SYSTEM AND METHOD FOR PROVIDING A GROUP PAYMENT VEHICLE
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United States of America Patent
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Issued Date -
Oct 10, 2024
app pub date -
Feb 23, 2024
filing date -
Apr 5, 2023
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Abstract
A group payment vehicle and process for establishing and utilizing the group payment vehicle may be utilized to make proxy payments for group members and associate payment mechanisms with the group payment vehicle. The group payment vehicle may be virtual or physical and may be time limited (or have another payment limitation). The group payment vehicle may be a debit-type or credit-type as established by a creator of the group payment vehicle. A system may be configured to enable the creator to invite potential group participants to participate with the group payment vehicle that functions as a single payment mechanism to vendors for an event. The system may limit the group payment vehicle to be time limited, geolocation limited, and/or merchant limited to limit potential financial exposure and fraud.
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