Merchant-Server Payment Matching for Hardware-Free Mobile Transactions
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Solution Overview
Problem
Consumers carry multiple personal possessions for transactions, leading to clutter and a desire for a more streamlined method of payment using mobile wireless communications devices without requiring hardware upgrades to existing point of sale devices.
Innovation Solution
An electronic payment system utilizing a mobile wireless communications device to facilitate transactions by generating a unique purchaser transaction ID, communicating it to a payment processor server, and enabling secure transfer of funds from a purchaser account to a merchant account without the need for hardware upgrades.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Quantity of substance
If a mobile wireless communications device is used to facilitate electronic payments, then the need to carry multiple personal possessions is reduced, but the system complexity increases due to the need for secure transaction processing and communication protocols
Solution Approach 1:
The patent combines multiple personal possessions (wallet, credit cards, loyalty cards, gift cards, coupons, money clips) into a single mobile wireless communications device. The device stores account information for multiple accounts and can process various types of transactions through a unified interface, eliminating the need to physically carry separate items for each account type.
Solution Approach 2:
The mobile wireless communications device is designed to perform multiple functions: storing information for multiple accounts (checking, savings, credit, debit, gift cards, loyalty programs), processing different types of transactions (payments, transfers, purchases), and interfacing with various account types through a single device interface. This multi-functionality consolidates what previously required multiple separate physical items.
2Ease of manufacture
If existing point of sale devices are used without hardware upgrades, then the ease of manufacture and deployment is improved, but the ability to process mobile device transactions securely is limited
Solution Approach 1:
The system introduces a server as an intermediary between the mobile wireless communications device and the existing point of sale device. The server receives transaction information from the mobile device, processes the transaction securely, and communicates with the point of sale device. This intermediary layer enables secure mobile device transactions without requiring hardware modifications to the existing point of sale infrastructure.
3Reliability
If user privacy is safeguarded by not storing sensitive account information on the mobile device, then security is improved, but the ease of operation and transaction speed may be reduced
Solution Approach 1:
The system extracts sensitive account information storage from the mobile wireless communications device and relocates it to a secure server environment. The mobile device stores only necessary transaction identifiers and communicates with the server during transactions. This extraction maintains user privacy and security by keeping sensitive data off the mobile device while preserving transaction convenience through the device's interface capabilities.
Data Source
AI summary
An electronic payment system is for a merchant server to transfer funds from a purchaser account to a merchant account, the merchant server to send a merchant transaction identification (ID) and transaction information. The electronic payment system includes a mobile wireless communications device to send a purchaser transaction ID and purchaser account access information. A payment processor server is to receive the purchaser transaction ID and purchaser account access information, and is also to send the transaction information to the mobile wireless communications device if the merchant transaction ID matches the purchaser transaction ID. The mobile wireless communications device is also to send confirmation of the transaction information to the payment processor server. The payment processor server is also to effect a transfer of funds from the purchaser account to the merchant account based upon the confirmation of the transaction information and the purchaser account access information.