CPC G06Q 20/385 (2013.01) [G06Q 20/28 (2013.01); G06Q 20/322 (2013.01); G06Q 20/3226 (2013.01); G06Q 20/3255 (2013.01); G06Q 20/342 (2013.01); G06Q 20/3437 (2013.01); G06Q 20/348 (2013.01); G06Q 20/354 (2013.01); G06Q 20/36 (2013.01); G06Q 40/02 (2013.01)] | 16 Claims |
1. A method for providing a short-term authorized pass from a first party to a second party, the method comprising:
receiving, at a credit account management system, a request for a short-term authorized pass to be provided from a credit account of the first party to the second party,
the request comprising:
an amount to be allocated to the short-term authorized pass, and
an identifier for the second party;
generating a sub-account from the credit account, comprising:
allocating a part of the credit account to form a sub-account;
setting a credit limit on the sub-account to the amount to be allocated;
assigning a virtual account number (VAN) to the sub-account; and
generating the short-term authorized pass using the VAN of the sub-account, the short-term authorized pass is generated in a digital format;
electronically transmitting, from the credit account management system and to a mobile device of the second party, the short-term authorized pass, wherein no funds are taken from the credit account of the first party until the short-term authorized pass is used, said short-term authorized pass comprises:
a scannable code;
automatically adding said short-term authorized pass to a digital wallet on said mobile device of said second party when said short-term authorized pass is received at said mobile device of said second party;
performing a transaction with said authenticated short-term authorized pass;
providing an indicator to the first party when the short-term authorized pass is used to make a purchase; and
reducing said credit limit on said sub-account by an amount of money spent for said transaction.
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