Linked Electronic Wallet Credential Distribution
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Solution Overview
Problem
Existing methods for shared transactions among multiple consumers are cumbersome, requiring physical presence and separate payment details, especially when one consumer is shopping on behalf of others, and are not easily adaptable to merchant point of sale systems.
Innovation Solution
A system and method for distributing credentials to a linked electronic wallet, where multiple accounts are linked to a single transaction account, allowing electronic transactions to be funded by each linked wallet without the need for physical presence or separate payment details, using a processing server to manage and transmit payment credentials to mobile devices.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If traditional paper currency or point of sale systems are used for shared transactions, then consumers can physically share transactions together, but the system becomes complex and requires physical presence and separate payment details for each consumer
Solution Approach 1:
The patent merges multiple consumer accounts into a single linked electronic wallet that presents one unified payment credential to the merchant. This combining approach simplifies the transaction process by eliminating the need for multiple separate payment details and physical presence, while the server-side system manages the complexity of distributing credentials to multiple consumers.
Solution Approach 2:
The patent introduces a server as an intermediary between consumers and merchants. The server receives the unified payment credential, distributes it to multiple consumers, and manages the linking between consumer accounts and the electronic wallet. This intermediary handles the system complexity while keeping the consumer experience simple.
2Ease of operation
If a single consumer shops on behalf of others using traditional methods, then the shopping consumer can complete the transaction, but they must rely on others to pay them back which is unreliable and requires access to full transaction amount
Solution Approach 1:
The patent performs preliminary actions by pre-linking multiple consumer accounts to the electronic wallet before the transaction occurs. Each consumer's account is pre-associated with the wallet, establishing credit relationships in advance. This preliminary setup enables reliable shared transactions without requiring the shopping consumer to handle cash or rely on post-transaction repayment.
Solution Approach 2:
The patent replaces the mechanical system of physical cash handling and manual repayment tracking with an electronic credential system. The server automatically manages fund distribution and account charging, eliminating the need for the shopping consumer to physically handle money or manually track repayments, thereby improving reliability.
3Ease of operation
If debit cards are used for larger purchases, then consumers can make purchases without credit, but they must have access to full transaction amount which is difficult for shared transactions
Solution Approach 1:
The patent segments the transaction amount into separate charges distributed to different consumer accounts. Instead of requiring one consumer to access the full transaction amount, the system divides the total cost and charges each consumer their portion from their linked account. This segmentation enables shared purchases while maintaining ease of operation through a single unified payment credential.
Data Source
AI summary
A method for distributing credentials to a linked electronic wallet includes: storing a plurality of account profiles, each including data related to a transaction account including an associated account number, account identifier, and device identifier; storing a linked profile, the profile including data related to a linked transaction account including a primary account number, linked identifier, plurality of account identifiers, and account balance; receiving a linking request, the request including a specific account identifier and the linked identifier; identifying a specific account profile that includes the specific account identifier; updating the linked profile to include the specific account identifier in the included plurality of account identifiers; and electronically transmitting a data signal superimposed with payment credentials associated with the linked transaction account that includes at least the primary account number to a mobile communication device associated with the device identifier included in the identified specific account profile.