Digital Tag Verification for Cross-App Fund Transfers
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Solution Overview
Problem
Existing transaction systems face challenges in securely and efficiently transferring funds between users of different transfer applications, with issues including difficulty in remembering or inputting primary account numbers, privacy concerns, and ensuring the correct recipient receives the payment when using different wallet applications.
Innovation Solution
A digital tag system where a unique identifier is used to facilitate transfers, allowing users to share a digital tag associated with a payment credential, which is verified through a digital tag computer to ensure secure and accurate transactions between different transfer applications.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If users share primary account numbers to facilitate transactions, then transaction capability is improved, but privacy security deteriorates and user convenience worsens due to difficulty in remembering or inputting the number
Solution Approach 1:
The patent introduces a digital tag as an intermediary element that replaces the primary account number in transactions. The digital tag is a placeholder that references the actual account number without exposing it, allowing users to conduct transactions without sharing sensitive account information. This mediator resolves the contradiction by enabling ease of operation through simplified transaction interfaces while protecting privacy security through obfuscation of account numbers.
Solution Approach 2:
The patent creates a copy of the account identification function through the digital tag system. Instead of sharing the original account number, users share a digital tag that is a simplified representation or copy of the account identifier. This copy maintains the functionality of identifying and routing transactions to the correct account while eliminating the need to expose the actual sensitive account number, thus resolving the privacy security issue.
2Ease of operation
If users share email addresses or phone numbers as aliases for transactions, then ease of operation is improved, but privacy security deteriorates as these are considered sensitive personal data
Solution Approach 1:
The digital tag serves as a superior intermediary compared to email addresses or phone numbers. It provides the same ease of operation by allowing users to share a simple identifier for transactions, while simultaneously enhancing privacy security by not exposing any personally identifiable information. The digital tag acts as a virtual placeholder that can be mapped to actual account information without requiring users to share sensitive data.
3Adaptability or versatility
If different transfer applications use different systems for user identification, then application independence is maintained, but reliability deteriorates when users switch between applications
Solution Approach 1:
The digital tag system provides universality across different transfer applications. The same digital tag can be used to identify a user's account whether they are using Application A, Application B, or any other transfer application. This multi-functional identifier maintains application independence in terms of different systems coexisting, while ensuring reliability by providing a consistent, cross-application reference mechanism that resolves user identity regardless of which application is active.
Data Source
AI summary
A method includes receiving, from a first transfer application on a first user device associated with a first user, a transfer request message for a transfer transaction. The transfer request message comprises a digital tag associated with a second user and a transaction amount. The method includes generating and transmitting a code to a second transfer application on a second user device, and receiving a confirmation message that the second user wants to conduct the transfer transaction and is sharing the code with the first user. The method includes transmitting the code to the first transfer application on the first user device. The first transfer application compares the code received from the digital tag computer with the code received from the second user and initiates the transfer transaction if the code received from the digital tag computer with the code received from the second user match.