Location-Based Mobile Payment Network with Visual Confirmation
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Solution Overview
Problem
Current mobile payment systems face friction and trust deficits due to requirements for upfront payee information, additional steps like QR code scanning, and the need for special hardware at merchant locations, lacking visual confirmation during transactions.
Innovation Solution
A location-based mobile payment network that allows individuals and merchants to register using images or logos, capturing identifying information, and conducting transactions between parties within a specified radius without requiring special hardware, using mobile devices for peer-to-peer payments with visual confirmation through images or logos.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional mobile payment applications require upfront payee registration and involve additional steps like QR code scanning, then payment security and identification are improved, but payment friction and operation complexity increase
Solution Approach 1:
The system enables merchants to automatically register themselves and their locations with the payment network without requiring manual intervention from payers. The merchant's business location, images, and contact information are automatically stored and made available to payers within the service area, eliminating the need for payers to manually register or provide payee details upfront.
Solution Approach 2:
All merchant registration, location mapping, image capture, and system configuration is performed in advance before the actual payment transaction. This preliminary setup allows payers to simply select from pre-configured merchant options during payment, reducing operational friction without compromising security.
2Loss of information
If QR code scanning solutions are used, then payee information capture is improved, but additional steps and operation complexity are introduced
Solution Approach 1:
Merchant information including images, location data, and contact details are captured and stored in advance during the registration process. This preliminary information capture eliminates the need for QR code scanning or other real-time information capture steps during actual payments, as all necessary payee information is already available in the system.
Solution Approach 2:
Instead of requiring real-time capture of payee information through QR codes, the system uses pre-captured images and data copies of merchants that are stored in the payment network database. These pre-existing copies are displayed to payers for selection, eliminating the need for additional information capture steps.
3Ease of operation
If near-field communication solutions are used, then contactless payment capability is improved, but special hardware requirements at merchant end increase device complexity
Solution Approach 1:
The system allows any mobile device to function as a payment terminal by using the payer's smartphone camera and display to show merchant images and information. This eliminates the need for specialized NFC hardware or complex payment terminals at merchant locations, as the merchant's mobile device or simple display can serve the same function.
Solution Approach 2:
The payment system works universally on standard mobile devices without requiring specialized hardware. Any mobile phone with a camera and display can be used to initiate payments, and any merchant device can display payment information, making the system accessible without additional hardware investments.
4Productivity
If visual confirmation of payee is not provided, then payment speed is improved, but trust deficit increases
Solution Approach 1:
Merchant images and visual identifiers are captured and stored in advance during registration. These pre-captured images are then displayed to payers during the payment process, providing visual confirmation of the merchant's identity before the transaction completes, thereby building trust without significantly slowing down the payment process.
Data Source
AI summary
Systems and methods for in location-based mobile payments are disclosed. According to one embodiment, in an information processing apparatus comprising at least one computer processor, a method for location-based mobile payments may include: (1) receiving, from a first computer program executed by a first electronic device for a first party, a request to conduct a location-based transaction; (2) receiving, from the first computer program, a location of the first electronic device; (3) identifying a potential counterparty based on a location of a second electronic device associated with the potential counterparty; (4) communicating an image of the potential counterparty to the first computer program; (5) receiving a selection of the potential counterparty from the first computer program; and (6) conducting the location-based transaction between the party and the potential counterparty.