Linking Monetary Value Cards to Payment Objects
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Solution Overview
Problem
Consumers face inconvenience with multiple payment cards and objects, leading to cluttered wallets and the risk of misplacing cards, as existing systems do not efficiently manage or associate monetary value cards with payment cards for seamless transactions.
Innovation Solution
The technology allows consumers to associate monetary value cards with payment cards, enabling transactions using funds from the monetary value card without needing the physical card, by linking them through a payment service system that processes payments based on the associated financial accounts.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If consumers carry multiple payment cards for different monetary values, then payment flexibility is improved, but wallet clutter and ease of operation deteriorate
Solution Approach 1:
The patent combines multiple payment cards representing different monetary values into a single payment card. The system stores multiple monetary values on one card, allowing consumers to make payments without carrying multiple separate cards, thus resolving the contradiction between payment flexibility and ease of operation.
Solution Approach 2:
The payment card is designed to perform multiple functions by storing and accessing different monetary values. A single card can represent various payment amounts, making it a universal payment solution that eliminates the need for multiple specialized cards while maintaining payment flexibility.
2Adaptability or versatility
If consumers carry multiple payment cards for different monetary values, then payment flexibility is improved, but device complexity increases
Solution Approach 1:
The patent merges multiple payment cards into one unified card that stores multiple monetary values. This consolidation reduces device complexity by eliminating the need to manage multiple separate cards while preserving the ability to access different payment amounts through the single card.
3Adaptability or versatility
If consumers use multiple payment cards, then payment options are increased, but reliability deteriorates due to misplacement risk
Solution Approach 1:
The patent combines multiple payment cards into a single card that stores multiple monetary values. This reduces the risk of misplacement since consumers only need to carry one card instead of multiple cards, while still providing access to various payment options through the unified card.
Data Source
AI summary
Methods and apparatuses related to linking a monetary value card with a payment card. In some embodiments, a payer uses a gift card to pay for a purchase. The gift card is swiped by a point of sale (POS) system, and a computer system processes a payment. The computer system causes the POS system to display a message prompting the payer to provide an email address for an electronic receipt. The payer provides the email address, which the computer system uses to determine that the payer has a payment card. The computer system sends a message to the payer asking if he would like to link the gift card with the payment card, to which the payer responds affirmatively. The payer later uses the payment card to initiate a payment, and the computer system processes the payment based on the gift card that is linked with the payment card.