-identifying parameter,
a unique-per-multi-function-electronic-device device-identifying parameter,
a unique-per-issuer payment-issuer-authority-identifying parameter,
a unique-per-multi-function-electronic-device device account number,
a time-limit duration parameter,
a usage count parameter,
a recurrent usage-limit parameter,
a balance amount parameter,
an aggregate amount limit parameter,
a transaction amount parameter,
a transaction amount limit parameter,
a transaction recurrence parameter,
a transaction recurrence limit parameter, and
a per-transaction sequential count parameter.
16 . The method of claim 13 , further comprising:
determining, from said first information from said payment transaction, an identifying parameter of a specific user, performing said payment transaction; and
determining the valid set of limiting factors to be used for validating payment transactions performed by said specific user.
17 . The method of claim 16 wherein said valid set of limiting factors, is a set consisting of at least one or more of:
a unique-per-user user-identifying parameter,
a unique-per-merchant merchant-identifying parameter,
a unique-per-multi-function-electronic-device device-identifying parameter,
a unique-per-issuer payment-issuer-authority-identifying parameter,
a unique-per-multi-function-electronic-device device account number,
a time-limit duration parameter,
a usage count parameter,
a recurrent usage-limit parameter,
a balance amount parameter,
an aggregate amount limit parameter,
a transaction amount parameter,
a transaction amount limit parameter,
a transaction recurrence parameter,
a transaction recurrence limit parameter, and
a per-transaction sequential count parameter.
18 . The method of claim 13 , further comprising:
determining from the first information received in the payment transaction, an identifying parameter of a specific merchant where said payment transaction is directed; and
determining the valid set of limiting factors to be used for validating payment transactions generated for payment to said specific merchant.
19 . The method of claim 18 wherein said valid set of limiting factors, is a set consisting of at least one or more of:
a unique-per-user user-identifying parameter,
a unique-per-merchant merchant-identifying parameter,
a unique-per-multi-function-electronic-device device-identifying parameter,
a unique-per-issuer payment-issuer-authority-identifying parameter,
a unique-per-multi-function-electronic-device device account number,
a time-limit duration parameter,
a usage count parameter,
a recurrent usage-limit parameter,
a balance amount parameter,
an aggregate amount limit parameter,
a transaction amount parameter,
a transaction amount limit parameter,
a transaction recurrence parameter,
a transaction recurrence limit parameter, and
a per-transaction sequential count parameter.
20 . The method of claim 13 , further comprising:
determining from said first information from said payment transaction, a device account number used in performing said payment transaction;
determining from said device account number, an identifying parameter of a specific multi-function electronic device used in performing said payment transaction; and
determining the valid set of limiting factors to be used for validating payment transactions generated from said specific multi-function electronic device.
21 . The method of claim 20 wherein said valid set of limiting factors, is a set consisting of at least one or more of:
a unique-per-user user-identifying parameter,
a unique-per-merchant merchant-identifying parameter,
a unique-per-multi-function-electronic-device device-identifying parameter,
a unique-per-issuer payment-issuer-authority-identifying parameter,
a unique-per-multi-function-electronic-device device account number,
a time-limit duration parameter,
a usage count parameter,
a recurrent usage-limit parameter,
a balance amount parameter,
an aggregate amount limit parameter,
a transaction amount parameter,
a transaction amount limit parameter,
a transaction recurrence parameter,
a transaction recurrence limit parameter, and
a per-transaction sequential count parameter.
22 . The method of claim 13 , further comprising:
determining from said first information from said payment transaction, an identifying parameter of a merchant used in performing said payment transaction;
determining from said identifying parameter of said merchant, a specific user-identifier from whom the payment transaction originated, and a specific merchant-identifier for whom said payment transaction was intended; and
determining the valid set of limiting factors to be used for validating payment transactions generated from said specific user-identifier for said specific merchant-identifier.
23 . The method of claim 22 wherein said valid set of limiting factors, is a set consisting of at least one or more of:
a unique-per-user user-identifying parameter,
a unique-per-merchant merchant-identifying parameter,
a unique-per-multi-function-electronic-device device-identifying parameter,
a unique-per-issuer payment-issuer-authority-identifying parameter,
a unique-per-multi-function-electronic-device device account number,
a time-limit duration parameter,
a usage count parameter,
a recurrent usage-limit parameter,
a balance amount parameter,
an aggregate amount limit parameter,
a transaction amount parameter,
a transaction amount limit parameter,
a transaction recurrence parameter,
a transaction recurrence limit parameter, and
a per-transaction sequential count parameter.