Coin Value Transfer to Mobile Wallets
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Solution Overview
Problem
Existing coin counting kiosks require continuous stocking and printing of tangible outputs like vouchers and cards, increasing operational costs and maintenance, while consumers seek more convenient and widely accepted payment options.
Innovation Solution
A system that allows consumers to transfer the value of coins or cash directly to mobile devices, enabling the use of mobile commerce platforms for purchases through virtual gift cards or mobile wallets, eliminating the need for physical outputs.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If coin counting kiosks dispense tangible outputs like vouchers and cards, then consumers can convert coins to redeemable value, but operational costs and maintenance requirements increase due to continuous stocking and printing
Solution Approach 1:
The patent extracts the tangible output components (vouchers, cards, printing mechanisms, stocking systems) from the coin counting kiosk, replacing them with an electronic data transfer system that communicates coin values to remote servers or mobile devices, thereby eliminating the operational burden of physical material management
Solution Approach 2:
The patent replaces the mechanical systems of printing and dispensing physical vouchers with an electronic data transmission system that uses digital communication protocols to transfer value information, eliminating the need for physical stocking and printing operations
2Reliability
If coin counting kiosks use tangible outputs like vouchers and e-certificates, then consumers can redeem value at point of sale, but the system requires continuous stocking and printing of materials
Solution Approach 1:
The patent creates digital copies of value information that can be transmitted electronically to consumers' mobile devices or stored on remote servers, replacing the need for physical voucher copies and enabling unlimited redistribution without additional printing or stocking costs
Solution Approach 2:
The patent implements a universal electronic value storage system that can serve multiple functions: storing coin values, enabling transfers to various destinations (mobile devices, accounts), and supporting multiple redemption methods, replacing the need for different types of physical vouchers and cards
Applied Scientific Principles
This section explains which scientific principles are used to turn an abstract innovation direction into a practical engineering solution.
Function Achieved in This Case
This solution reduces operational costs by eliminating the need for physical outputs and provides consumers with a convenient, widely accepted form of payment that can be used across various retailers, enhancing the usability of converted value.
Implementation Method 1
The consumer can then position the mobile device within sufficient proximity of the consumer-operated kiosk so that the kiosk can wirelessly transfer (e.g., using near field communication)
Data Source
AI summary
Systems and methods for converting consumer coins, cash, and/or other forms of value for use with mobile commerce platforms implemented on, for example, smart phones, PDAs, and other mobile devices. In one embodiment, a method for implementing a mobile commerce account on a mobile device includes receiving coins and/or other funds from a user at a consumer-operated kiosk. The method can further include counting the coins and/or other funds to determine a value, and then communicating at least a portion of the value from the kiosk to the hand-held mobile device for deposit in the mobile commerce account.