View source for Bank of America Corporation (20240249286). STORED VALUE PAYMENT INSTRUMENT, HAVING PAYMENT CARD CHARACTERISTICS, FOR VIRTUAL CASH TRANSACTIONS simplified abstract

=STORED VALUE PAYMENT INSTRUMENT, HAVING PAYMENT CARD CHARACTERISTICS, FOR VIRTUAL CASH TRANSACTIONS=


==Organization Name==

[[:Category:Bank of America Corporation|Bank of America Corporation]]


[[Category:Bank of America Corporation]]

==Inventor(s)==

[[:Category:Steven Greene of New York NY (US)|Steven Greene of New York NY (US)]][[Category:Steven Greene of New York NY (US)]]

[[:Category:Kerry Vaughan of Pennington NJ (US)|Kerry Vaughan of Pennington NJ (US)]][[Category:Kerry Vaughan of Pennington NJ (US)]]

[[:Category:Srinath Chakravarty of Plano TX (US)|Srinath Chakravarty of Plano TX (US)]][[Category:Srinath Chakravarty of Plano TX (US)]]

[[:Category:Aravind Shankaragouda Singtalur of McKinney TX (US)|Aravind Shankaragouda Singtalur of McKinney TX (US)]][[Category:Aravind Shankaragouda Singtalur of McKinney TX (US)]]

[[:Category:Dinesh Kumar Agrawal of Rowlett TX (US)|Dinesh Kumar Agrawal of Rowlett TX (US)]][[Category:Dinesh Kumar Agrawal of Rowlett TX (US)]]

[[:Category:Stephen Belton of Garden City NY (US)|Stephen Belton of Garden City NY (US)]][[Category:Stephen Belton of Garden City NY (US)]]

[[:Category:Kenneth Boyd of Richmond VA (US)|Kenneth Boyd of Richmond VA (US)]][[Category:Kenneth Boyd of Richmond VA (US)]]

[[:Category:Petar Puskarich of Plano TX (US)|Petar Puskarich of Plano TX (US)]][[Category:Petar Puskarich of Plano TX (US)]]

==STORED VALUE PAYMENT INSTRUMENT, HAVING PAYMENT CARD CHARACTERISTICS, FOR VIRTUAL CASH TRANSACTIONS - A simplified explanation of the abstract==


This abstract first appeared for US patent application 20240249286 titled 'STORED VALUE PAYMENT INSTRUMENT, HAVING PAYMENT CARD CHARACTERISTICS, FOR VIRTUAL CASH TRANSACTIONS

==Simplified Explanation==
The patent application describes a method for transferring goods from a digital bitcoin stored value transaction instrument-supporting vendor to a user device, involving cryptocurrency-based transactions and biometric confirmation.

* Receiving a user request for a cryptocurrency-based transaction.
* Transmitting a consent to transact the cryptocurrency-based transaction.
* Receiving a Quick Response (QR) code from the user device specifying the amount of cryptocurrency and the product or service to be exchanged.
* Receiving a biometric characteristic to confirm the transaction.
* Receiving the amount of cryptocurrency via the stored value transaction instrument.
* Transmitting a confirmation of receipt of the cryptocurrency.

==Key Features and Innovation==
* Transfer goods from a vendor to a user device using cryptocurrency-based transactions.
* Biometric confirmation for added security.
* Quick Response (QR) code for specifying transaction details.
* Use of digital bitcoin stored value transaction instrument.

==Potential Applications==
This technology can be applied in various industries such as retail, e-commerce, and financial services for secure and efficient transactions using cryptocurrency.

==Problems Solved==
This technology addresses the need for secure and convenient transfer of goods using cryptocurrency, with biometric confirmation for enhanced security.

==Benefits==
* Secure and efficient transfer of goods using cryptocurrency.
* Biometric confirmation adds an extra layer of security.
* Quick and convenient transactions for users.

==Commercial Applications==
* Retail and e-commerce platforms for cryptocurrency transactions.
* Financial services for secure fund transfers.
* Technology companies for implementing secure transaction methods.

==Questions about the Technology==
===How does the biometric confirmation enhance the security of cryptocurrency transactions?===
Biometric confirmation adds an extra layer of security by verifying the user's identity through unique physical characteristics, reducing the risk of unauthorized transactions.

===What are the potential implications of using Quick Response (QR) codes in cryptocurrency transactions?===
Quick Response (QR) codes simplify the transaction process by providing a quick and easy way to specify transaction details, enhancing user experience and efficiency in cryptocurrency transactions.


==Original Abstract Submitted==

a method for transferring goods from a digital+bitcoin (d+b) stored value transaction instrument-supporting vendor to a user device, or a device user, such as a d+b stored value transaction instrument is provided. the device may be registered with a cryptocurrency provider and a value allocation. the method may include receiving a user request configured for a cryptocurrency-based transaction; transmitting a consent to transact the cryptocurrency-based transaction and, in response to the transmitting, receiving, from the user device, a quick response (qr) code. the code specifies, at least: a) an amount of cryptocurrency; and b) a product or a service to be exchanged for the amount of cryptocurrency. the method may also receive a biometric characteristic that confirms the transaction. the method may then receive the amount of cryptocurrency via the d+b stored value transaction instrument, and transmit a confirmation of receipt of the cryptocurrency.



[[Category:G06Q20/40]]
[[Category:G06Q20/32]]
[[Category:G06Q20/34]]
[[Category:G06Q20/38]]
[[Category:CPC_G06Q20/40145]]