Systems and methods for implementing hybrid dynamic wallet tokens

Abstract

A system or method may be provided to implement dynamic hybrid wallet tokens. A payment network architecture may be established to allow a payment service provider to implement seamless flow of payment transactions. Hybrid dynamic wallet tokens may be morphed with additional information based on the types of transactions to be performed and may be communicated over industry payment networks. In particular, the payment service provider may use Industry Standard BINs as tokens to transmit information in lieu of actual funding source information to all interacting parties with the provision of securely allowing each party to de-tokenize via secure connection from the backend to identify the true funding instrument only when needed.

What is claimed is: 
     
         1 . A system comprising:
 a memory storing a payment account of a user; and   one or more processors in communication with the memory and adapted to:
 generate a wallet token associated with the payment account of the user; 
 receive the wallet token from the user for implementing a transaction with another user, wherein the wallet token comprises an ISO8583 transaction message embedded with non-payment related identity information of the user; and 
 process the transaction based on the identity information of the user. 
   
     
     
         2 . The system of  claim 1 , wherein the identity information of the user comprises one or more of a name, an age, an address, a funding source, a loyalty program, a social networking account, an online affiliation, healthcare information, insurance information, a government issued identification, a shipping address, a coupon, shopping preferences, tipping preferences, purchase history, and other user preferences. 
     
     
         3 . The system of  claim 1 , wherein the wallet token is a static wallet token hardcoded on a payment card of the user configured to facilitate transactions via one or more of a magnetic strip reader, a EMV chip, and Near-Field Communication (NFC). 
     
     
         4 . The system of  claim 1 , wherein the wallet token is a dynamic mobile wallet token configured to facilitate transactions via a mobile device of the user. 
     
     
         5 . The system of  claim 4 , wherein the dynamic mobile wallet token has an expiration and a one-time use limit. 
     
     
         6 . The system of  claim 1 , wherein the wallet token is a dynamic online wallet token configured to facilitate transactions via a desktop device of the user. 
     
     
         7 . The system of  claim 6 , wherein the dynamic online wallet token has an expiration and a one-time use limit. 
     
     
         8 . The system of  claim 1 , wherein the wallet token is generated based on a type of the transaction. 
     
     
         9 . The system of  claim 1 , wherein the wallet token is generated based on one or more of a location, a time, a date, an identity of the another user, and an amount of the transaction. 
     
     
         10 . The system of  claim 1 , wherein the wallet token is a proxy value for the payment account of the user. 
     
     
         11 . The system of  claim 10 , wherein the proxy value is a 13 to 19 digit numeric value within a Bank Identification Number (BIN) range designated a token BIN range. 
     
     
         12 . The system of  claim 10 , wherein the proxy value is validated by Luhn check digit and other relevant information contained in the discretionary fields as well as additional data elements mapped in BitMap 2 and 3 of the ISO8583 data stream. 
     
     
         13 . The system of  claim 1 , wherein the wallet token morphs the identity information of the user to underlying meta data of the user. 
     
     
         14 . A method comprising:
 generating, by a hardware processor, a wallet token associated with a payment account of a user;   receiving, by the hardware processor, the wallet token from the user for implementing a transaction with another entity, wherein the wallet token comprises an ISO8583 transaction message embedded with non-payment related identity information of the user; and   processing, by the hardware processor, the transaction based on the wallet token including identity information of the user.   
     
     
         15 . The method of  claim 14  further comprising:
 requesting an assurance for a funding instrument from an issuer of the funding instrument or a payment network; 
 receiving the assurance from the issuer or the payment network; and 
 assigning a payment token to the funding instrument. 
 
     
     
         16 . The method of  claim 14  further comprising:
 receiving the wallet token from a payment network; and 
 de-tokenizing the wallet token received from the payment network. 
 
     
     
         17 . A non-transitory computer-readable medium comprising instructions which, in response to execution by a computer system, cause the computer system to perform a method comprising:
 logging a user into a payment account of the user at a payment service provider;   receiving an authorization token from the payment service provider; and   communicating the authorization token and information of a merchant at which a transaction is initiated by the user; and   receiving pay codes generated based on the authorization and the information of the merchant.   
     
     
         18 . The non-transitory computer-readable medium of  claim 17 , wherein the method further comprises communicating the pay codes to a card reader of the merchant via near field communication (NFC) to process the transaction. 
     
     
         19 . The non-transitory computer-readable medium of  claim 18 , wherein the pay codes are refreshed when the pay codes are expired or used. 
     
     
         20 . The non-transitory computer-readable medium of  claim 17 , wherein the pay codes are generated based on one or more of a type of the merchant, product or service purchased at the merchant, and identity information of the user.