Augmented Reality Money Transfer via AR Indicator Detection
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Solution Overview
Problem
Current money transfer systems are time-consuming, especially during peak usage periods, and do not effectively utilize mobile devices for identity verification and transaction initiation, leading to inefficiencies in resource utilization.
Innovation Solution
A system utilizing augmented reality enabled devices to detect indicators associated with entities, associate meta-information, and transmit instructions to a money transfer network for performing transactions, thereby streamlining the transfer process by leveraging mobile devices for identity verification and transaction initiation.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If traditional money transfer systems are used, then transactions can be completed, but the process is time-consuming and resource-intensive
Solution Approach 1:
The system performs preliminary actions by detecting and verifying the recipient's identity through augmented reality indicators before the actual money transfer occurs. The mobile device captures images, detects indicators, and verifies identity information in advance, so that when the transfer is initiated, the verification is already complete, significantly reducing the time required during the actual transaction.
Solution Approach 2:
The system enables self-service by allowing the sender's mobile device to automatically detect, verify, and initiate the money transfer process without requiring manual intervention at the recipient's end. The augmented reality subsystem automatically captures and processes the recipient's indicator, and the system automatically transmits transfer instructions to the money transfer network, eliminating the need for the recipient to be present or manually confirm the transaction.
2Reliability
If additional identification requirements are imposed, then verification accuracy improves, but resource consumption and processing time increase
Solution Approach 1:
The system introduces an augmented reality indicator as an intermediary verification element. Instead of directly verifying the recipient's identity through complex documentation or presence, the system uses a visually detectable indicator (such as a displayed code or image) that the sender's device can automatically capture and verify. This intermediary simplifies the verification process while maintaining high reliability, as the indicator is uniquely associated with the recipient's identity and account information.
Data Source
AI summary
According to the invention, a system for performing a money transfer between a sender an a recipient through the use of an augmented reality device is disclosed. The system may include a first mobile device associated with a first entity. The first mobile device may be configured to detect an indicator via an augmented reality subsystem. The indicator may include a characteristic and be associated with a second entity, as well as be configured to associate meta-information with the indicator. The first mobile device may further be configured to receive an input comprising an amount to be transferred from the first entity to the second entity and transmit a set of instructions to a money transfer network. The set of instructions may be based in part on the indicator and the input, and include instructions to perform a money transfer between the first entity and the second entity.