Cardless transaction system

Details Cardless transaction system Cardless transaction system

G - Physics

06

Q

G06Q 20/40 (2012.01) G06Q 40/02 (2012.01)

Patent

CA 2508842

A method of conducting cardless and cashless transactions is disclosed. A user, such as from a plurality of students of one or more clients or schools, presents a familiar user ID number and a PIN at a participating merchant. A server receives the user ID and PIN from the merchant and builds a probationary user account number from the user ID, and a client ID associated therewith. The user ID number is padded to a greater number of digits to form the user account number to ensure it is unique amongst many users and clients at the server. Before approving the transaction, the server ascertains whether the user account number and PIN is on record and if so, then further establishes if the user has a sufficient balance in a user sub-ledger account in a source bank account corresponding with the user account number. Periodically, a settlement is made between the source account and various merchant bank accounts.

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