MIAMI - Default Proof Credit Card System Inc. has been issued a patent for its debit card dispensing technology.
Features include a budgeting device, which allows consumers to set limits on the card's balance; time and place settings, which allow them to restrict when and where transactions can be made; and foreign currency options.
The technology is more sophisticated than prepaid phone card-dispensing capabilities, said David J. Koss, Default Proof's president and chief financial officer.
The Miami company submitted the patent application in June 1997. Default Proof was founded in 1986 and holds other patents for secure credit card technology. Mr. Koss said two more patents are pending: for Internet and for over-the-counter debit dispensing.
The company is negotiating with several "substantial" companies interested in the technology, he said.