Kabbage has been granted a patent for a method to instantly issue virtual credit cards associated with physical cards from the same bank account. Users can receive card numbers on their devices, make purchases, and receive statements indicating charges incurred. GlobalData’s report on Kabbage gives a 360-degree view of the company including its patenting strategy. Buy the report here.
Smarter leaders trust GlobalData
According to GlobalData’s company profile on Kabbage, was a key innovation area identified from patents. Kabbage's grant share as of February 2024 was 50%. Grant share is based on the ratio of number of grants to total number of patents.
Instant issuance of virtual and physical credit cards
A recently granted patent (Publication Number: US11861592B1) outlines a computer-implemented method for managing virtual chip cards. The method involves receiving a request to open a virtual chip card for a user, generating a card number associated with the user's account, and transmitting it to the user's personal computing device. The virtual chip card is then installed on the device, displaying essential information such as the user's name, card number, and expiration date. Users can make purchases using the virtual chip card, with the option to generate a physical card based on its appearance for in-store transactions. The system also tracks transactions made with both the virtual and physical cards, providing users with detailed statements.
Additionally, the patent describes an apparatus with servers and electronic processing units that facilitate the creation and management of virtual chip cards. The servers receive requests for virtual chip cards, generate card numbers, and enable users to make purchases using the virtual card. The system can also generate physical cards based on the virtual card's appearance for offline transactions. Notably, the apparatus supports the use of both virtual and physical stored value cards, allowing for seamless integration into various payment systems. The method and apparatus detailed in the patent offer a comprehensive solution for managing virtual chip cards, providing users with flexibility and convenience in their payment options while ensuring secure transactions both online and offline.
To know more about GlobalData’s detailed insights on Kabbage, buy the report here.
Premium Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
