20240054478. SYSTEM AND METHOD FOR A MOBILE WALLET simplified abstract (Wells Fargo Bank, N.A.)

SYSTEM AND METHOD FOR A MOBILE WALLET

Organization Name

Wells Fargo Bank, N.A.

Inventor(s)

Stephen M. Ellis of Tahoe City CA (US)

Michael J. Kennedy of San Francisco CA (US)

Ashish Bhoopen Kurani of Burlingame CA (US)

Melissa Lowry of San Francisco CA (US)

Uma Meyyappan of Fremont CA (US)

Bipin M. Sahni of Pleasanton CA (US)

Nikolai Stroke of Gilbert CA (US)

SYSTEM AND METHOD FOR A MOBILE WALLET - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240054478 titled 'SYSTEM AND METHOD FOR A MOBILE WALLET

Simplified Explanation

The abstract describes a computer-implemented method for performing mobile wallet transactions between a user and a merchant using a mobile wallet application on a mobile device.

• Receiving a request for a mobile wallet transaction
• Determining the location of the mobile device
• Receiving transaction information from the merchant
• Determining the location of the merchant's point-of-sale device
• Comparing the locations to ensure proximity
• Generating a transaction code
• Transmitting the code to the mobile device
• Transferring funds from the user's account to the merchant's account
• Notifying the mobile device of transaction completion

---

1. 1. 1. Potential Applications

• Mobile payment systems
• Retail transactions
• Contactless payments

1. 1. 1. Problems Solved

• Ensuring secure and authorized transactions
• Streamlining payment processes
• Enhancing user experience

1. 1. 1. Benefits

• Increased convenience for users
• Improved security for transactions
• Efficient fund transfers between parties

Original Abstract Submitted

a computer-implemented method includes: receiving a request to perform a mobile wallet transaction between a user and a merchant via a mobile wallet application operating on a mobile device of the user; determining a location of the mobile device; receiving transaction information from a merchant computer system associated with the merchant; determining a location of a merchant point-of-sale device in communication with the mobile device; comparing the location of the mobile device and the location of the merchant point-of-sale device to determine whether the location of the mobile device is within a predefined distance of the location of the merchant point-of-sale device; generating a transaction code; transmitting the transaction code to the mobile device; transferring funds from an account of the user to a merchant account; and, transmitting an indication that the mobile wallet transaction has been completed to the mobile device.