Payment vehicle with on and off function

Abstract

A computer-based network system and method for using a payment vehicle having an on and off function. The system comprises a payment vehicle comprising an on and off function to enable or to disable the payment vehicle in the computer-based network for processing an electronic payment transaction, a holder of the payment vehicle, and a computer payment network wherein the computer payment network comprises a transaction engine for enabling or for disabling the payment vehicle at a request of the holder of the payment vehicle.

1 . A payment vehicle comprising an on and off function to enable or to disable the payment vehicle in a computer-based network for processing an electronic payment transaction. 
     
     
         2 . The payment vehicle according to  claim 1 , wherein the payment vehicle is enabled or disabled prior to the electronic payment transaction. 
     
     
         3 . The payment vehicle according to  claim 1 , wherein the payment vehicle is enabled or disabled pursuant to an instruction from a holder of the payment vehicle. 
     
     
         4 . The payment vehicle according to  claim 3 , wherein the instruction is sent as a short message service (sms), a phone recording, or an email. 
     
     
         5 . The payment vehicle according to  claim 1 , wherein the payment vehicle is selected from the group consisting of a debit card, credit card, pre-paid card, stored value card, automated teller machine (ATM), wire, automated clearinghouse (ACH), online banking, online bill pay, and internet payment account. 
     
     
         6 . A computer-based network system comprising:
 a payment vehicle having an on and off function,   a holder of the payment vehicle, and   a computer-based payment network wherein the computer-based payment network comprises a transaction engine for enabling or for disabling the payment vehicle at a request of the holder of the payment vehicle.   
     
     
         7 . The computer-based network system according to  claim 6 , wherein the computer-based payment network system further comprises a funding source. 
     
     
         8 . The computer-based network system according to  claim 6 , wherein the computer-based payment network system further comprises an issuer of the payment vehicle. 
     
     
         9 . A method of using a payment vehicle in a computer-based payment network, the method comprising:
 receiving a message from a payment vehicle holder to enable a payment vehicle of the payment vehicle holder, and   enabling the payment vehicle by removing a block placed on the payment vehicle by a transaction engine in the computer-based payment network.   
     
     
         10 . The method of using a payment vehicle according to  claim 9 , the method further comprising issuing a payment vehicle having an on and off function to enable or to disable the payment vehicle. 
     
     
         11 . The method of using a payment vehicle according to  claim 9 , the method further comprising confirming removal of block placed on the payment vehicle by electronically sending a notice to the payment vehicle holder. 
     
     
         12 . The method of using a payment vehicle according to  claim 11 , wherein the notice is sent electronically to the payment vehicle holder over the internet. 
     
     
         13 . The method of using a payment vehicle according to  claim 11 , wherein the transaction engine disables the payment vehicle. 
     
     
         14 . The method of using a payment vehicle according to  claim 13 , wherein the transaction engine resides in a computer-based network of the issuer of the payment vehicle. 
     
     
         15 . A method of using a payment vehicle in a computer-based payment network, the method comprising:
 receiving a message from a payment vehicle holder to disable a payment vehicle of the payment vehicle holder, and   disabling the payment vehicle by placing a block on the payment vehicle by a transaction engine in the computer-based payment network.   
     
     
         16 . The method of using a payment vehicle according to  claim 15 , wherein the method further comprises issuing a payment vehicle having an on and off function to enable or to disable the payment vehicle. 
     
     
         17 . The method of using a payment vehicle according to  claim 15 , wherein the method further comprises confirming block placed on the payment vehicle by electronically sending a notice to the payment vehicle holder. 
     
     
         18 . The method of using a payment vehicle according to  claim 17 , wherein the notice is sent electronically to the payment vehicle holder over the internet. 
     
     
         19 . The method of using a payment vehicle according to  claim 15 , wherein the transaction engine enables the payment vehicle. 
     
     
         20 . The method of using a payment vehicle according to  claim 19 , wherein the transaction engine resides in a computer-based payment network of the issuer of the payment vehicle. 
     
     
         21 . A method of using a payment vehicle, the method comprising:
 receiving a request from a user to use a payment vehicle of a payment vehicle holder for an electronic payment transaction in a computer-based payment network,   checking by the computer-based payment network to see if a block has been placed or removed by the payment vehicle holder on the payment vehicle, and   terminating the electronic payment transaction in the computer-based payment network if the block has been placed on the payment vehicle.   
     
     
         22 . The method of using a payment vehicle according to  claim 21 , wherein the payment vehicle is selected from the group consisting of a debit card, credit card, pre-paid card, stored value card, automated teller machine (ATM), wire, automated clearinghouse (ACH), online banking, online bill pay, and internet payment account. 
     
     
         23 . The method of using a payment vehicle according to  claim 22 , wherein the payment vehicle is a credit card or a debit card. 
     
     
         24 . The method of using a payment vehicle according to  claim 22 , wherein the payment vehicle is an online bill pay or online banking account. 
     
     
         25 . The method of using a payment vehicle according to  claim 21 , wherein the payment vehicle holder set rules as to when to enable or disable the payment vehicle. 
     
     
         26 . The method of using a payment vehicle according to  claim 25 , wherein the rules are set by time period. 
     
     
         27 . The method of using a payment vehicle according to  claim 25 , wherein the rules are set by merchant category code. 
     
     
         28 . The method of using a payment vehicle according to  claim 25 , wherein the rules are set by country code.