Afterpay has been granted a patent for a computer-implemented method that allows customers to pay for purchases in multiple future installments. The system involves generating authorization data, displaying it on a mobile device, and processing purchasing data from a merchant POS system. The method ensures validity of installments and timely payments. GlobalData’s report on Afterpay gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Afterpay, was a key innovation area identified from patents. Afterpay's grant share as of February 2024 was 19%. Grant share is based on the ratio of number of grants to total number of patents.
Facilitating payment of total amount via multiple future installments
A recently granted patent (Publication Number: US11861586B2) discloses a system that involves one or more processors and computer-readable media storing instructions. These instructions, when executed, enable the processors to perform various acts. These acts include generating authorization data for installment payments by a customer, presenting this data, receiving purchasing data from a merchant, validating multiple installments, and initiating installment payments at specific intervals until the total amount is paid. The system also determines the eligibility of a purchase for installment payments based on the timely receipt of authorization data. Additionally, the patent covers methods for generating authorization data, presenting it to the customer, and receiving and validating subsequent authorization data for installment payments.
Furthermore, the patent includes claims related to the format and content of the authorization data, the authority to debit a customer's account for installments, and the process for requesting installment payments. It also details the generation and presentation of authorization data, including the use of visual representations like barcodes or QR codes. The patent emphasizes the importance of timely authorization data receipt for determining the validity of installment payments and the subsequent release of goods or services to the customer. Overall, the patent outlines a comprehensive system for managing installment payments, ensuring timely processing, and enhancing the customer's purchasing experience through structured payment options.
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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.
