Illustrative User Cases
The patented Slingshot touchless mobile payment system operates without any use of plastic credit cards and would fit perfectly as the system to convert Twitter, Facebook or other social media sites to the center of the consumer and vendors financial efforts as regards payments.
The Slingshot payment system would be highly disruptive to plastic issuers like Visa, Mastercard and AmEx.
- Logging in through their Twitter account, all consumer payments to vendors worldwide (who in turn would have a Twitter account) would be made instantaneously into the vendors bank account. This absence of float would save vendors significant money
- The highly secure Twitter account based on mobile phone security could be free to the consumer or locked into a subscription charge for Twitter usage.
- Twitter could charge the vendor for being part of the payment system.
- The payment system could be modified to allow for cash payments between consumers.
- Twitter would, by virtue of ownership or licenses of the patents, be able to prohibit other users, including other social media platforms, from using the Slingshot system.
- Logging in through their Facebook account, all consumer payments to vendors worldwide (who in turn would have a Facebook account) would be made instantaneously into the vendors bank account. This absence of float would save vendors significant money.
- The highly secure Facebook account based on mobile phone security could be free to the consumer or locked into a subscription charge for Facebook usage.
- Facebook could charge the vendor for being part of the payment system.
- The payment system could be modified to allow for cash payments between consumers.
- Facebook would, by virtue of ownership or licenses of the patents, be able to prohibit other users, including other social media platforms, from using the Slingshot system.
Twitter, Facebook or any other patent owner/licensee could also, on its own or with a financial partner, offer credit to consumers. In addition, the patent owner/licensee would have access to a great deal of customer purchasing and vendor sales data that could be monetized.
