Field of the Invention
The present invention generally relates to facilitating financial transactions and more particularly to facilitating such transactions with a mobile device.
Related Art
Mobile devices, such as cell phones, are being used by more and more people world-wide. In addition to using mobile phones for voice calls, consumers can communicate nearly anytime and anywhere to facilitate information access to mobile services and the Internet. Mobile phones have also become multimedia computing platforms with integral digital cameras for taking pictures and video, playing music, recording conversations, and organizing and planning activities and appointments.
More recently, mobile phones have been used in conjunction with on-line payment service providers, such as PayPal, Inc. of San Jose, Calif. With the ever-increasing popularity of the Internet and of Internet commerce, both consumers and sellers are using the Internet to facilitate financial transactions between parties, whether they are individuals or companies. In on-line financial transactions, consumers may use an on-line payment provider to transfer money and receive money over electronic networks, such as the Internet. The money transfer may be for payment of goods or services. The payment providers supply an infra-structure, software, and services that enable users to make and receive payments. Mobile phone users may contract with a payment provider to allow the user to make payments over the phone. Typically, this requires the user to open up an application on the phone, such as through a web browser. The user then accesses his or her on-line account by entering requested information, such as a user name, phone number, email, and/or password. Payment information can then be entered and transmitted to the payment provider, who then transfers funds from the user's account to the payee's account. A confirmation may then be sent to the payer and/or the payee.
While this service gives the consumer flexibility in paying for services anywhere using a mobile phone, the procedure can be cumbersome, time-consuming, and may be prone to fraudulent transfers.