Integrated Cashless Money Depository for Child Financial Education
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Solution Overview
Problem
Children lack engagement and understanding of managing money, especially in a cashless society, as traditional piggy banks only handle cash, and depositing money into a bank account lacks the positive feedback of a physical piggy bank.
Innovation Solution
A money depository device that combines a card reader for accepting card payments, a direct communication interface with a remote bank for depositing funds, and a closed cash receptacle for physical savings, allowing children to interact with their online bank account and receive cashless pocket money without needing a separate device.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If a traditional piggy bank is used for saving cash, then children receive immediate positive feedback through visual and auditory sensations, but the device cannot handle cashless payments or connect to bank accounts
Solution Approach 1:
The patent combines a traditional piggy bank structure with a card reader and electronic communication interface into a single integrated device. The card reader is embedded within the piggy bank housing, and the electronic interface is connected to both the card reader and the cash receptacle, allowing the device to simultaneously accept cash deposits through the receptacle and cashless payments through the card reader, then credit both to a bank account.
Solution Approach 2:
The device serves multiple functions: it acts as a traditional piggy bank for cash savings, a card payment terminal for cashless transactions, and a bank account interface for fund management. The notification unit provides feedback for both cash and cashless deposits, making the device universally applicable to different payment methods and saving behaviors.
2Ease of operation
If money is deposited into a bank account directly, then cashless transactions are enabled, but children lack the positive feedback and engagement of a physical piggy bank
Solution Approach 1:
The notification unit is configured to provide visual and/or auditory feedback when funds are deposited into the bank account, whether through cash insertion or card payment. This feedback mechanism replicates the satisfying sensation of a traditional piggy bank while enabling modern cashless transaction capabilities, thus maintaining child engagement while improving ease of operation for cashless payments.
3Adaptability or versatility
If a separate device is used for card payments and bank account management, then functionality is comprehensive, but the device becomes cumbersome and less appealing to children
Solution Approach 1:
The patent merges the card reader, electronic communication interface, notification unit, and cash receptacle into a single integrated piggy bank device. All components are housed within one compact unit that connects to the bank's computer system, eliminating the need for separate devices for cash savings, card payments, and bank account management.
Data Source
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AI summary
The present invention relates to a money depository device (1) for depositing cash as well as non-cash money on a bank account comprising a notification unit (10), a card reader (20) for accepting payments from a credit card or a debit card, an electronic communication interface (30), an input unit (40) for entering the payment amount of the accepted payment; a processing unit (50) in communication with the notification unit (10), the card reader unit (20), the electronic communication interface (30), and the input unit (40), a closed cash receptacle (60) having a cash deposit opening (61) and a cash withdrawal opening (62), wherein the electronic communication interface (30) is in direct communication with a remote bank (100) operating a user's bank account (150) associated with the money depository device (1) and wherein said direct communication is configured for deposits on said user's bank account from a card payment accepted by the card reader (20) of the money depository device (1), wherein the electronic communication interface (30) is in further communication with an electronic mobile device (200).