Digital Token Payment Access Sharing System
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Solution Overview
Problem
Conventional digital transactions for payment cards are cumbersome and expensive for unbanked individuals or those without a payment card, and delegation of rights or obligations from non-payment cards or non-card products requires physical transmission, which is impractical for individuals in different locations.
Innovation Solution
An automated digital method and system that allows sharing access to payment cards and similar financial accounts or non-payment cards and non-card products without physical transmission, using digital tokens and Near Field Communication (NFC) or QR codes, enabling transactions between individuals or entities remotely, thereby bypassing traditional financial institution involvement.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If physical transmission of payment card or credentials is used, then access delegation is possible, but it requires physical presence and is cumbersome
Solution Approach 1:
The patent replaces the mechanical system of physical card transmission with a digital token-based system. Digital tokens are transmitted electronically through communication networks, eliminating the need for physical presence and manual card handover. The token contains encrypted account information that enables transactions without physical card exchange.
Solution Approach 2:
The patent creates a digital copy of the payment card functionality through tokens. Instead of transmitting the actual physical card, a digital representation (token) is created and transmitted electronically. This token copy contains the necessary information to access and transact on the payment account, replacing the need for the original physical card.
2Reliability
If traditional financial institution payment transfers are used, then fund transfers are secure, but they are expensive and time-consuming
Solution Approach 1:
The patent extracts the essential transaction functionality from the traditional financial institution mediation system. By using digital tokens that directly represent payment account access, the system removes the need for expensive intermediary processing while maintaining security through cryptographic token validation and authorization protocols.
3Ease of operation
If digital tokens are used for access sharing, then physical transmission is eliminated, but recipient needs specific device capabilities
Solution Approach 1:
The patent designs the digital token system to be universally compatible across multiple device types and communication protocols. The token can be transmitted and validated through various channels including NFC, QR codes, and other digital communication methods, allowing recipients with different device capabilities to access and use the shared payment functionality.
Data Source
AI summary
Advantageously, the invention is a competitor to money transfer systems. Conventional digital transactions facilitate electronic payment, such as money transfers, payment card charges, e-commerce transactions and other types of transactions. However, payees may be unbanked people (e.g., children) or people with no payment card (e.g., may have lost card), and payment card fund transfers may be expensive, time consuming, and cumbersome for financial institutions. Thus, there is need for an improved approach. The invention discloses an automated digital method of providing or sharing access to a payment card and/or similar financial account or non-card product, transactions between individuals or legal entities without physical transmission of a payment card, non-card product or its credentials, even without a recipient of an access having a payment card and/or financial account or non-card product, particularly by providing or sharing access to a payment card and/or similar financial account or non-card product of a sender.