Mobile Credit Application System for Checkout Privacy and Speed
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Solution Overview
Problem
The current process of applying for store-branded credit cards at checkout leads to delays, exposure of personal and financial information, and uncertain approval, which inconveniences customers and reduces sales.
Innovation Solution
A system and method that allows customers to request and submit credit card application information through a mobile device, which is then processed by a credit authorization server, providing a graphical representation of approval for use in completing a payment transaction, such as a QR code or bar code, to facilitate efficient and private credit card application and usage.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If customers apply for credit cards at checkout, then credit card applications are processed, but checkout lines grow longer due to delays
Solution Approach 1:
The system allows customers to complete credit card applications in advance before reaching the checkout point. The mobile device captures application information, transmits it to the authorization server, and receives approval indication beforehand, so that when checkout occurs, the credit card application process has already been completed or rejected, eliminating delays at checkout.
2Reliability
If customers fill out credit card application forms at checkout, then credit applications are submitted, but personal and financial information is exposed to store clerks and other customers
Solution Approach 1:
The mobile device serves as an intermediary between the customer and the credit authorization server. It captures sensitive information locally, encrypts it, and transmits it securely to the server. The store clerk never sees the actual personal or financial information, as the mobile device displays only a graphical representation (QR code or bar code) that contains encrypted credit information.
Solution Approach 2:
Instead of displaying actual personal and financial information, the system creates a graphical representation (QR code or bar code) that encodes the credit information. This graphical copy can be scanned and processed by the point-of-sale system without exposing the underlying sensitive data to clerks or other customers.
3Reliability
If customers apply for credit cards without prior approval information, then applications are processed at checkout, but customers shop more conservatively reducing sales
Solution Approach 1:
The system performs credit authorization in advance before the customer completes their shopping. The mobile device transmits application information to the authorization server and receives an approval indication beforehand, allowing customers to know their credit status and available credit limit before making purchasing decisions, thereby enabling them to shop with confidence rather than conservatism.
Data Source
AI summary
Credit card application information is requested from a user. A credit card application information is provided to a credit authorization server for credit approval based on the credit card application information. Additionally, an indication is received for credit approval of the user from the credit authorization server. The indication includes a graphical representation of credit information and the graphical represented displayed for use in completing a payment transaction.