CHOOSE MY WALLET Systems & Methods
By Dr. Guy McClung
Instead of putting all your eCommerce eggs in one electronic wallet, now it is possible, for each separate transaction, to choose from several available eWallets to finalize a transaction. In the process, the eWallet providers bid to get your business – and you review all the bids, all the offers of incentives, before you pick your eWallet of choice.
Before the revolutionary CHOOSE MY WALLET methods and computer applications were available from GLM Creations, typically a consumer used only one of a variety of electronic wallets – called “digital wallets,” or “eWallets” – which are available for entering into agreements and for finalizing transactions, e.g., transactions between a seller and a buyer, between a customer and a business, and between a consumer and an entity that provides a product or a service – both online (e.g., via the Internet) and offline (e.g, in a typical retail sale situation, e.g., with NFC technology). A variety of devices can be used in such transactions (e.g., phone, cellphone, laptop computer, netbook, smartphone, desktop, notebook, iPad, tablet computer, etc.) and a variety of computer applications (“apps”) are used in such transactions. Such transactions are often done at a business location or online via the Internet.
GLM Creations now provides the CHOOSE MY WALLET eWallet choice methods, systems, and computer applications which let a consumer choose an eWallet for each transaction and which allows an eWallet provider to attempt to convince the consumer, with an incentive, to choose that provider’s eWallet for the transaction. An eWallet provider can now offer discounts, award points, cash, gifts, extended warranties, frequent flyer miles, and automatic funding of a consumer account each time the consumer chooses to use that particular eWallet provider. A funded account of a consumer can be a retirement account, college fund account, wedding expense account, insurance account, present (e.g., birthday or anniversary) account,or vacation account; and/or the gift of an insurance policy to the consumer. “CHOOSE MY WALLET” is a trademark.
The new CHOOSE MY WALLET methods and systems employ computer applications or “apps,” that effect the steps of the method and provide the necessary connections and communication between a person (or entity) and eWallet providers. Such apps facilitate transactions and, when chosen, the funding of an account; they identify the person; access an appropriate systems, software and servers; provide communication between the person and the systems, software, and servers; receive and transmit transaction information and/or an account funding request; communicate with eWallet providers and, in some aspects, a funding source (e.g entity that provides and/or administrates a checking account, savings account, credit card account, electronic wallet); effect and finalize the transaction via a chosen eWallet provider and, in some aspects, effect the transfer of an amount or incentive to an account. Optionally the app provides confirmation to a person.
In new CHOOSE MY WALLET methods, multiple eWallet providers can bid for the business of a particular transaction either prior thereto or in real time just prior to transaction completion. In another aspect, such bidding occurs automatically and the transaction, sale, purchase, etc. is finalized according to a preset protocol, pre-chosen rule, and/or predetermined choice of a consumer.
When there are multiple bidders that submit a bid, a consumer can preselect a bidder of the multiple bidders to “win” the bid, so long as that selected bidder is one of the actual bidders (if not, the consumer can select one of the actual bidders). For example, a consumer scans a product at a Walmart (e.g., identifies a product to be purchased using a camera on a phone, e.g., by scanning a barcode, nanocode, RFID identifier, or some other identification code, structure or material). A computer application in the phone and/or at a server of the phone service provider alerts potential eWallet entities through whom the transaction can be completed and each of them makes a decision whether or not to bid for the business. Via the server, and employing a CHOOSE MY WALLEET computer app, of all those who decide to bid, e.g., eWallets of a phone service provider, a credit card issuer and a bank, each provides a bid. The server sends the bids to the consumer.
In one aspect, the computer application has already been adjusted, changed, and/or programmed so that when multiple entities make a bid, the consumer has already chosen the winner. For example, the consumer may have decided that, due to award points provided by a credit card issuer, if the credit card issuer bids, that is the eWallet entity chosen; or the consumer has decided that, because of free phone minutes provided by a phone service provider, the eWallet of the phone service provider is the eWallet entity chosen.
It is also possible in certain CHOOSE MY WALLET methods in which consumer choice is not effected automatically based on a consumer preselection, that the consumer is provided information about the various eWallet provider bids and then selects the most desirable offer. Upon selection, the transaction, sale, etc. is finalized in accord with the consumer’s wishes.
In one particular CHOOSE MY WALLET method of these new inventions, multiple entities bid for a consumer to choose a particular electronic wallet from a plurality of possible electronic wallets that can be used for a transaction. The multiple entities may be eWallet providers or entities that have a relationship with an electronic wallet provider. Once each potential transaction-winning entity has bid, each entity then has the chance to review all the bids and then to re-bid. Any or all entities can provide a second bid better than a first bid and/or better than another entity’s first bid. The new bids are then presented to the consumer for choice of a particular electronic wallet of a particular entity for finalizing the transaction. In one aspect, the re-bid procedure may be used as many times as desired and/or as many times as any entity is willing to re-bid (i.e., more than only a second bid stage). Corresponding computer applications are provided for each such method described in this paragraph (as they are for every ndew method of these inventions).
Any entity may bid based on price and/or incentives. The incentives may include cash paid now, cash paid immediately at a point of transaction or at a point of sale, reward points, award points, frequent flyer miles, future discounts and/or rebates, present discounts and/or rebates, present payment to an account such as a pension account or an insurance policy account, warranty or extended warranty, free merchandise and or services, free hotel room nite, free rental car, preferred booking and/or reservation status, service upgrade, flight class upgrade, payment of an applicable tax, payment of sales tax, payment of value added tax, price guarantee, price guarantee for a stated geographic area, check sent to consumer, price guarantee for a stated period of time, price guarantee for a specific item or service, price guarantee for similar items or services, price guarantee based on multiple entities who offer the same or similar item or service, credit to an account, and/or a promise of future incentive or incentives.
Optionally, a consumer pre-selects an eWallet entity or entities, and only a selected entity (or only selected entities) are allowed to re-bid. Optionally, a consumer has pre-chosen an entity or several entities that are allowed to re-bid. For example, in a first bid step, five different entities provide bids; but prior to this step the consumer has already designated XYZABCeWallet as the only entity that, upon receipt of the bids from the five entities, is allowed to re-bid. XYZABCeWallet may or may not re-bid. In another embodiment, XYZABCeWallet, PDQBank, SevenEightWallet, OnlineshopCom, and EFGCellphone (these are simply fictitious names used for this example) are the only pre-chosen entities that can re-bid. Eight different eWallet bids are received, but only these four entities may have the option of re-bidding. Optionally, all bidding entities receive all bids. Optionally, only a pre-choen entity or pre-chosen entities receive the information regarding all initial bids and/or subsequent bids. Corresponding computer applications are provided for each such method.
In certain CHOOSE MY WALLET methods, via a personal device or smartphone, a consumer is provided information regarding offers, bids, and/or availability of various multiple Ewallets, whether or not each Ewallet’s corresponding computer application is installed on the consumer’s device. One, some, or all of the Ewallets may be installed on the personal device or smartphone, or not. Via a CHOOSE MY WALLET method (and using a corresponding computer application installed or smartphone) a consumer may finalize a transaction without on a personal device having a chosen Ewallet application installed on the personal device or smartphone.