SYSTEMS AND METHODS FOR PROVISIONING ESCROW AND SECURING PURCHASES

Abstract: systems and methods for provisioning escrow and securing purchases can include receiving first encrypted data from a first contactless card of a seller, decrypting the first encrypted data to authenticate the first contactless card, identifying information of the seller, and responsive thereto, offering an item for sale at a purchase price via an online platform. to purchase the item for sale, second encrypted data can be received from a second contactless card of a buyer two times. first, the second encrypted data can be decrypted to authenticate the second contactless card, information of the buyer can be identified, and responsive thereto, an amount of money equal to the purchase price can be retrieved from the buyer and placed in an escrow account. second, the second encrypted data can be decrypted to authenticate the second contactless card, and the money in the escrow account can be released to the seller.

Inventor(s): Jeffrey Rule, Jeffrey Carlyle Wieker, Megan M. Lowe

CPC Classification: G06Q20/3224 ({Transactions dependent on location of M-devices})

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