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

Bank of America Corporation

Inventor(s)

Steven Greene of New York NY (US)

Kerry Vaughan of Pennington NJ (US)

Srinath Chakravarty of Plano TX (US)

Aravind Shankaragouda Singtalur of McKinney TX (US)

Dinesh Kumar Agrawal of Rowlett TX (US)

Stephen Belton of Garden City NY (US)

Kenneth Boyd of Richmond VA (US)

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.