Mobile payment system using subaccounts of account holder

Abstract

A transaction system for coordinating processing of a transaction payment request associated with a transaction between a consumer and a merchant, the transaction associated with the merchant providing a product to the consumer, the system comprising: a computer processor coupled to a memory, wherein the computer processor is programmed to coordinate processing of the transaction payment request by: receiving the transaction payment request including consumer code data and identification information pertaining to the merchant and the product, the consumer code data representative of a subaccount registered with a transaction interface, the subaccount associated with a main account also registered with the transaction interface, such that a financial account is common to both the subaccount and the main account; accessing the subaccount or main account using the consumer code data to obtain payment information related to the transaction payment request including the financial account, mobile device contact information, and required authorization information; creating a payment confirmation request using said identification information; sending said payment confirmation request over the network to the mobile device using the contact information; obtaining authorization information from the mobile device; sending a funds transfer request to a payment platform based on the authorization information matching the required authorization information; receiving approval of the funds transfer request from the payment platform; and sending a confirmation of the approval of the funds transfer request to a computer device associated with the merchant.

We claim: 
     
         1 . A non-transitory computer readable storage medium with an executable payment application stored thereon, the payment application configured for confirming a transaction payment request associated with a merchant computer system over a communications network, the merchant providing a product to a subaccount consumer, wherein the payment application instructs a computer processor to perform the following steps of:
 receiving consumer code data upon registration of a subaccount with a transaction interface separate from the merchant computer system associated with the merchant, the consumer code data representative of the subaccount of a main account also registered with the transaction interface, wherein a financial account is common to both the subaccount and the main account;   receiving a payment confirmation request from the transaction interface over the communications network via a network path that bypasses the computer system of the merchant including output of identification information pertaining to the merchant and the product, the payment confirmation request associated with the subaccount, the payment confirmation request including payment information related to the financial account of the transaction interface rather than obtaining from the transaction payment request of the merchant;   sending authorization information based on the output to the transaction interface over the communications network via the network path that bypasses the computer system of the merchant; and   receiving a confirmation of approval or denial of the payment confirmation request from the transaction interface based on the authorization information.   
     
     
         2 . The non-transitory computer readable storage medium of  claim 1 , wherein the authorization information includes device data associated with a mobile device executing the payment application. 
     
     
         3 . The non-transitory computer readable storage medium of  claim 2 , wherein the device data includes one or more selected from the group consisting of: International Mobile Equipment Identity (IMEI) number, phone number, carrier name, email address and geographic location co-ordinates. 
     
     
         4 . The non-transitory computer readable storage medium of  claim 1 , wherein the financial account is selected from the group consisting of: a credit card account; a debit card account; an E-wallet account; and other electronic stored value account. 
     
     
         5 . The non-transitory computer readable storage medium of  claim 1 , wherein the payment application is further configured to instruct the computer processor to perform the step of: selecting a payment account from a plurality of available payment accounts such that each of the payment accounts of the plurality of payment accounts has a respective consumer payment account identifier. 
     
     
         6 . The non-transitory computer readable storage medium of  claim 1 , wherein the payment application is further configured to instruct the computer processor to perform the steps of:
 prompting the consumer to enter a personal identification number (PIN) or password associated with a subaccount; and   sending said PIN or password to the transaction interface over the communications network.   
     
     
         7 . The non-transitory computer readable storage medium of  claim 6 , wherein said PIN or password is represented by DMTF tones. 
     
     
         8 . The non-transitory computer readable storage medium of  claim 1 , wherein the consumer code data is associated with device data including one or more selected from the group consisting of: International Mobile Equipment Identity (IMEI) number, phone number, and email address. 
     
     
         9 . The non-transitory computer readable storage medium of  claim 1 , wherein the transaction payment request and the confirmation payment request excludes identity information of the financial account. 
     
     
         10 . The non-transitory computer readable storage medium of  claim 1 , wherein said identification information includes one or more data selected from the group consisting of: transaction ID; merchant ID; product price; and purchased product information. 
     
     
         11 - 20 . (canceled) 
     
     
         21 . The non-transitory computer readable storage medium of  claim 1  further comprising the step of receiving information from the transaction interface concerning at least one of a preset spending threshold of the subaccount or one or more transaction types allocated to the subaccount. 
     
     
         22 . The non-transitory computer readable storage medium of  claim 1  further comprising receiving information from the transaction interface that the transaction payment request satisfies at least one of a preset spending threshold of the subaccount or one or more transaction types allocated to the subaccount. 
     
     
         23 . The non-transitory computer readable storage medium of  claim 1  further comprising the step of presenting the output to the subaccount consumer on a user interface of a mobile device running the executable payment application as a client application of the transaction interface, in order to communicate to the subaccount consumer the processing of the transaction payment request.