System and method for sending money to a recipient

Abstract

The invention provides a system and method for sending money, locally or internationally, which method includes the steps of, issuing a sender of money with a virtual (credit or debit) card number and a card expiry date, communicating to the intended recipient of the money the virtual card number and card expiry date, presenting the virtual card number and, optionally, the card expiry date, to any merchant with a point-of-sale terminal that is capable of processing credit and / or debit card transactions, processing a key-entered purchase or cash-back transaction, on the point-of sale terminal by keying in the virtual card number provided by the recipient into the point-of-sale, optionally together with the card expiry date and the amount, processing, also known as authorizing, settling and clearing, with a virtual card system, the key-entered transaction by credit and / or debit card transaction clearing means so that the funds are cleared as available to the merchant, and the merchant paying the cleared amount to the recipient, optionally less a processing fee charged to the recipient. The credit and / or debit card accepting terminal also accepts Visa, MasterCard, American express, Diners Club, Discover, JCB, Relation Card and / or CUP credit or debit cards.

Description

technical field [0001] The present invention relates to a system and method for sending money to a recipient. Background technique [0002] Inventors are aware of current money transfer systems such as Western Union Money Transfer TM . These systems are complex and require verification of the paying out member of the recipient's identity to ensure payment is being made to the correct person, and rely on a system operator having a physical point of presence, and Proprietary hardware and software at various points of presence to process payments. The present invention solves the costly and complex requirement of all other money transfer systems to have a physical point of presence and proprietary equipment to disburse money to the recipient. [0003] The inventors are also aware of the international network and efficacy for processing and clearing credit and debit card transactions. Contents of the invention [0004] The present invention relates to a system for implemen...

AI Technical Summary

Problems solved by technology

These systems are complex and require verification of the paying out member of the recipient's identity to ensure payment is being made to the correct person, and rely on a system operator having a physical point of presence, and Proprietary hardware and software at various points of presence to process payments

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