ATM Third Party Payments via Unique Passcode
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Solution Overview
Problem
Current transaction machines lack the ability to facilitate secure and convenient person-to-person payments, especially for individuals without bank accounts or access to the internet, due to security concerns and limited payment options.
Innovation Solution
A system and method that enables transaction machines to receive a passcode unique to a payment request, allowing users to input an amount and make payments via various modes such as cash, credit cards, or cryptocurrency, without requiring a bank account, by integrating a passcode user interface and payment processing capabilities.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If traditional banking access methods (websites, brick and mortar locations) are used, then secure transactions can be performed, but accessibility is limited for individuals without bank accounts or internet access
Solution Approach 1:
The patent introduces an intermediary system consisting of a transaction machine and passcode generation mechanism that mediates between the user and the banking system. Users without bank accounts can obtain a passcode from the transaction machine and use it to access banking services, eliminating the need for traditional banking infrastructure access.
Solution Approach 2:
The transaction machine enables self-service by allowing users to generate their own passcodes and perform transactions independently without requiring bank staff assistance or internet connectivity. The machine provides a standalone interface for financial transactions.
2Reliability
If passcode-based access is implemented for third-party services, then security is enhanced, but user interface complexity increases
Solution Approach 1:
The user interface is segmented into distinct functional sections: a passcode input section for security verification, an amount input section for transaction value, and a payment selection section for payment method choice. This segmentation allows each section to be simple and focused while collectively providing secure and comprehensive functionality.
3Adaptability or versatility
If multiple payment options are provided, then versatility is improved, but system complexity increases
Solution Approach 1:
The transaction machine is designed with multi-functionality to handle various payment methods (cash, credit cards, cryptocurrency) through a unified interface. The system can process different payment types without requiring separate systems or complex user navigation, as the payment selection is integrated into the single user interface.
Data Source
AI summary
A computer system and a transaction machine, such as an automated teller machine (ATM), can provide any payor to make a payment to a payee at the transaction machine. The transaction machine provides the payor a user interface to enter a passcode that uniquely identifies the payment transaction. The passcode can be generated by a provider computing system associated with the transaction machine and provided directly to the payee or through the payor prior to the transaction. The transaction machine provides the payor a user interface to enter an amount. The transaction machine also provides the payor the ability to make a payment at the transaction machine using various modes of payment such as cash, credit card, or cryptocurrency. The transaction machine verifies that the payment matches the user selected amount, and sends a payment notification to the payor.