A secure and easy way to transfer cryptocoins or money that works with all types of cell phones.
1) There are several smart phone applications and other methods to transfer money and cryptocoins from one person to another. These applications require downloading, setup and need to be linked to a eWallet or a bank account. This invention uses a phone call and SMS text to send crytocoins or money from one user to another. This invention can transfer any number of coins and also can instantly calculate the amount of coins from the local currency required to be transferred automatically and transparently.
There is a large segment of the population that does not have bank accounts or credit cards and must use cash for most transactions. There are few options for this segment to pay bills and transfer funds with cash or cryptocoins:
a. Checks are either cashed at banks or check cashing centers and then people must physically deliver cash to various locations to pay their bills. In addition to the various fees associated with cashing checks, carrying around a substantial amount of money is risky and the whole process is burdensome.
b. Consumers must use a service like Western Union or travel to a bank location that offers money transfer services to move money to people in different locations.
This invention addresses this segment of the population by allowing users to be paid with cryptocoins and in turn they can pay bills using this invention.
2) Current electronic payment options require a checking account. PayPal, for example, allows users to move money electronically between people and businesses, but these transactions take several days to complete and require a user to have a bank account linked to PayPal account.
Current State for cash and cryptoCoins without this invention -Figure 1
This invention addresses many of these problems and implements mechanisms to address the current shortcomings of electronically moving money between people and business. The invention is similar to PayPal, except this invention uses cell phone numbers to transfer money instead of a user’s email. The idea of having one account that can be accessed by multiple methods of payment in real-time is also part of this invention and allows funds to be spent with cell phones, debit card or at POS devices simultaneously using this invention.
SCENARIO I: Sending money between people using this invention
EXAMPLE OF USAGE #1 -Figure 2
1) User sends text, sender receives a phone call requesting a PIN, conformation is sent to both parties.
2) This invention will transfer $43 to phone number 9545018625.
3) An automated confirmation phone call will request the sender’s PIN number after providing the details of the transaction to authorize the transaction. The local currently is translated into the amount of cryptoCoins or cash required at current rates.
4) Once the transaction is completed a receipt is sent to both phone parties confirming that a payment has been processed indication the amount of transfer in local and cryptoCoins or cash.
5) The user has an option to set up e-mail confirmations which would then send confirmation to both users.
6) The user’s crytoCoins is simultaneously available on both the phone and debit card for immediate use.
EXAMPLE OF USAGE #2 -Figure 3
1) User calls this invention, listens to account balance, provides transfer amount, cell number, and PIN.
2) This invention will transfer $43 to phone number to 9545018625 from 8182321133.
3) An automated phone call takes all information required to securely transfer money to another account.
4) An email will also be sent if users setup email conformations in this invention’s website. This invention will work well for those users with “simple” cell phones that are hard to key in letters on the phone. This invention will use numerical inputs or voice recognition to transfer money between accounts. Transfers are quick, simple and traceable for both sending and receiving parties. Funds are available for pickup at cash locations and are immediately accessible using a debit card. The invention and the debit card are closely linked by the same PIN.
Transferring cryptoCoins or cash with this invention -Figure 4
This invention will ensure SECURE funds or coin transfers between cell phones. Encrypted text messages will be followed by an automated PIN request phone call to the buyer. The automated phone call will provide details of the transaction and ask for the buyer to key in a PIN#. Verbal conformation is given and then a SMS text message receipt of the transaction is sent to both buyer and sell.
One-of-a-kind process / technology. What sets this invention apart?
1) Text Message keys up transfer for phone call
a. A text message prompts a funds transfer that includes a callback prompting.
2) Automated Attendant Call Back Verification
a. The automated call back will provide details around who to fund, how much money to send, and PIN verification. This allows a consumer to quickly and securely pay for everyday items such as food, taxicabs, and small loans and fund their account’s debit card that will open the world for this population to make online purchases.
3) The invention allows users to not only send coins but to request coins and payment. User’s cell phone or retail POS consul sends r67t8185542134 to ask another user for payment. The buyer simply receives a phone call to confirm the purchase.
4) Cell Phone Application is not required, invention works instantly on all phones.
a. A new application is not required to be loaded on user’s cell phones as this invention uses simple txt commands and phone calls requesting key hits for conformation. Users can transfer funds by calling the invention and answering a few questions by entering numbers into their phones keypad.
5) Works on any phone
a. This invention will work securely on any cell phone that can sent and receive text messages.
b. This invention can work on a land line by the user calling and then receiving a call back from the invention and entering the phone number and amount of dollars to send.
6) Works internationally and only with all phones and all countries. Users can send coins and money using only a phone call and key pad. SMS text messages are optional and not required.
SCENARIO II: Setting up an micro-account on cell phone using this invention
• Users of this invention can transfer money to others by sending a text message to a special phone number that our invention monitors. This invention will transfer money between the micro-accounts and send text or phone call receipts to both parties. User accounts are created automatically as funds are received for the first time for a particular phone number. Absolutely no input is required to create a new account for this invention. Users may have as many accounts as they have phone numbers.
SCENARIO III: Funding a debit card using a cellphone using this invention
• Using this invention, all monies transferred to a cell phone number will be available on an optional bank debt card for immediate withdraw of funds as needed. So users could be sitting in a restaurant and realize that they do not have enough money to pay for their meal. Another user could simply transfer funds to their cell phone to instantly fund the debt card.
SCENARIO IV: Paying cell phone account using this invention
• Cell phone bills can be automatically deducted from users account on payment day to prevent the phone carrier from suspending services for the user. So if the monthly plan for a user costs $35.00 / month and this invention’s balance is $50 then the account will be debited $35 on the last day required keep the phone service activated.
SCENARIO V. Paying for services using this invention
• This invention allows customers to send money to pay for services like a taxi cab ride, for example. The driver displays his phone number to the back seat and when the ride is done the passenger will use this system to send money to the driver’s phone number. The person inserts her PIN in the phone call and the driver receives a text message indicating the amount of money received. These transactions cannot be rolled back so they are as secure as handing cash. Using this invention, phone payments can easily be used for all types of transactions.
Overview showing different ways to send cryptocoins or money -Figure 5
Details of one sample implementation (embodiment):
BACKGROUND OF THE INVENTION
Many cell phone banking applications currently exist and run as applications on a cell phone to transfer money securely between bank accounts in other counties outside of the USA. These applications need to be updated and deployed to users before money can be transferred between phones and business accounts. There are many banking applications that also run on smart phones that should not be confused with this invention. This invention is unique in that it allows money transfer from any phone that can send text messages and does not require an application to be loaded, updated and configured to send money.
SUMMARY OF THE INVENTION
[001] Simple to use for quickly sending cryptocoins or money between cell phones using simple text messages or by answering a few questions from an automated phone call.
[002] Provides instant funding of a debit card with phone transfers using a variety of ways.
[003] Allows anonymous payments the same as cash or crytocoins.
[004] Purchases can be made at retail locations with cash or crytocoins
[005] Users can pay cell phone bills with this invention from any funding location.
[006] Provides a method electronic payments for users without a bank account.
BRIEF DESCRIPTION OF DRAWINGS
Figure 1- Money/cryptoCoins transfer and flow without this invention
Figure 2- Money/ cryptoCoins transfer and flow using a text message and PIN request
Figure 3- Money/ cryptoCoins transfer using and automated phone call
Figure 4- Money/ cryptoCoins transfer and flow with the use of this invention
Figure 5- How Money/ cryptoCoins can be added, transferred and removed from invention
Figure 6- Step by step details of a text message transfer
ABSTRACT
This invention relates to the transference of money and cryptoCoins by using a cell phone and a user created PIN number for security. Text messages or inputted answers to an automated phone call received by the user are two ways to send money using this invention.
USE CASE #1
Jane needs to send money to her family in another state once a month. She loads crytoCoins into this invention’s account at any retail location and this time it is a check cashing store. She then, with a text message, sends money by sending a text message to this invention including her mother’s cell phone number and the amount to transfer. Jane then receives an automated phone call reviewing the details of the transaction and requesting her PIN number. Jane enters her PIN# into the phone’s keypad and the transfer is complete. Her mother can then visit one of this invention’s funding centers and to pick up the cash or transfer the cryptoCoins to pay bills.
USE CASE #2
Mike has a small retail store and wants to start taking money/cryptocoins to get new customers. He links his cryptoCoins wallet to this invention and now Mike’s business can take payments by customers sending him cryptoCoins to his account number that he posted on the counter. Mike can also use the payment terminal to send requests for payment to customers. The system sends a request in the local currency and shows amount of crytoCoins to the user for the services or products and the customer receives a text message and a phone call to approve the transaction. The cryptoCoins are subtracted from the customer’s wallet and added to the retailers account.
USE CASE #3
Fred does not have a car and needs to take the bus to move from location to location each month to pay bills. This invention will allow users to add and remove crytoCoins from their Mobile wallets. Customers can use this invention to make all type of utility payments. Users receive SMS messages each month requesting payments for utilities.
USE CASE #4
Bob has a standard cell phone that makes it difficult to text messages using the numeric keypad. So when Bob uses this invention send money he calls the inventions phone number and listens to the prompts and only has to input numbers when prompted to send money using his phone. Receipts for money transfers can be provided by this invention by ether text message or a Text To Speech automated phone call generated by this invention.
USE CASE #5
Jose’s wife Brenda lives in Mexico and he needs to send her cryptoCoins at least once a week back home so she can pay bills. Brenda uses this invention and receives a debit card issued from a local bank that will convert crytoCoins into local currency for transaction with the debt card. Jose takes cash to a funding centers and buys crytoCoins that are then added to Brenda’s cell phone number. The funds are instantly available on Brenda’s debit card in local currently when she uses it. She may use her debit card at a bank to receive cash or she may transfer crytoCoins to a local retail location in Mexico for conversion to cash. USE
CASE #6
Michelle wants to buy a lottery ticket but does not want to travel to a retailer. She uses one of the many retail options who accept crytoCoins who have partnered with this invention. Michelle buys 5 lotto tickets with her phone using crytocoins and receives a text message receipt on her phone showing her numbers and date of draw. The system will keep track of her lotto numbers and send a text with the outcome after the drawing.
USE CASE #7
Vladimir has a pre-paid cell phone and needs to add additional minutes to the cell phone. He receives a payment request for billing each month from his provider.
OTHER FEATURES AND OPTIONS THIS INVENTION CAN PROVIDE TO USERS:
1) Allowing cryptoCoins transfer from simple text messages and a conformation phone call.
Example:
Text the following to the invention: “s32tmommy” OR 32_mommy - > This will send 32 dollars to the account number the user has designated as “mommy”
2) Allowing money transfer by speaking commands into the phone and the invention will use voice recognition to accept the account number, amount in dollars, and other required parameters with the PIN being keyed in the phone’s keypad.
3) Allowing instant funding of a debit card by cell phone transfers to this invention’s account.
4) Smart phone applications can be built around this technology to save enhance this invention for power users to quickly send and keep track of funds.
5) Funds can be added to accounts for invention from ATM machine cash deposits using the provided debit card.
6) Paying for cellphone bill by auto deduction from inventions account when needed.
One possible scenario for the transfer of funds using this invention - Figure 6
1) First part of the invention is the security added on top of each text / phone message transaction makes this invention more secure than using a debit card.
1) The sender of cryptoCoins / Local currency sends a simple SMS to txtCoinsNow phone number listing the amount, recipient for cryptoCoins.
2) The sender receives a phone call that will review the transaction and ask for PIN# insertion into keypad.
3) The recipient receives a SMS message showing the transfer to their phone number.
4) If this is the first time this person has received cryptoCoins from txtCoinsNow they will receive a phone call prompting them to create a PIN# and direct user to website for instructions.
Examples of current commands that support this invention to cryptoCoins / cash
Commands:
?$= balance of cash in your account and shows last 5 transactions
no$= no accept money the last payment sent to me and rollback funds to person who sent them to you
*= assign a nickname to a phone number that is used often
help= lists the possible commands
#= used to send a message with payment. 50 8185551212#this $50 dollars is for food for baby!
np= pin not required for this phone number in future 25 5256618282pn OR 5256618282pn
yp= pin yes for sending cash to this phone number (default for all transaction) To toggle it off 25 5256618282yp OR 5256618282np
?= who is - if you send the phone number or account number you: ?_XXXXXXXXXX
?9545018625 -> returns "Thomas Jones",
?8003324454 -> returns "March of Dimes"
debitcard= this will POST mail up to two prepaid debt card to your family member anywhere in the world and charge users account $10 USD.
"debitcard Joe Shmoe,1232 mockingbird lane, Fort Lauderdale, FL, 33062'
NOTE: As an alternative to texting, users can call txtCOINSnow at 954-320-6484 from your cell phone and select option 2 to receive a callback that will prompt you step by step to send Cash with a phone that does not have SMS abilities.
www.ukracoin.org
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