Smart wallet

Abstract

A user's smart phone is used for payments and holding information, similar to what is contained in a physical wallet. Depending on transaction details, user preferences, and location, one or more “best” funding instruments for the transaction are selected for the user, who may then revise if desired. Access to different functions or information within the phone may vary and require different authentication / security levels depending on type of use (e.g., payment or non-payment) and details of use (e.g., high payment amount vs. low payment amount, use of sensitive information vs. non-sensitive information).

Description

CROSS REFERENCE TO RELATED APPLICATIONS[0001]This application claims priority to U.S. Provisional Patent Application Ser. No. 61 / 359,667, filed Jun. 29, 2010, which is incorporated by reference in its entirety.BACKGROUND[0002]1. Field of the Invention[0003]The present invention generally relates to making payments using mobile devices, and more particularly, to using the mobile device to intelligently make payments.[0004]2. Related Art[0005]Electronic payments are becoming a preferred method of payment because they offer advantages to the user not present with traditional physical payments. With a physical payment, the user is required to carry the funding instrument and present the funding instrument when ready to make a payment. Examples of physical funding instruments include cash, checks, credit cards, debit cards, coupons, gift certificates, gift cards, and the like. These can take up space in a user pocket, purse, or wallet. To reduce space, the consumer may not carry all fund...

AI Technical Summary

Benefits of technology

[0010]This greatly reduces the time and effort for the user to decide which card or other funding instrument to use. This also helps the user make use of coupons, etc., as part of the funding.

Problems solved by technology

To reduce space, the consumer may not carry all funding instruments all the time, resulting in the possibility that a desired funding instrument is not available when the consumer is ready to use it at a point of sale (POS).

Such physical funding instruments may also be lost or stolen.

Thus, physical “wallets” can be cumbersome, inconvenient, and prone to loss.

This can be disadvantageous, which also applies to physical wallets, because the user must decide which of the many possible funding instruments to use for a particular purchase.

This may result in the user choosing a payment instrument that is not the “best” choice for the transaction.

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