Apparatus and method for creation of multiple configurable payment mechanisms within a single pre-funded electronic payment device

Abstract

Apparatus and methods for creation of multiple configurable payment mechanisms within a single pre-funded electronic payment device are provided herein. An example payment device includes a body portion, a memory associated with the body portion and containing a first stored value application having a first application balance and a second stored value application having a second application balance, and a processor associated with the body portion and coupled to the memory. The processor can perform a load transaction in an amount equal to the first application balance, and restrict any payment transaction carried out via the first stored value application to a payment transaction wherein the recipient consists of user-selected entities. The processor can also perform a load transaction in an amount equal to the second application balance, and preclude performance of payment transactions prior to depletion of the first application balance.

What is claimed is: 
     
         1 . A multi-balance payment apparatus comprising:
 at least one memory containing at least (i) a first stored value application having a first application balance and (ii) a second stored value application having a second application balance; and   at least one processor coupled to the at least one memory, wherein the at least one processor is operative to:
 configure the at least one memory by partitioning at least a portion of the at least one memory into two or more distinct sub-components and configuring portions of an operating system associated with the multi-balance payment apparatus across the two or more distinct sub-components of the at least one memory; 
 execute at least portions of the operating system configured across the two or more distinct sub-components of the at least one memory by:
 allocating a first portion of a set of pre-paid funds, in an amount equal to the first application balance, to a first of the two or more distinct sub-components of the at least one memory via the first stored value application; 
 implementing, in the first of the two or more distinct sub-components of the at least one memory, a first instruction restricting any payment transaction carried out via the first stored value application to one or more payment transactions wherein the recipient exclusively consists of one or more user-selected entities; 
 allocating a second portion of the set of pre-paid funds, in an amount equal to the second application balance, to a second of the two or more distinct sub-components of the at least one memory via the second stored value application; and 
 implementing, in the second of the two or more distinct sub-components of the at least one memory, a second instruction precluding performance of any payment transaction carried out via the second stored value application prior to one or more payments from the first application balance to at least one of the one or more user-selected entities. 
 
   
     
     
         2 . The multi-balance payment apparatus of  claim 1 , wherein the at least one processor is further operative to:
 perform a first payment transaction, in an amount less than or equal to the first application balance, via the first stored value application contained within the at least one memory, wherein the first payment transaction includes, as a recipient, at least one of the one or more user-selected entities.   
     
     
         3 . The multi-balance payment apparatus of  claim 1 , wherein the at least one processor is further operative to:
 perform a second payment transaction, in an amount less than or equal to the second application balance, via the second stored value application contained within the at least one memory, upon a determination that at least one payment has been made from the first application balance.   
     
     
         4 . The multi-balance payment apparatus of  claim 1 , wherein each of (i) the first application balance and (ii) the second application balance is pre-determined by a user. 
     
     
         5 . The multi-balance payment apparatus of  claim 1 , wherein the payment apparatus comprises a mobile device. 
     
     
         6 . The multi-balance payment apparatus of  claim 1 , wherein the payment apparatus comprises a desktop computer. 
     
     
         7 . The multi-balance payment apparatus of  claim 1 , wherein allocating the first portion of the set of pre-paid funds via the first stored value application comprises rendering the amount equal to the first application balance within the at least one memory of the payment apparatus. 
     
     
         8 . The multi-balance payment apparatus of  claim 1 , wherein allocating the first portion of the set of pre-paid funds via the first stored value application comprises rendering the amount equal to the first application balance at a backend server of a payment provider linked to the payment apparatus. 
     
     
         9 . The multi-balance payment apparatus of  claim 1 , wherein allocating a second portion of the set of pre-paid funds via the second stored value application comprises rendering the amount equal to the second application balance within the at least one memory of the payment apparatus. 
     
     
         10 . The multi-balance payment apparatus of  claim 1 , wherein allocating a second portion of the set of pre-paid funds via the second stored value application comprises rendering the amount equal to the second application balance at a backend server of a payment provider linked to the payment apparatus. 
     
     
         11 . The multi-balance payment apparatus of  claim 1 , wherein (i) the first application balance, (ii) the first instruction, (iii) the second application balance, and (iv) the second instruction are embodied via an alphanumeric code issued in conjunction with the payment apparatus. 
     
     
         12 . The multi-balance payment apparatus of  claim 1 , wherein the at least one memory further contains one or more additional stored value applications having one or more respective application balances. 
     
     
         13 . The multi-balance payment apparatus of  claim 12 , wherein the at least one processor is further operative to execute at least portions of the operating system configured across the two or more distinct sub-components of the at least one memory by:
 allocating one or more additional portions of the set of pre-paid funds, in an amount equal to at least a portion of the one or more respective application balances of the one or more additional stored value applications, to at least a third of the two or more distinct sub-components of the at least one memory via at least one of the one or more additional stored value applications; and   implementing, in the at least third of the two or more distinct sub-components of the at least one memory, at least a third instruction precluding performance of any payment transaction carried out via the at least one of the one or more additional stored value applications prior to at least one of (i) one or more payments from the first application balance to at least one of the one or more user-selected entities and (ii) one or more payments from the second application balance.   
     
     
         14 . A computer-implemented method for creating a multi-balance payment apparatus, the method comprising steps of:
 processing user input comprising (i) one or more user-selected entities, (ii) a first pre-paid balance amount designated exclusively for payment transactions involving one or more of the user-selected entities as a recipient, and (iii) one or more additional pre-paid balance amounts designated for one or more payment transactions subsequent to utilization of at least a portion of the first pre-paid balance;   processing funds provided by the user;   upon a determination that the funds equal the sum of the first pre-paid balance and the one or more additional pre-paid balances, performing at least one load transaction via the payment apparatus, in an amount equal to the sum of the first pre-paid balance and the one or more additional pre-paid balances;   limiting use of a first portion of the funds exclusively to one or more payment transactions involving one or more of the user-selected entities as a recipient, wherein the first portion of the funds consists of the first pre-paid balance amount; and   limiting use of a second portion of the funds exclusively to one or more payment transactions executed subsequent to utilization of at least a portion of the first portion of the funds;   wherein the steps are carried out by at least one computing apparatus.   
     
     
         15 . The computer-implemented method of  claim 14 , wherein performing the at least one load transaction comprises rendering the amount equal to the sum of the first pre-paid balance and the one or more additional pre-paid balances on the payment apparatus. 
     
     
         16 . The computer-implemented method of  claim 14 , wherein performing the at least one load transaction comprises rendering the amount equal to amount equal to the sum of the first pre-paid balance and the one or more additional pre-paid balances at a backend server of a payment provider linked to the payment apparatus. 
     
     
         17 . The computer-implemented method of  claim 14 , further comprising:
 repeating said performing the at least one load transaction via the payment apparatus, in an amount equal to the sum of the first pre-paid balance and the one or more additional pre-paid balances.   
     
     
         18 . A computer-implemented method for processing a transaction involving a multi-balance payment apparatus, the method comprising steps of:
 upon receiving a request for executing a first payment transaction between the payment apparatus and a first recipient, confirming:
 (a) the identity of the first recipient as one or more entities from a set of previously established user-selected entities; and 
 (b) that the amount of the first payment transaction is less than or equal to a previously established pre-paid amount designated exclusively for payment transactions involving the user-selected entities; 
   subsequent to confirming (a) and (b), executing the first payment transaction by transmitting the amount of the first payment transaction to the first recipient;   upon receiving a request for executing at least a second payment transaction between the payment apparatus and at least a second recipient, confirming:
 (c) that at least a portion of the pre-paid amount designated exclusively for payment transactions involving the user-selected entities has been utilized; and 
 (d) that the amount of the at least second payment transaction is less than or equal to at least one previously established pre-paid amount designated exclusively for payment transactions permitted for execution subsequent to utilization of at least a portion of the pre-paid amount designated exclusively for payment transactions involving the user-selected entities; and 
   subsequent to confirming (c) and (d), executing the at least second payment transaction by transmitting the amount of the at least second payment transaction to the at least second recipient;   wherein the steps are carried out by at least one backend server.   
     
     
         19 . The computer-implemented method of  claim 18 , further comprising:
 rejecting the first payment transaction upon a failure to confirm at least one of (a) and (b); and   rejecting the at least second payment transaction upon a failure to confirm at least one of (c) and (d).   
     
     
         20 . The computer-implemented method of  claim 18 , further comprising:
 generating an output comprising a display of at least one of:
 (i) a remaining balance of the pre-paid amount designated exclusively for payment transactions involving the user-selected entities; 
 (ii) a remaining balance of the at least one pre-paid amount designated exclusively for payment transactions permitted for execution subsequent to utilization of at least a portion of the pre-paid amount designated exclusively for payment transactions involving the user-selected entities; and 
 (iii) a summary of payment transactions executed by the payment apparatus.