Mobile Payment Service Directory via Intermediary API
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Solution Overview
Problem
Users of mobile devices face challenges in accessing comprehensive financial services, such as loyalty program balances and accurate foreign transaction costs, due to limited information provided by standard mobile banking interfaces and the undesirable additional fees associated with Dynamic Currency Conversion.
Innovation Solution
A method and system that enables mobile devices to determine available services related to a payment card by capturing card information, transmitting it to a directory service via an open API call, and identifying corresponding communication channels for accessing these services, including currency conversion, account balance queries, and call centers, while considering contextual information like geolocation.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If standard mobile banking interfaces are used, then service access is simplified, but information completeness deteriorates
Solution Approach 1:
The patent introduces a directory service as an intermediary between the mobile device and multiple service providers. This directory service receives payment card information, determines available services across different providers, and returns a comprehensive list. This mediator enables users to access complete information from multiple sources without directly interacting with each service provider's complex interface.
2Loss of information
If Dynamic Currency Conversion is implemented, then currency information visibility is improved, but transaction cost increases
Solution Approach 1:
The system enables users to independently query currency conversion rates and transaction costs through the directory service before making purchases. Users can compare different conversion rates from multiple service providers and make informed decisions about which service to use, eliminating the need for DCC intermediaries that charge additional fees.
Solution Approach 2:
The patent allows users to query currency conversion information and transaction costs in advance before actual purchases are made. By obtaining this information beforehand through the directory service, users can plan their transactions to minimize costs by selecting the most favorable exchange rates and avoiding unexpected fees.
3Loss of information
If comprehensive service information is provided, then user decision-making is improved, but system complexity increases
Solution Approach 1:
The system segments the complex task of accessing multiple service providers into distinct components: the mobile device captures payment card information, the directory service processes this information and determines available services, and the results are returned to the user. This segmentation allows each component to handle a specific part of the process, reducing overall system complexity while providing comprehensive information.
Data Source
AI summary
A method, performed at a mobile device, for accessing a service, comprises: determining, from payment card information stored on or obtained at the mobile device, a list of services that are available in relation to the payment card; receiving a selection of one of the services; determining at least one corresponding communication channel by which the selected service is accessible; and opening the at least one corresponding communication channel to thereby access the service.