Augmented Reality Currency Transfer System
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Solution Overview
Problem
Traditional currency transfer systems are static and cumbersome, requiring users to manually input banking data and often involving troublesome authentication processes, lacking the visual and interactive elements of cash transactions.
Innovation Solution
The use of augmented reality environments to facilitate currency transfers through a device with displays, processors, and memory, allowing users to select and move augmented reality items to initiate peer-to-peer transfers, with authentication and account information management integrated into the system.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If traditional cell phone systems are used for currency transfer, then the transfer function is achieved, but the user experience is static and cumbersome requiring manual input of banking data
Solution Approach 1:
The patent uses augmented reality to create visual representations (copies) of physical cash items that users can interact with in a virtual environment. These AR cash items replicate the visual characteristics of real money without requiring users to handle actual currency or input banking data, thereby simplifying the operation while maintaining the transfer function.
Solution Approach 2:
The patent replaces the mechanical manual input process (typing banking data into a cell phone) with an optical/visual system. Users simply point their camera at physical cash items, and the system automatically captures and processes the visual information to initiate transfers, eliminating the need for manual data entry and reducing operational complexity.
2Reliability
If traditional currency transfer systems are used, then funds can be transferred between users, but authentication processes are troublesome and off-putting
Solution Approach 1:
The system performs self-service authentication by automatically capturing and verifying information from physical cash items using the camera. When a user points the camera at a cash item, the system automatically reads the visual characteristics and initiates the transfer process without requiring additional user input or complex authentication steps, making the process both reliable and easy.
Solution Approach 2:
The patent introduces an intermediary system (the AR-based transfer platform) that mediates between the physical cash items and the digital transfer process. This intermediary automatically handles the authentication by capturing visual data from the cash items and translating it into digital transfer instructions, eliminating the need for users to directly handle sensitive authentication processes.
3Adaptability or versatility
If augmented reality environments are used for currency transfer, then visual and interactive experience is provided, but the system complexity increases
Solution Approach 1:
The patent makes the camera and display components multi-functional: the camera serves both as a viewing device for AR visualization and as a data capture tool for initiating transfers. The display shows both AR visual representations of cash items and transfer information. This multi-functionality reduces the need for separate dedicated hardware, thereby managing system complexity while maintaining high user engagement.
Solution Approach 2:
The patent introduces an intermediary software layer that manages the complexity of AR operations. This intermediary handles the translation between physical camera input and digital transfer actions, abstracting the complexity from the user interface. Users simply point and interact with visual representations, while the intermediary system manages the underlying computational tasks, maintaining versatility without overwhelming complexity.
Data Source
AI summary
Disclosed embodiments may include a system providing for currency transfer using augmented reality environments. The system may receive, at a user device associated with a user, a first input indicating a first selection of a first augmented reality item. The system may receive a second input indicating a first movement of the first augmented reality item. The system may determine whether the first augmented reality item is in proximity to a purchasable item. In response to determining that the first augmented reality item is in proximity to the purchasable item, the system may initiate a transfer by receiving image data containing a computer readable code associated with the purchasable item, processing the image data, retrieving store account information and transfer information regarding the purchasable item, retrieving user account information, and transmitting, to an account processor, the user account information, the store account information, and the transfer information.