Intelligent mobile payment system and method

Abstract

An intelligent wallet (IW) computer device is provided for recommending a payment card from a plurality of payment cards to a cardholder for use in a payment transaction with a merchant. The IW computer device includes a memory device for storing data and a processor in communication with the memory device. The processor is programmed to receive event data and transaction data associated with the payment transaction. The transaction data includes product identifier data and purchase amount data. The processor is further programmed to receive payment card rules and cardholder preferences for each of the plurality of payment cards associated with the cardholder and to recommend a candidate payment card from the plurality of payment cards. The candidate payment card is recommended by processing the event data and the transaction data with the payment card rules and the cardholder preferences.

Description

BACKGROUND[0001]The field of the invention relates generally to recommending a payment card for a payment transaction and, more particularly, to a mobile payment device configured to intelligently select a payment card based on collected data, rules, and cardholder preferences for initiating a payment transaction with a merchant using the selected payment card.[0002]Payment cards, such as credit and debit cards, are used for transacting business and making purchases throughout our society. Oftentimes, an issuer of a payment card will provide promotional offers and / or reward programs with the payment cards as an incentive for a cardholder to acquire and use the card. The issuer will establish rules that govern the use of these promotional offers and / or rewards programs. Merchants and / or third party payment processors may also have rules that apply to the use of payment cards. In combination with other standard rules governing payment card usage (e.g., expiration date, available credi...

AI Technical Summary

Benefits of technology

The invention is an intelligent wallet computer device that recommends a payment card to a cardholder for use in a payment transaction with a merchant. The device receives data on the transaction, including product identifier and purchase amount, and also receives rules and preferences for each payment card associated with the cardholder. The device then uses those rules and preferences to suggest a candidate payment card for the cardholder to use. The technical effect of this invention is to provide a more convenient and efficient payment experience for cardholders and merchants, as well as increased efficiency and effectiveness of the intelligent wallet system.

Problems solved by technology

In combination with other standard rules governing payment card usage (e.g., expiration date, available credit line, etc.), these many different rules can present challenges to the cardholder when the cardholder goes to select a payment card from their wallet to make a purchase.

Choosing the right payment card for a payment transaction is further complicated when a cardholder has many payment cards to choose from.

No known payment systems allow for cardholders to input custom preferences which are automatically considered by the payment system when recommending a payment card to be used.

Lack of automation makes choosing the right payment card difficult when a cardholder has many payment cards to choose from.

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