Digital Wallet Payment Selection for Secure Frictionless Checkout
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Solution Overview
Problem
Existing digital wallet systems lack efficient, secure, and user-friendly methods for managing multiple payment mechanisms and identities, leading to friction and inefficiencies in transactions.
Innovation Solution
A system and method utilizing a digital wallet application that integrates authentication, secure storage of digital identity identifiers, and automated rules-based payment mechanism selection, leveraging blockchain technology for decentralized wallet ownership and AI/ML recommendations to optimize transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If multiple payment mechanisms are stored in a digital wallet, then payment versatility is improved, but device complexity and security management become worse
Solution Approach 1:
The system employs automated rules-based payment mechanism selection that operates autonomously to choose the optimal payment method from multiple stored mechanisms. The rules engine automatically evaluates transaction parameters and selects the most appropriate payment mechanism without requiring manual user intervention, thereby maintaining versatility while reducing management complexity.
Solution Approach 2:
An intermediary selection layer is introduced between the user and multiple payment mechanisms. This intermediary component (the automated selection system) manages the complexity of multiple payment mechanisms by providing a unified interface and automatic decision-making logic, allowing users to benefit from versatility without directly managing the complexity of multiple payment options.
2Productivity
If automated rules-based payment mechanism selection is implemented, then transaction efficiency is improved, but system complexity increases
Solution Approach 1:
The system performs preliminary configuration of payment selection rules during wallet setup or beforehand. Users pre-define their payment preferences and criteria, and the automated system executes these pre-configured rules during transactions. This preliminary action reduces real-time processing complexity while maintaining high transaction efficiency during actual payments.
Solution Approach 2:
The automated selection system evaluates different transaction parameters (merchant type, transaction amount, user preferences) and dynamically changes the selected payment mechanism based on these parameters. By making the selection process parameter-driven rather than static, the system achieves efficiency through automated adaptation without requiring complex manual configuration during each transaction.
3Reliability
If digital identity identifier is stored in secure storage, then security is improved, but accessibility and retrieval speed become worse
Solution Approach 1:
The system extracts only the necessary components of digital identity (authentication credentials, payment tokens) from the secure storage when needed for transactions, rather than retrieving or exposing the entire identity dataset. This extraction approach maintains security by keeping the core identity data protected while enabling fast access to specific required elements for transaction processing.
Data Source
AI summary
Systems and methods for integrated digital wallet payments are disclosed. Embodiments may store and manage the lifecycle of assets in a digital wallet and may provide artificial intelligence and/or machine learning based recommendations to provide the optimal frictionless and rewarding consumer authentication and payment experience. Embodiments may leverage blockchain technology that provides a single consumer solution with decentralized wallet ownership and a data-driven network orchestration for optimal payments. Embodiments securely store the payment instruments and may provide personal usage recommendations for the optimal outcome based on, for example, consumer preferences.