Skip to content
  • About
  • Services
    • Phone Interview
    • Initial Meeting
    • Invention Analysis
    • Plan of Action
    • Invention Design
    • 2D/3D Illustrations
    • Invention Engineering
    • Patent Protection
    • Market Research
    • Manufacturers Search
    • Invention Brochures
    • Licensing & Royalties
  • Submit
  • Benefits
  • Blog
  • Contact
Menu
  • About
  • Services
    • Phone Interview
    • Initial Meeting
    • Invention Analysis
    • Plan of Action
    • Invention Design
    • 2D/3D Illustrations
    • Invention Engineering
    • Patent Protection
    • Market Research
    • Manufacturers Search
    • Invention Brochures
    • Licensing & Royalties
  • Submit
  • Benefits
  • Blog
  • Contact

972-402-0000

Irving, Texas

  • About
  • Services
    • Phone Interview
    • Initial Meeting
    • Invention Analysis
    • Plan of Action
    • Invention Design
    • 2D/3D Illustrations
    • Invention Engineering
    • Patent Protection
    • Market Research
    • Manufacturers Search
    • Invention Brochures
    • Licensing & Royalties
  • Submit
  • Benefits
  • Blog
  • Contact
Menu
  • About
  • Services
    • Phone Interview
    • Initial Meeting
    • Invention Analysis
    • Plan of Action
    • Invention Design
    • 2D/3D Illustrations
    • Invention Engineering
    • Patent Protection
    • Market Research
    • Manufacturers Search
    • Invention Brochures
    • Licensing & Royalties
  • Submit
  • Benefits
  • Blog
  • Contact
Free Invention Analysis

Facebook seeks patent for payment system

  • May 31, 2017
Facebook seeks patent for payment system

Facebook has moved the country’s patent office seeking patent for its invention relating to a transactional payment system that allows users of messaging system to send and receive electronic payments. It appears as a significant step, especially in the wake of India’s big thrust on digital money transactions. The social networking site filed the application at the Chennai patent office on May 5 and subsequently it was published in the Patent Journal on May 12. According to the patent filing by Facebook, the invention relates to systems and methods that provide a transactional payment system. In particular, the transactional payment system allows users of

According to the patent filing by Facebook, the invention relates to systems and methods that provide a transactional payment system. In particular, the transactional payment system allows users of messaging system to send and receive electronic payments to and from other users of the messaging system.

The company said that a messaging application on a client device can receive payment information input such as a payment amount and payment method, from a sender for making a payment to a recipient. The application can send a payment message including the payment information to a messaging system and the messaging system coordinates a payment process based on the payment information.

During the payment process, the messaging system can provide status updates to the sender and receiver of the payment via status messages that are included in a message thread corresponding to the sender and the recipient, Facebook said. The company in its patent document said that in theory, the concept of using a payment application on a mobile device to electronically transfer money provides a convenient method of transferring money between users. Conventional payment applications, however, have several drawbacks that often cause frustration, confusion, and result in a payment process that is often more time consuming than it is worth.

Facebook said that many conventional payment applications require the use of card readers that connect to another computing device, such as a mobile device. The conventional payment applications that use a card reader have several disadvantages. For example, a user must carry and always have the card reader, in addition to the mobile device, in order to receive a payment. In addition, the card reader and the connection between the mobile device and card reader are often prone to failure. Card readers also lack public trust due to the ability of criminals to use card readers to steal sensitive credit card information.

Furthermore, payment applications that require card readers are typically not suitable for processing remote payments, it submitted.While other conventional payment applications do not use card readers, but are standalone payment services in which both the sender and the recipient of the payment must create an account specifically for the payment service. In many conventional payment applications, the sender, recipient, or both have to go through a time-consuming process of setting up an account, thereby causing the payment process to be inconvenient and burdensome, Facebook said in the patent filing.

In addition to setting up an account associated with a particular payment application, the payment process that many conventional payment applications use is complicated. Many conventional payment applications process a payment by sending a series of e-mails with links. Users are often required to click on the e-mail links to continue the payment process, such as accepting or denying a payment. Therefore, the payment processing steps are not intuitive and often cause confusion for the users.

  • Patent Application, Patents, Tech
Inventions
Tech

Latest Posts

This device tells you when the stove’s been left on
This device tells you when the stove’s been left on
Are you the type of person who needs to check that the stove is off five times before leaving the ...
WeMo is a smart plug that allows you to control appliances remotely
WeMo is a smart plug that allows you to control appliances remotely
Have you ever left the iron on, only to remember hours later while you're sitting at your desk at work? ...
The pocket-sized Nix Sensor digitizes colors on demand
The pocket-sized Nix Sensor digitizes colors on demand
Assuming that you're in fact not some sort of color wizard, The Nix Mini Color Sensor could be an awesome ...
Sit back, relax, and let this electric bike go 236 miles on one charge
Sit back, relax, and let this electric bike go 236 miles on one charge
E-bike technology isn't exactly new — we've seen multiple scattered across the Internet for a few years now, all claiming ...
Think you can invent a personal jetpack? Boeing could give you $2 million for it
Think you can invent a personal jetpack? Boeing could give you $2 million for it
Boeing really wants to make personal jetpacks a thing, and they’re asking for your help. Boeing is sponsoring the GoFly ...
Keep your phone propped up with this easy and adaptable mount
Keep your phone propped up with this easy and adaptable mount
Mounting your phone to your car? Puh-leeze. Welcome to the year 2017, where you can attach your iPhone, Android, or even your Blackberry ...
Previous
Next
View all Posts

What's on Your Mind?

Submit your Idea for your Free
Patent Search Now.

FREE PATENT SEARCH
  • 972.402.0000
  • [email protected]

What's on Your Mind?

Submit your Idea for your Free
Patent Search Now.

FREE PATENT SEARCH
  • 972.402.0000
  • [email protected]

Give Us a Call

972.402.0000

Evaluate

  • Phone Interview
  • Initial Meeting
  • Invention Analysis
  • Plan of Action

Develop

  • Invention Design
  • 2D/3D Illustrations
  • Invention Engineering
  • Patent Protection

Launch

  • Market Research
  • Manufacturers Search
  • Invention Brochures
  • Licensing & Royalties

Address

6565 N.MacArthur Blvd, Irving, Texas 75039

Phone

972.402.0000

800.962.3032

972.402.0095

Email

[email protected].com

Evaluate

  • Phone Interview
  • Office Meeting
  • Invention Analysis
  • Plan of Action

Develop

  • Invention Design
  • 2D/3D Illustrations
  • Invention Engineering
  • Patent Protection

Launch

  • Market Research
  • Manufacturers Search
  • Invention Brochures
  • Licensing & Royalties

Follow Us

Facebook-f Instagram Linkedin-in Pinterest-p Twitter
© 2022, Lonestar Patent Services, Inc.

Privacy Policy | Terms of Use

Free Invention Analysis

×

Non-Disclosure Agreement (NDA)

This agreement keeps your idea safe between you and Lonestar Patent Services.

I understand that the product idea information I submit cannot be used, disclosed or sold without my express written permission. I also understand that all Lonestar Patent Services employees are required to sign an ethics and confidentiality agreement for my protection. I believe that I am the original inventor of the idea described herein. I authorize Lonestar Patent Services to review my idea and contact me in 3 to 5 business days with the results. I acknowledge that Lonestar Patent Services monitors and records telephone calls for quality assurance. I understand that Lonestar Patent Services does not promise any financial gain from the development of any new product idea.

By clicking the “submit” button below as my electronic signature, I expressly consent to being contacted about Lonestar Patent Services by phone call, auto-dialed phone call including prerecorded voice messages, text messages or email at any number or email address I provide. I understand that my consent is not a requirement for purchase of services.

Fee based service.