Communication Device Interface for Secure Monetary Transfers

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Solution Overview

Problem

Users face difficulties in splitting costs or transferring money without access to physical currency or sufficient funds, leading to uncomfortable situations or the need for accessing financial accounts, which can deter spontaneous financial transactions between individuals.

Innovation Solution

A communication device interface that displays a contact list, allowing users to select contacts for monetary transfers through a transfer module, which generates and transmits requests, includes payment account information, and provides verification status and credit history, enabling easy and secure peer-to-peer transactions.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Reliability

If users transfer money through traditional financial institutions, then transaction security is improved, but ease of operation deteriorates due to complex account access requirements

Engineering Contradiction:

Improvetransaction securityVSAvoidease of operation

Core Design Contradiction:

ReliabilityVSEase of operation

Solution Approach 1:

The patent introduces a communication device as an intermediary between users and traditional financial institutions. The device stores contact information with embedded payment account details, acting as a mediator that simplifies the transfer process while maintaining security through verified financial account integration

Inventive Principle:

Principle #24Intermediary (Mediator)

Solution Approach 2:

The patent creates a digital copy of contact information that includes payment account details. Instead of requiring users to manually access and input financial information, the system stores and transmits replicated contact data that contains the necessary payment credentials, streamlining the transfer process

Inventive Principle:

Principle #26Copying

2Adaptability or versatility

If users access financial accounts for transfers, then payment capability is improved, but loss of time increases due to account access requirements

Engineering Contradiction:

Improvepayment capabilityVSAvoidtime loss

Core Design Contradiction:

Adaptability or versatilityVSLoss of time

Solution Approach 1:

The patent implements preliminary action by pre-storing contact information with payment account details in the communication device before transfers are needed. When a transfer is required, the system can immediately access and transmit the pre-configured payment information without requiring users to log in or navigate to financial accounts, significantly reducing transfer time

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The communication device performs self-service by automatically accessing, validating, and transmitting payment account information stored in its contact database. The device independently handles the financial transaction coordination without requiring users to manually access their banks or provide payment details, eliminating time-consuming manual operations

Inventive Principle:

Principle #25Self-service

3Ease of operation

If physical currency is used for transfers, then transaction simplicity is improved, but loss of substance worsens due to cash handling requirements

Engineering Contradiction:

Improvetransaction simplicityVSAvoidcash handling

Core Design Contradiction:

Ease of operationVSLoss of substance

Solution Approach 1:

The patent replaces the mechanical cash handling system with a digital communication-based transfer system. Instead of physically exchanging currency, users initiate transfers through the communication device which electronically transmits payment information, eliminating the need for physical cash handling while maintaining transaction simplicity

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

Data Source

PatentUS11010733B2Communication device interface for monetary transfers through a displayable contact list

Publication Date: 2021.05.18 PAYPAL INC

AI summary

There is provided systems and method for a communication device interface for monetary transfers through a displayable contact list. A user may import contacts from a contact list application, a social networking service, a user account with a payment provider, and/or another contact source into a communication device, such as a mobile phone. The mobile phone may then execute a monetary transfer module that allows the user to transmit requests for monetary transfers with the contacts. When the user selects a contact in a contact list, the module may retrieve payment account information and initiate a monetary transfer with the selected contact. The monetary transfer may correspond to receiving money or sending money to the contact. Additionally, the user may communicate messages with the request as well as a monetary amount. In order to facilitate completion of the monetary transfer, a payment provider may be utilized.