Mobile Money Transfer via Bump and Image Recognition
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Solution Overview
Problem
Current money transfer methods are inconvenient, especially in casual settings, and lack functionality for currency conversion and collaborative transfers, with no integration with social networking.
Innovation Solution
A method for transferring funds between mobile devices using a 'bump' application, enabling currency exchange through image recognition, and facilitating collaborative transfers within social media environments.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If traditional money transfer methods are used (agent locations), then funds can be transferred between parties, but the process is inconvenient and requires physical presence at agent locations
Solution Approach 1:
The patent replaces the mechanical system of physical agent locations with a wireless communication system using mobile devices. The bump application uses electromagnetic fields (NFC, Bluetooth, Wi-Fi) to enable contactless or near-contact money transfers, eliminating the need for physical travel to agent locations and significantly improving convenience while reducing time loss.
2Adaptability or versatility
If currency exchange is performed through traditional methods, then currency conversion can be achieved, but the process is difficult and requires finding exchange locations
Solution Approach 1:
The bump application integrates multiple functions into a single platform: money transfer, currency exchange, and location services. The currency exchange feature uses the mobile device's camera to capture currency images, automatically identifies the currency type and amount, and performs conversion using exchange rates, making the system versatile and eliminating the need for separate currency exchange locations.
3Adaptability or versatility
If traditional money transfer systems are used, then funds can be transferred, but collaborative transfer and social networking integration does not exist
Solution Approach 1:
The patent merges money transfer functionality with social networking capabilities by integrating the bump application with social media platforms. This allows users to initiate collaborative transfers within social groups, share transfer requests, and receive collective contributions from multiple participants through a unified interface, combining previously separate functions into one integrated system.
Applied Scientific Principles
This section explains which scientific principles are used to turn an abstract innovation direction into a practical engineering solution.
Function Achieved in This Case
Enables convenient, location-based, and socially integrated money transfers, simplifying currency conversion and collaborative funding processes among mobile device users.
Implementation Method 1
photographing, by a camera device within a mobile device, an image of currency
Data Source
AI summary
A method includes establishing a first funds transfer account associated with a first device and a second funds transfer account with a second device, funding at least the first fund account, and selecting the second device as the recipient of a funds transfer from the first device. The method further includes sending a communications link request from the first device to the second device and receiving acceptance of the communications link request from the second device. The method then establishes a communications link between the first device and the second device, initiates a funds transfer from the first device to the second device, wherein the amount is designated at the first device, and verifies the funds transfer amount, the first funds transfer account, and the second funds transfer account. Then, the method transfers the amount to the second funds transfer account associated with second device.