Mobile Payment Interchange System for Secure Transaction Processing
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Solution Overview
Problem
Current mobile communication systems lack efficient methods for securely facilitating online transactions and managing account information for mobile devices, leading to security concerns and inconvenience in processing payments.
Innovation Solution
A system that includes a data storage facility to store account information associated with phone numbers and an interchange that interfaces with various mobile communication controllers, allowing secure communication and payment processing through mobile devices without revealing sensitive information to merchants.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If account information is stored and managed through an interchange system, then security is improved, but device complexity increases
Solution Approach 1:
The patent introduces an interchange as an intermediary system between mobile devices and merchants. This interchange manages account information storage, retrieval, and communication protocols, allowing devices to remain relatively simple while the centralized interchange handles the complexity of secure data management and multiple communication interface requirements.
2Adaptability or versatility
If multiple communication protocols are supported for different mobile controllers, then adaptability is improved, but device complexity increases
Solution Approach 1:
The interchange is designed with universal functionality to support multiple communication protocols (SMS, MMS, email, instant messaging) simultaneously. This allows a single interchange system to handle diverse mobile controllers and communication preferences without requiring each individual device to implement all protocols, thereby improving adaptability while managing complexity centrally.
3Ease of operation
If account information is shared with merchants for payment processing, then ease of operation is improved, but security deteriorates
Solution Approach 1:
The interchange acts as a secure intermediary that enables payment processing without direct sharing of sensitive account information with merchants. The system can provide payment authorization and transaction processing capabilities while maintaining security through controlled information access and centralized management of financial data.
Data Source
AI summary
Systems and methods to propagate and redeem offers via mobile communications. In one aspect, a system includes an interchange and a data storage facility storing a value in association with a first phone number. The interchange includes a common format processor and a plurality of converters to interface with a plurality of different controllers of mobile communications. The converters are configured to communicate with the common format processor in a common format and with the controllers in different formats. The common format processor is to re-associate the value with a second phone number and to use one converter of the converters to communicate a reference of the value to a telephonic apparatus at the second phone number, in response to a request from a telephonic apparatus at the first phone number, when the request includes the second phone number and a reference to the value.