Method and means for social network payments

Abstract

The invention relates to the field of making online payments by integrating social networks and payment networks to a seamless network. In particular, the invention leverages the information in the social network to conduct financial transactions. The best mode of the invention is considered to be a social payment network app that incorporates all or most of the functions of credit cards, internet banking and money order companies by using the data and functions already available in the social network. The invention provides better counterparty recognition, reduces the chance of fraud, or fraud, and provides a cheaper payment platform to consumers ( 110, 410 ) or small businesses while also reducing the administrative burden in making and paying purchases or reporting payments and/or expenses to third parties, such as the employer or tax administration.

1 . A payment network system, comprising at least one network computer ( 100 ,  400 ), characterised in that,
 at least one customer ( 110 ,  410 ) in said payment network system is configured to send at least one payment to at least one vendor via social network user profile of said customer and/or collect payment detail data from the social network user profile data of customer and/or vendor, and/or,   at least one vendor ( 130 ,  150 ,  430 ,  450 ) in said payment network system is configured to receive at least one payment from at least one customer via social network user profile of said vendor and/or collect payment detail data from the social network user profile data of the customer and/or vendor.   
     
     
         2 . A system as claimed in  claim 1 , characterised in that,
 a currency payment from a first currency to a second currency is configured to be settled with a currency exchange within the said payment network system ( 460 ,  470 ), optionally without the money being deposited to a bank account or credit card.   
     
     
         3 . A system as claimed in  claim 1 , characterised in that, the payer is configured to be debited in the currency of his account and/or credit card and/or the payment recipient is configured to be credited in the currency of his account and/or credit card. 
     
     
         4 . A system as claimed in  claim 1 , characterised in that,
 vendor and/or customer have at least one financial account associated with their social network user profiles, and   a received payment via the social payment network is added to the balance of the said financial account and a sent payment via the social payment network is subtracted from the said financial account.   
     
     
         5 . A system as claimed in  claim 1 , characterised in that,
 social network profile data is configured to be used in producing an electronic invoice, electronic payment ( 490 ) and/or electronic cheque ( 480 ).   
     
     
         6 . A system as claimed in  claim 1 , characterised in that, past, present and/or future payments are configured to be stored with social network profile, and optionally kept in an a electronic ledger providing double entry bookkeeping ( 670 ). 
     
     
         7 . A system as claimed in  claim 1 , characterised in that, at least one social network profile is configured to produce an electronic invoice which is configured to be sent to a customer via said social network to the social network profile of the customer, and optionally the customer may send a payment in response to the invoice from his social network profile to the social network profile of the sender and/or vendor of the electronic invoice. 
     
     
         8 . A system as claimed in  claim 1 , characterised in that, a bank account transfer is configured to be used to upload money to at least one social network profile, and optionally this bank account transfer is to an account in the same jurisdiction to minimise international bank transfer fees. 
     
     
         9 . A system as claimed in  claim 1 , characterised in that, the currency exchange rate used is configured to be retrieved from a third party and/or shown to the payer and/or payment recipient for approval. 
     
     
         10 . A method for transacting payments in an electronic payment network, characterised in that,
 at least one customer ( 110 ,  410 ) in said payment network system sends at least one payment to at least one vendor via social network user profile of said customer and/or payment detail data is collected from the social network user profile data of customer and/or vendor, and/or,   at least one vendor ( 130 ,  150 ,  430 ,  450 ) in said payment network system receives at least one payment from at least one customer via social network user profile of said vendor and/or payment detail data is collected from the social network user profile data of the customer and/or vendor.   
     
     
         11 . A method as claimed in  claim 10 , characterised in that,
 a currency payment from a first currency to a second currency is settled with a currency exchange within the said payment network system ( 460 ,  470 ), optionally without the money being deposited to a bank account or credit card.   
     
     
         12 . A method as claimed in  claim 10 , characterised in that, the payer is debited in the currency of his account and/or credit card and/or the payment recipient is credited in the currency of his account and/or credit card. 
     
     
         13 . A method as claimed in  claim 10 , characterised in that,
 vendor ( 130 ,  150 ,  430 ,  450 ) and/or customer ( 110 ,  410 ) have at least one financial account associated with their social network user profiles, and   a received payment via the social payment network is added to the balance of the said financial account and a sent payment via social payment network is subtracted from the said financial account.   
     
     
         14 . A method as claimed in  claim 10 , characterised in that,
 social network profile data is used in producing an electronic invoice, electronic payment ( 490 ) and/or electronic cheque ( 480 ).   
     
     
         15 . A method as claimed in  claim 10 , characterised in that, past, present and/or future payments are stored with social network profile, and optionally kept in an electronic ledger providing double entry bookkeeping ( 670 ). 
     
     
         16 . A method as claimed in  claim 10 , characterised in that, at least one social network profile is configured to produce an electronic invoice which is sent to a customer via said social network to the social network profile of the customer, and optionally the customer may send a payment in response to the invoice from his social network profile to the social network profile of the sender and/or vendor of the electronic invoice. 
     
     
         17 . A method as claimed in  claim 10 , characterised in that, a bank account transfer is used to upload money to at least one social network profile, and optionally this bank account transfer is to an account in the same jurisdiction to minimise international bank transfer fees. 
     
     
         18 . A method as claimed in  claim 10 , characterised in that, the currency exchange rate used is retrieved from a third party and/or shown to the payer and/or payment recipient for approval. 
     
     
         19 . A software program product configured to transact electronic payments in a communication network is stored on a memory medium and characterised in that,
 at least one customer ( 110 ,  410 ) in said payment network system is configured to send at least one payment to at least one vendor ( 130 ,  150 ,  430 ,  450 ) via social network user profile of said customer and/or collect payment detail data from the social network user profile data of customer and/or vendor, and/or,   at least one vendor ( 130 ,  150 ,  430 ,  450 ) in said payment network system is configured to receive at least one payment from at least one customer ( 110 ,  410 ) via social network user profile of said vendor and/or collect payment detail data from the social network user profile data of the customer and/or vendor.   
     
     
         20 . A software program as claimed in  claim 19 , characterised in that,
 a currency payment from a first currency to a second currency is configured to be settled with a currency exchange within the said payment network system ( 460 ,  470 ), optionally without the money being deposited to a bank account or credit card.   
     
     
         21 . A software program as claimed in  claim 19 , characterised in that, the payer is configured to be debited in the currency of his account and/or credit card and/or the payment recipient is configured to be credited in the currency of his account and/or credit card. 
     
     
         22 . A software program as claimed in  claim 19 , characterised in that,
 vendor ( 130 ,  150 ,  430 ,  450 ) and/or customer ( 110 ,  410 ) have at least one financial account associated with their social network user profiles, and   a received payment via the social payment network is added to the balance of the said financial account and a sent payment via social payment network is subtracted from the said financial account.   
     
     
         23 . A software program as claimed in  claim 19 , characterised in that,
 social network profile data is configured to be used in producing an electronic invoice, electronic payment ( 490 ) and/or cheque ( 480 ).   
     
     
         24 . A software program as claimed in  claim 19 , characterised in that, past, present and/or future payments are configured to be stored with social network profile, and optionally kept in an electronic ledger providing double entry bookkeeping ( 670 ). 
     
     
         25 . A software program as claimed in  claim 19 , characterised in that, at least one social network profile is configured to produce an electronic invoice which is configured to be sent to a customer via said social network to the social network profile of the customer, and optionally the customer may send a payment in response to the invoice from his social network profile to the social network profile of the sender and/or vendor of the electronic invoice. 
     
     
         26 . A software program as claimed in  claim 19 , characterised in that, a bank account transfer is configured to be used to upload money to at least one social network profile, and optionally this bank account transfer is to an account in the same jurisdiction to minimise international bank transfer fees. 
     
     
         27 . A software program as claimed in  claim 19 , characterised in that, the currency exchange rate used is configured to be retrieved from a third party and/or shown to the payer and/or payment recipient for approval.