PIN VOUCHER

CROSS-REFERENCE TO RELATED APPLICATIONS

[0001] This is the first application filed for the present invention. TECHNICAL FIELD

[0002] The present invention relates to electronic remittance systems.

BACKGROUND

[0003] Various technologies exist for international remittances or wire transfers. In the micro-foreign remittance market, for example small transactions ranging from $1 .00 to $250.00, a significant issue is that the transaction cost for the sender is prohibitively large, making the transaction undesirable. An improved technology is thus highly desirable to address this problem.

SUMMARY

[0004] The present invention addresses the problem set forth above. The following presents a simplified summary of the invention in order to provide a basic understanding of some aspects of the invention. This summary is not an exhaustive overview of the invention. It is not intended to identify essential, key or critical elements of the invention or to delineate the scope of the invention. Its sole purpose is to present some concepts in a simplified form as a prelude to the more detailed description that is discussed later.

[0005] In general, the present invention provides an electronic remittance system and method that employs a Personal Identification Number (PIN) voucher that is generated by a computing device (e.g. a computer, server, server cluster, etc.) in response to a voucher purchase request received from a first user of a first device and then enables redemption of the voucher by second user of a second device on presentation of the PIN voucher. This system and method may be implemented to provide a global cash voucher issuance and redemption network. [0006] Accordingly, one aspect of the present invention is a voucher-based remittance system comprising a distributor-operated device connected to a data network for transmitting a request for a voucher on behalf of a customer of a distributor; a network-connected computing device having a memory and processor executing computer-readable instructions in code that cause the computing device to: receive the request for the voucher from the distributor-operated device; record distributor information for the distributor; record a voucher value for the voucher; write details to, and deduct an amount from, a distributor account (or electronic wallet) associated with the distributor; transmit a PIN to the distributor for delivery to the customer of the distributor; a supplier-operated device connected to the data network for receiving from a supplier on behalf of a recipient a redemption request containing the PIN to redeem the voucher; wherein, in response to subsequently receiving the redemption request, the computing device is further configured to: check that the PIN is valid; retrieve voucher details if the PIN is valid; lock the voucher to prevent simultaneous retrieval by another supplier; authenticate the voucher; and if the voucher is authenticated, send a response code, the voucher value, and a unique transaction ID to the supplier to enable redemption of the voucher by the recipient of the voucher.

[0007] Another aspect of the present invention is a computer-implemented remittance method comprising: transmitting a request for a voucher on behalf of a customer of the distributor from a distributor-operated device connected to a data network; receiving via a network-connected computing device the request for the voucher from the distributor-operated device; recording in a memory of the computing device distributor information for the distributor; recording in the memory of the computing device a voucher value for the voucher; writing by a processor of the computing device details to, and deducting an amount from, a distributor account associated with the distributor; transmitting a PIN to the distributor-operated device for delivery to the customer of the distributor; subsequently receiving from a supplier on behalf of a recipient a redemption request containing the PIN to redeem the voucher; checking that the PIN is valid; retrieving voucher details if the PIN is valid; locking the voucher to prevent simultaneous retrieval by another supplier; authenticating the voucher; and if the voucher is authenticated, sending a response code, the voucher value, and a unique transaction ID to the supplier to enable redemption of the voucher by the recipient of the voucher.

[0008] Yet another aspect of the present invention is an online voucher purchasing and redemption system comprising a first network-connected device operated by a voucher purchaser and connected to a data network via a distributor- operated portal associated with a voucher distributor for transmitting a request for a voucher; a network-connected computing device having a memory and processor executing computer-readable instructions in code that cause the computing device to: receive the request for the voucher from the first device; record distributor information for the distributor; record a voucher value for the voucher; write details to, and deduct an amount from, a distributor account associated with the distributor; transmit a PIN to the first device; a second network-connected device operated by a recipient of the PIN for sending a redemption request containing the PIN to the computing device; wherein, in response to receiving the redemption request containing the PIN via a merchant portal, the computing device is further configured to: check that the PIN is valid; retrieve voucher details if the PIN is valid; lock the voucher to prevent simultaneous retrieval by another device; authenticate the voucher; and if the voucher is authenticated, send a response code, the voucher value, and a unique transaction ID to the second device to enable redemption of the voucher.

[0009] Yet another aspect of the present invention is a computer-implemented voucher purchase and redemption method comprising transmitting a request for a voucher from a first network-connected device operated by a purchaser of the voucher via a distributor-operated portal associated with a voucher distributor; receiving via a network-connected computing device the request for the voucher from the first device; recording in a memory of the computing device distributor information for the distributor; recording in the memory of the computing device a voucher value for the voucher; writing by a processor of the computing device details to, and deducting an amount from, a distributor account associated with the distributor; transmitting a PIN to the first device; subsequently receiving a redemption request from a second network-connected device operated by a recipient of the PIN via a merchant portal, the redemption request containing the PIN to redeem the voucher; checking that the PIN is valid; retrieving voucher details if the PIN is valid; locking the voucher to prevent simultaneous retrieval by another device; authenticating the voucher; and if the voucher is authenticated, sending a response code, the voucher value, and a unique transaction ID to the recipient to enable redemption of the voucher.

[0010] A further aspect of the present invention is a non-transitory computer- readable medium comprising instructions in code which when loaded into a memory and executed by a processor of a computing device cause the computing device to receive a request for a voucher from a first network-connected device; record in the memory information about user of the first device; record in the memory a voucher value for the voucher; write details to, and deduct an amount from, a user account associated with the user; transmit a PIN to the first device; subsequently receive a redemption request from a second network-connected device, the redemption request containing the PIN to redeem the voucher; check that the PIN is valid; retrieve voucher details if the PIN is valid; lock the voucher to prevent simultaneous retrieval by another device; authenticate the voucher; and if the voucher is authenticated, send a response code, the voucher value, and a unique transaction ID to the second device to enable redemption of the voucher.

[0011] The details and particulars of these aspects of the invention will now be described below, by way of example, with reference to the drawings.

BRIEF DESCRIPTION OF THE DRAWINGS

[0012] Further features and advantages of the present technology will become apparent from the following detailed description, taken in combination with the appended drawings, in which: [0013] FIG. 1 schematically depicts a voucher-based remittance system in accordance with one embodiment of the present invention;

[0014] FIG. 2 schematically depicts a remittance method in accordance with one embodiment of the present invention; [0015] FIG. 3 schematically depicts another voucher-based system in accordance with another embodiment of the present invention; and

[0016] FIG. 4 schematically depicts another remittance method in accordance with another embodiment of the present invention. [0017] It will be noted that throughout the appended drawings, like features are identified by like reference numerals.

DETAILED DESCRIPTION OF EMBODIMENTS

[0018] Various embodiments of the invention are presented by way of example with reference to FIGS. 1 -4. FIGS. 1 -2 illustrate a system and method for purchasing a PIN voucher at a point-of-sale (POS) terminal operated by a retailer or distributor. The latter performs the transaction on behalf of a purchaser, customer or client. A supplier of products or services (i.e. a merchant) redeems the voucher on behalf of the recipient. FIGS. 3-4 illustrate a system and method for a user to purchase the voucher online, e.g. via an Internet-connected mobile device or other device connected to a web portal. The recipient can redeem the voucher via a merchant portal to purchase goods and services from the merchant.

[0019] FIG. 1 depicts a voucher-based remittance system, generally denoted by reference numeral 10, in accordance with an embodiment of the present invention. The system 10 depicted by way of example in FIG. 1 includes a distributor-operated device 20 connected to a data network 30 (e.g. the Internet) via a gateway 25 for transmitting a request for a voucher on behalf of a customer of a distributor. The distributor-operated device 20 may be a Point-of-Sale (POS) terminal, electronic cash register, kiosk, computer, or other such device having a processor and memory and data-communication transceiver such as a modem or radiofrequency transceiver.

[0020] As depicted in FIG. 1 , the system further includes a network-connected computing device 40 (which be a computer, server, server cloud, cloud-computing system or equivalent) having a memory and processor executing computer-readable instructions in code that cause the computing device to (i) receive the request for the voucher from the distributor-operated device (e.g. via a data-communication transceiver such as a modem or radiofrequency transceiver using, e.g. an HTTP request and TCP/IP protocol); (ii) record distributor information for the distributor; (iii) record a voucher value for the voucher; (iv) write details to, and deduct an amount from, a distributor account associated with the distributor; and (v) transmit a PIN to the distributor for delivery to the customer of the distributor. The system also includes a supplier-operated device 50 (which may be may be a Point-of-Sale (POS) terminal, electronic cash register, kiosk, computer, or other such device having a processor, memory and data-communication transceiver such as a modem or radiofrequency transceiver) connected to the data network via a gateway 55 for receiving from a supplier on behalf of a recipient a redemption request containing the PIN to redeem the voucher. For example, the PIN may be an alphanumeric code of 8 to 32 numbers and/or letters. This computing device is, in response to subsequently receiving the redemption request, further configured to: (i) check that the PIN is valid; (ii) retrieve voucher details if the PIN is valid; (iii) lock the voucher to prevent simultaneous retrieval by another supplier; (iv) authenticate the voucher; and (v) if the voucher is authenticated, send a response code, the voucher value, and a unique transaction ID to the supplier to enable redemption of the voucher by the recipient of the voucher. The PIN may be delivered or transferred from the purchaser to the recipient in any desired format, e.g. it may be communicated electronically via e-mail, SMS, or other such notification. For example, the PIN may be communicated as an attachment to an e-mail message relayed between the purchaser e-mail account and the recipient e-mail account via a mail server 60 (or multiple mail servers).

[0021] As shown in FIG. 2, the remittance method entails a step of transmitting a request for a voucher on behalf of a customer of the distributor from a distributor- operated device connected to a data network and a step S1 of receiving via a network-connected computing device the request for the voucher from the distributor-operated device. The request includes the value, the payment currency and the currency of redemption. The method entails a subsequent step S2 of recording in a memory of the computing device distributor information for the distributor and a voucher value for the voucher. At step S3, the method entails writing by a processor of the computing device details to, and deducting an amount from, a distributor account associated with the distributor and a step S4 of transmitting ("releasing") a PIN to the distributor-operated device for delivery to the customer of the distributor. This concludes the voucher issuance phase. What follows in the method is the voucher redemption phase. The method thus involves, for the redemption phase, a step S5 of subsequently receiving from a supplier (on behalf of a recipient) a redemption request containing the PIN to redeem the voucher. The PIN may be an numeric string, an alphabetic string, an alphanumeric string, a bar code, a QR code or any other symbol-based code. The method further includes a step S6 of checking that the PIN is valid and a step S7 of retrieving voucher details if the PIN is valid. At step S8, the method involves locking the voucher to prevent simultaneous retrieval by another supplier and a step S9 of authenticating the voucher. If the voucher is authenticated, there is a final step S10 of sending a response code, the voucher value, and a unique transaction ID to the supplier to enable redemption of the voucher by the recipient of the voucher.

[0022] In one embodiment, the request specifies a voucher type and the computing device sends the voucher type along with the response code to the supplier if the voucher is authenticated. The voucher type may specify that the voucher can only be redeemed at a specified merchant or for specified types of goods. For example, the sender/purchaser of the voucher may specify that the voucher can only be redeemed at a grocery store or a supermarket to ensure that the recipient uses the voucher to buy food or groceries. The voucher type is a useful feature for migrant workers sending funds back home to family members or for donors making charitable donations where it is desired to control the manner in which the funds are spent. Accordingly, in some embodiments, the vouchers is credit redeemable only at the merchant establishment or within a chain of merchants that are affiliated, associated or allied establishments or franchises.

[0023] In one embodiment, the computing device is further configured to create a transaction record comprising the unique transaction ID and wherein the transaction record further comprises supplier details (e.g. merchant details), terminal ID (e.g. MAC address and/or IP address of the network device), and any relevant voucher details.

[0024] In one embodiment, the voucher is authenticated by authenticating the distributor and/or the distributor-operated device. This may be done using digital signature technology (based on public key authentication) or other cryptographic authentication techniques.

[0025] In one embodiment, the computing device checks transaction limits for the distributor. For example, the distributor may be limited to certain transaction amounts either for individual transactions or in terms of the aggregate value of transactions in a given period of time. In another embodiment, the computing device checks that a distributor is authorized to sell a requested type of voucher. In another embodiment, the computing device checks an account balance of the distributor. The system may require the distributors to each operate a deposit account or it may extend credit to trusted distributors.

[0026] As illustrated by way of example in FIG. 3, a system similar to the system of FIG. 1 has been adapted for self-service online purchase of the voucher via a self-serve web portal or mobile app operated or provided by a distributor (i.e. a retailer or other licensed entity) as opposed to a POS terminal or other physical outlet. Accessing the web portal may be done using a networked desktop, laptop, tablet, kiosk, mobile device or any other such device having a processor, memory and data-communication and web-browsing capability. Alternatively, an application (app) may be provided to access the portal which is downloaded, stored and executed by a computer, tablet, mobile device, etc. [0027] As shown by way of example in FIG. 3, the first and second network- connected devices may each be a mobile device having wireless data connectivity to a data network such as the Internet. Each device has a processor, a memory (e.g. RAM and ROM), a user interface for interacting with the device and its applications. The user interface may include one or more input/output devices, such as a touch-sensitive display screen. The device may include a wireless transceiver chip connected to an embedded antenna for communicating with other devices. The transceiver may be a cellular radiofrequency (RF) transceiver for wirelessly communicating with one or more base stations over a cellular wireless network using 3G/4G cellular communication protocols and standards for packet data transfer such as GSM, CDMA, GPRS, EDGE, UMTS, LTE, HSPA, etc. The device may include a Subscriber Identity Module (SIM) card for GSM-type devices or a Re- Usable Identification Module (RUIM) card for CDMA-type devices. The device may have a Wi-Fi™ transceiver 192 instead of the cellular RF transceiver or in addition to the cellular RF transceiver. The device may optionally include a Bluetooth® transceiver and/or a near-field communications (NFC) chip. The device may also optionally include a transceiver for WiMax™ (IEEE 802.16), a transceiver for ZigBee® (IEEE 802.15.4-2003 or other wireless portable area networks), an infrared transceiver or an ultra-wideband transceiver. The device may optionally include one or more ports or sockets for wired connections, e.g. USB, HDMI, FireWire (IEEE 1394), etc. or for receiving non-volatile memory cards, e.g. SD (Secure Digital) card, miniSD card or microSD card. Any of these wired or wireless connections may be used to connect to the data network. Optionally, the device may include a position- determining subsystem such as a Global Navigation Satellite System (GNSS) receiver which may be, for example, a Global Positioning System (GPS) receiver. Positioning data may be used to authenticate the user and/or to determine the jurisdiction in which the purchaser is located for compliance with local money- transferring laws and regulations.

[0028] FIG. 4 depicts a method having steps S1 1 -S20 which are similar to the steps S1 -S10 of the method presented in FIG. 2 but which have been adapted for online purchase of the voucher via a web portal, mobile app or the like. This self- service purchase may be done using a networked desktop, laptop, tablet, or mobile device. To be noted is step S14 which notifies the portal of successful PIN delivery and presents the PIN to the customer via the portal (e.g. web portal or mobile phone app) rather than releasing the PIN to the distributor in step S4.

[0029] From the foregoing description, it should now be apparent to those ordinary skill in the art that this invention provides, among other features, a novel system and method to issue, manage, and redeem vouchers.

[0030] This innovative technology furthermore enables different methods of redemption, e.g. the ability to partially redeem a voucher and have a balance for future redemption. For example, the vouchers may be able to be redeemed for a mixture of products (or services) and cash. Currently, gift cards can only be redeemed for product while remittances can only be redeemed for cash. For example, a person with a $50.00 voucher can go to a store and purchase $32.63 worth of products. At checkout the $32.63 is debited against the voucher value and the person will have the option of receiving the remaining voucher value of $17.63 in cash from the store, thus satisfying the person's requirement for both products and cash at the same location.

[0031] Also, upon redemption, the voucher holder may decide to only use for example only $9.56 of a $25.00 voucher. In this situation, the $15.44 remaining balance will be stored against the voucher for future use. In essence, the voucher automatically becomes an electronic wallet from which future purchases may be debited.

[0032] Lastly, unlike current gift card schemes, the voucher system in accordance with at least some embodiments of the present invention is both currency-neutral and country-neutral thereby allowing for international transactions seamlessly in any currency pairing. For example, a CAD100 voucher can be redeemed for USD92.65 of products or EUR73.45 of services or partially in one currency and the balance in other currencies. This system thus reduces the barriers for international commerce.

[0033] The present invention overcomes these obstacles, thereby facilitating the remittance of funds from one party to another. The embodiments of this invention are particularly useful for micro transactions because it passes the cost onto the redeeming merchant rather than the sender and receiver as is the current case. This is of enormous benefit to migrant workers who no longer have to pay hefty commissions to send money home to their families. The merchants (suppliers) benefit from having an increased number of customers and thus have a financial incentive to pay for the merchant portal, kiosk, equipment, etc. (and any associated transaction fees). [0034] To summarize, the present invention provides at least the following benefits and advantages:

[0035] 1 ) The voucher is not unique to a particular merchant. The voucher holder can use the voucher at any participating merchant.

[0036] 2) The voucher provides both cash and product(s). [0037] 3) The voucher is free for both the buyer and the redeemer. All fees are paid by the supplier/merchant where the voucher is redeemed.

[0038] 4) The voucher is multi-currency, enabling the buyer to purchase the voucher in a first currency and the recipient to redeem the voucher in a second currency.

[0039] 5) The voucher may be partially redeemed. This enables E-Wallet backed remittances.

[0040] 6) The voucher provides immediate transfer of funds, i.e. the voucher can be used immediately after purchased anywhere worldwide at a participating merchant.

[0041] Any of the methods disclosed herein may be implemented in hardware, software, firmware or any combination thereof. Where implemented as software, the method steps, acts or operations may be programmed or coded as computer- readable instructions and recorded electronically, magnetically or optically on a fixed or non-transitory computer-readable medium, computer-readable memory, machine- readable memory or computer program product. In other words, the computer- readable memory or computer-readable medium comprises instructions in code which when loaded into a memory and executed on a processor of a computing device cause the computing device to perform one or more of the foregoing method(s).

[0042] Accordingly, one aspect of the present invention is a non-transitory computer-readable medium (e.g. software tangibly embodied in a memory or other data-storage device). This computer-readable medium comprises programmed instructions in computer-readable or machine-readable code which when stored in a memory of a computing device and executed by a processor of the computing device cause the computing device to issue a PIN voucher to a first user and to subsequently permit a second user to redeem the PIN voucher to thereby remit or transfer money, currency credit, or other valuable consideration from the first user to the second user. [0043] For issuance of a PIN voucher, the computer-readable medium has code that causes the device to receive a request for a voucher from a first network- connected device. The code causes the device to record in the memory of the device any specified information about the user of the first device, e.g. name, address, phone number, or other credentials. The memory may also record a voucher value for the voucher. The code may optionally specify predetermined denominations for the vouchers, e.g. $5, $10, $20, $50, $100, $200, $500, $1000, $5000, $10,000, etc. In another embodiment, the amount may be any arbitrary amount specified by the user. The code causes the device to write details to, and deduct an amount from, a user account associated with the user. The code causes the device to transmit a PIN to the first device. Optionally, the code may cause the device to verify that the user is on a white list of pre-approved users or, alternatively, that the user is not on a black list of prohibited users. Optionally, the code may cause the device to verify that the transaction (e.g. transaction amount) complies with the money transfer or international remittance laws of the jurisdiction or jurisdictions involved in the transfer (e.g. does the transfer comply with the jurisdiction of the sender and does the transfer comply with the jurisdiction of the recipient). For example, it may not be legal for the user to transfer more than a certain amount of funds or to transfer funds to a jurisdiction that is embargoed or subject to trade sanctions. The code may optionally generate an alert if the transaction is not compliant.

[0044] For subsequent redemption of the PIN voucher by a second user to whom the PIN has been transmitted by the first user, the computer-readable medium comprises code to receive a redemption request from a second network- connected device, the redemption request containing the PIN to redeem the voucher.

[0045] After the PIN voucher is received, the software code causes the device to check that the PIN is valid and, if so, to retrieve voucher details from memory. The code further programs the device to lock the voucher to prevent simultaneous retrieval by another device (i.e. to block parallel redemption of the same voucher). The code further authenticates the voucher. If the voucher is authenticated, the code causes the device to send a response code, the voucher value, and a unique transaction ID to the second device to enable redemption of the voucher.

[0046] Optionally, the computer-readable medium includes code that causes the device to send a voucher type specified by the user along with the response code to the second device if the voucher is authenticated.

[0047] Optionally, the computer-readable medium includes code that creates a transaction record comprising the unique transaction ID, recipient details, terminal ID, and voucher details.

[0048] Optionally, the computer-readable medium includes code that authenticates the user and the first device.

[0049] Optionally, the computer-readable medium includes code that checks transaction limits for the user.

[0050] Optionally, the computer-readable medium includes code that checks that a user is authorized to purchase a requested type of voucher. [0051] Optionally, the computer-readable medium includes code for checking an account balance of the user.

[0052] The optional features listed above may be implemented in any desired combination.

[0053] A computer-readable medium can be any means that contain, store, communicate, propagate or transport the program for use by or in connection with the instruction execution system, apparatus or device. The computer-readable medium may be electronic, magnetic, optical, electromagnetic, infrared or any semiconductor system or device. For example, computer executable code to perform the methods disclosed herein may be tangibly recorded on a computer- readable medium including, but not limited to, a floppy-disk, a CD-ROM, a DVD, RAM, ROM, EPROM, Flash Memory or any suitable memory card, etc. The method may also be implemented in hardware. A hardware implementation might employ discrete logic circuits having logic gates for implementing logic functions on data signals, an application-specific integrated circuit (ASIC) having appropriate combinational logic gates, a programmable gate array (PGA), a field programmable gate array (FPGA), etc.

[0054] For the purposes of interpreting this specification, when referring to elements of various embodiments of the present invention, the articles "a", "an", "the" and "said" are intended to mean that there are one or more of the elements. The terms "comprising", "including" and "having" are intended to be inclusive and open-ended by which it is meant that there may be additional elements other than the listed elements.

[0055] This invention has been described in terms of specific embodiments, implementations and configurations which are intended to be exemplary only. Persons of ordinary skill in the art will appreciate, having read this disclosure, that many obvious variations, modifications and refinements may be made without departing from the inventive concept(s) presented herein. The scope of the exclusive right sought by the Applicant(s) is therefore intended to be limited solely by the appended claims.