Method and system for facilitating micropayments in a financial transaction system

Abstract

A system for processing accounts includes a database configured to store a plurality of accounts, the accounts including a consumer account associated with a consumer and a plurality of merchant accounts including a transacting merchant account associated with a merchant, wherein at least one account includes an amount of a virtual currency associated with the account. The system further includes a processor configured to process a financial transaction, wherein the transaction includes the consumer and the merchant, is for a specified amount of virtual currency, and processing the transaction includes transferring the specified amount of virtual currency from the consumer account to the transacting merchant account. The processor is further configured to process the at least one account, wherein processing the at least one account includes converting the associated amount of virtual currency to or from a real currency when the at least one account meets a predetermined criteria.

What is claimed is: 
     
         1 . A system for facilitating currency exchanging using a universal virtual currency, comprising:
 a database configured to store a plurality of currency exchange rules, wherein each currency exchange rule is associated with at least a virtual currency and one or more real currencies;   a receiving device configured to receive a transaction request for a currency exchange from a consumer, wherein the transaction request includes at least an amount of a first real currency and indicates a second real currency;   a processor configured to
 identify a first currency exchange rule stored in the database where the associated one or more real currencies includes at least the first real currency, 
 identify a second currency exchange rule stored in the database where the associated one or more real currencies includes at least the second real currency, 
 calculate a virtual currency amount based on the identified first currency exchange rule and the amount of the first real currency included in the received transaction request, and 
 calculate an amount of the second real currency based on the identified second currency exchange rule and the calculated virtual currency amount; and 
   a transmitting device configured to transmit at least the calculated amount of the second real currency.   
     
     
         2 . The system of  claim 1 , wherein the first currency exchange rule and the second currency exchange rule are the same currency exchange rule. 
     
     
         3 . The system of  claim 1 , wherein the transaction request includes at least a funding source and a destination source. 
     
     
         4 . The system of  claim 3 , wherein the processor is further configured to initiate a financial transaction for payment of the amount of the first real currency from the funding source. 
     
     
         5 . The system of  claim 3 , wherein transmitting at least the calculated amount of the second real currency includes initiating a financial transaction for payment of the calculated amount of the second real currency to the destination source. 
     
     
         6 . The system of  claim 1 , wherein transmitting at least the calculated amount of the second real currency includes transmitting a notification to the consumer that includes at least the calculated amount of the second real currency. 
     
     
         7 . The system of  claim 6 , wherein the notification further includes one or more exchange rates based on the identified first currency exchange rule and/or the identified second currency exchange rule. 
     
     
         8 . The system of  claim 6 , wherein the notification further includes the calculated virtual currency amount. 
     
     
         9 . The system of  claim 6 , wherein the notification is transmitted as a response to the received transaction request. 
     
     
         10 . The system of  claim 1 , wherein the transaction request is formatted pursuant to ISO 8583. 
     
     
         11 . A method for facilitating currency exchanging using a universal virtual currency, comprising:
 storing, in a database, a plurality of currency exchange rules, wherein each currency exchange rule is associated with at least a virtual currency and one or more real currencies;   receiving, by a receiving device, a transaction request for a currency exchange from a consumer, wherein the transaction request includes at least an amount of a first real currency and indicates a second real currency;   identifying, by a processing device, a first currency exchange rule stored in the database where the associated one or more real currencies includes at least the first real currency;   identifying, by the processing device, a second currency exchange rule stored in the database where the associated one or more real currencies includes at least the second real currency;   calculating, by the processing device, a virtual currency amount based on the identified first currency exchange rule and the amount of the first real currency included in the received transaction request;   calculating, by the processing device, an amount of the second real currency based on the identified second currency exchange rule and the calculated virtual currency amount; and   transmitting, by a transmitting device, at least the calculated amount of the second real currency.   
     
     
         12 . The method of  claim 11 , wherein the first currency exchange rule and the second currency exchange rule are the same currency exchange rule. 
     
     
         13 . The method of  claim 11 , wherein the transaction request includes at least a funding source and a destination source. 
     
     
         14 . The method of  claim 13 , further comprising:
 initiating, by the processing device, a financial transaction for payment of the amount of the first real currency from the funding source.   
     
     
         15 . The method of  claim 13 , wherein transmitting at least the calculated amount of the second real currency includes initiating, by the processing device, a financial transaction for payment of the calculated amount of the second real currency to the destination source. 
     
     
         16 . The method of  claim 11 , wherein transmitting at least the calculated amount of the second real currency includes transmitting a notification to the consumer that includes at least the calculated amount of the second real currency. 
     
     
         17 . The method of  claim 16 , wherein the notification further includes one or more exchange rates based on the identified first currency exchange rule and/or the identified second currency exchange rule. 
     
     
         18 . The method of  claim 16 , wherein the notification further includes the calculated virtual currency amount. 
     
     
         19 . The method of  claim 16 , wherein the notification is transmitted as a response to the received transaction request. 
     
     
         20 . The method of  claim 11 , wherein the transaction request is formatted pursuant to ISO 8583.