Digital Change Deposit for Cash Purchase Account Management
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Solution Overview
Problem
Providing change in physical currency form to consumers after a cash purchase is time-consuming, error-prone, costly, risky, and can lead to health issues, while consumers lose value from unused coins and governments lose circulation revenue.
Innovation Solution
Implement a system that electronically deposits change due to a consumer's account, reducing the need for physical currency handling and enabling aggregation for increased savings and reduced merchant costs.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If physical currency change is provided to consumers at point of sale, then consumers receive their change, but merchants incur financial costs, time consumption, and errors
Solution Approach 1:
The patent creates a digital copy of physical currency change and transfers it electronically to the consumer's account, eliminating the need for physical cash handling. The system generates a digital representation of the change amount and deposits it into the consumer's electronic account, thereby resolving the time-consuming and error-prone physical change provision process while maintaining the functional equivalent of providing change.
Solution Approach 2:
The patent replaces the mechanical physical cash handling system with an electronic digital transfer system. Instead of cashiers manually calculating and dispensing physical change through cash drawers and safes, the system uses electronic processing to transfer change amounts between accounts, eliminating mechanical operations and reducing time loss.
2Ease of operation
If physical currency change is provided to consumers, then consumers receive their change, but merchants face theft risk and security costs
Solution Approach 1:
The system creates a digital copy of the change transaction record and stores it in an electronic database, eliminating the need for physical cash to be secured. The digital transaction can be stored securely without risk of theft, as opposed to physical cash that must be protected in safes and cash drawers.
Solution Approach 2:
The patent replaces the physical cash security system with an electronic digital security system. Instead of requiring physical security measures such as safes, cash drawers, and security personnel to protect change, the system uses electronic authentication and database storage to secure transactions, thereby improving reliability and eliminating theft risks.
3Ease of operation
If physical currency change is provided to consumers, then consumers receive their change, but merchants must maintain cash reserves and incur financial costs
Solution Approach 1:
The system creates a digital representation of change that can be stored and transferred electronically without requiring physical cash reserves. The digital change can be generated on demand from the merchant's account balance, eliminating the need to maintain large quantities of physical cash for change provision.
Solution Approach 2:
The patent changes the state of change from physical currency form to digital account balance form. This parameter change allows the system to represent and transfer change without requiring physical cash, thereby reducing the quantity of substance (cash reserves) needed while maintaining the functional value of change.
4Ease of operation
If physical currency change is provided to consumers, then consumers receive their change, but consumers lose value from unused coins
Solution Approach 1:
The system creates a digital copy of the change amount and deposits it into the consumer's electronic account, eliminating the physical coin container that causes consumers to lose track of and unused coins. The digital representation ensures consumers can easily access and utilize the full value of their change without the problems associated with physical coin storage.
Data Source
AI summary
A method, computer program product, and system are disclosed. The method, when implemented in a computer system, includes determining a change deposit amount, determining account information (the account information identifying an account), and initiating a deposit operation, where the deposit operation includes performing an electronic deposit of the change deposit amount to the account. The determining is performed by a digital change application that is installed in a mobile device. The digital change application is configured to initiate the electronic deposit of the change deposit amount to the account.