System and method for managing payment in transactions with a pcd

Abstract

A system and method for managing payment in a transaction using a portable computing device (“PCD”) includes a mobile wallet token being received from an account issuing entity. Next, the mobile wallet token is stored in memory within a PCD payment platform (i.e., a cloud payment solution). A PCD token that corresponds with the mobile wallet token is generated by the PCD payment platform. The PCD token is transmitted over a communications network to a PCD. The mobile wallet token corresponds to at least one of: a credit card account, an alternative or non-traditional payment account, a stored value account, an account from a financial institution, and a merchant based card account. A mobile wallet token may be generated in response to receiving input from an on-line portal that future use of a payment account with a PCD is desired or in response to input received from a point-of-sale terminal.

1 - 40 . (canceled) 
     
     
         41 . An electronic method for completing a financial transaction with a mobile phone, comprising:
 storing a token on the mobile phone corresponding to a financial account capable of completing the financial transaction;   receiving a signal to indicate that payment by the mobile phone is desired;   receiving an identifier associated with an operator of the mobile phone;   receiving selection of a financial account for completing the financial transaction;   transmitting the token from the mobile phone;   receiving an authorization message with the mobile phone; and   displaying the authorization message on a display device of the mobile phone.   
     
     
         42 . The method of  claim 41 , wherein the token comprises data associated with the financial account. 
     
     
         43 . The method of  claim 42 , wherein the financial account comprises at least one of a credit card account, an alternative or non-traditional payment account, a stored value account, an account from a financial institution, and a merchant based card account. 
     
     
         44 . The method of  claim 41 , further comprising displaying one or more available financial accounts on a display device of the mobile phone capable of completing the financial transaction. 
     
     
         45 . The method of  claim 44 , wherein each financial account comprises at least one of a credit card account, an alternative or non-traditional payment account, a stored value account, an account from a financial institution, and a merchant based card account. 
     
     
         46 . The method of  claim 44 , wherein the financial transaction comprises a purchase of at least one of a good and a service. 
     
     
         47 . The method of  claim 41 , wherein the authorization message comprises at least one of a price paid for the financial transaction, a merchant name, time of day, and date. 
     
     
         48 . The method of  claim 41 , further comprising storing the token in hardware dedicated to only storage of tokens. 
     
     
         49 . The method of  claim 48 , wherein the token does not contain any data relevant to the financial account but has data that is associated with the financial account. 
     
     
         50 . The method of  claim 49 , further comprising storing the token in hardware dedicated to only storage of tokens. 
     
     
         51 . An electronic system for completing a financial transaction with a mobile phone, comprising:
 a processor operable for storing a token in the mobile phone corresponding to a financial account capable of completing the financial transaction;   a processor for receiving a signal to indicate that payment by the mobile phone is desired;   a processor for receiving an identifier associated with an operator of the mobile phone;   a processor for receiving selection of a financial account for completing the financial transaction;   a processor for transmitting the token from the mobile phone;   a processor for receiving an authorization message with the mobile phone; and   a processor for displaying the authorization message on a display device of the mobile phone.   
     
     
         52 . The system of  claim 51 , wherein the token comprises data associated with the financial account. 
     
     
         53 . The system of  claim 52 , wherein the financial account comprises at least one of a credit card account, an alternative or non-traditional payment account, a stored value account, an account from a financial institution, and a merchant based card account. 
     
     
         54 . The system of  claim 51 , further comprising a processor for displaying one or more available financial accounts on a display device of the mobile phone capable of completing the financial transaction. 
     
     
         55 . The system of  claim 54 , wherein each financial account comprises at least one of a credit card account, an alternative or non-traditional payment account, a stored value account, an account from a financial institution, and a merchant based card account. 
     
     
         56 . The system of  claim 54 , wherein the financial transaction comprises a purchase of at least one of a good and a service. 
     
     
         57 . The system of  claim 51 , wherein the authorization message comprises at least one of a price paid for the financial transaction, a merchant name, time of day, and date. 
     
     
         58 . The system of  claim 51 , further comprising a processor for storing the token in hardware dedicated to only storage of tokens. 
     
     
         59 . The system of  claim 58 , wherein the token does not contain any data relevant to the financial account but has data that is associated with the financial account. 
     
     
         60 . The system of  claim 59 , further comprising a processor for storing the token in hardware dedicated to only storage of tokens. 
     
     
         61 . An electronic system for completing a financial transaction with a mobile phone, comprising: means for storing a token on the mobile phone corresponding to a financial account capable of completing the financial transaction;
 means for receiving a signal to indicate that payment by the mobile phone is desired;   means for receiving an identifier associated with an operator of the mobile phone;   means for receiving selection of a financial account for completing the financial transaction;   means for transmitting the token from the mobile phone;   means for receiving an authorization message with the mobile phone; and   means for displaying the authorization message on a display device of the mobile phone.   
     
     
         62 . The system of claim  21 , wherein the token comprises data associated with the financial account. 
     
     
         63 . The system of  claim 62 , wherein the financial account comprises at least one of a credit card account, an alternative or non-traditional payment account, a stored value account, an account from a financial institution, and a merchant based card account. 
     
     
         64 . The system of  claim 61 , further comprising means for displaying one or more available financial accounts on a display device of the mobile phone capable of completing the financial transaction. 
     
     
         65 . The system of  claim 64 , wherein the means for wherein each financial account comprises at least one of a credit card account, an alternative or non-traditional payment account, a stored value account, an account from a financial institution, and a merchant based card account. 
     
     
         66 . A computer program product comprising a computer non-transitory usable medium having a computer readable program code embodied therein, said computer readable program code adapted to be executed to implement a method for completing a financial transaction with a mobile phone, said method comprising:
 storing a token on the mobile phone corresponding to a financial account capable of completing the financial transaction;   receiving a signal to indicate that payment by the mobile phone is desired;   receiving an identifier associated with an operator of the mobile phone;   receiving selection of a financial account for completing the financial transaction;   transmitting the token from the mobile phone;   receiving an authorization message with the mobile phone; and   displaying the authorization message on a display device of the mobile phone.   
     
     
         67 . The computer program product of  claim 66 , wherein the token comprises data associated with the financial account. 
     
     
         68 . The computer program product of  claim 67 , wherein the financial account comprises at least one of a credit card account, an alternative or non-traditional payment account, a stored value account, an account from a financial institution, and a merchant based card account. 
     
     
         69 . The computer program product of  claim 66 , wherein the program code implementing the method further comprises:
 displaying one or more available financial accounts on a display device of the mobile phone capable of completing the financial transaction.   
     
     
         70 . The computer program product of  claim 69 , wherein each financial account comprises at least one of a credit card account, an alternative or non-traditional payment account, a stored value account, an account from a financial institution, and a merchant based card account.