Mobile Payment System Bypassing Physical POS Hardware
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Solution Overview
Problem
Conventional Point of Sale (POS) systems are expensive, burdensome for merchants, and limit payment flexibility for customers, as they often require multiple hardware installations and specific mobile apps that can compromise security and convenience.
Innovation Solution
A computer-implemented method and system allowing customers and merchants to conduct electronic transactions independently of POS systems through a merchant interface program and customer interface program, using a server to process payments without the need for physical POS systems, enabling payment via various payment methods and secure storage of payment card information.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If conventional POS systems are implemented, then transaction convenience is improved, but device complexity and cost increase due to multiple hardware installations
Solution Approach 1:
The patent extracts the payment processing functionality from the physical POS hardware and relocates it to a mobile device application. The mobile device itself becomes the payment terminal, eliminating the need for separate POS hardware while maintaining transaction convenience through the familiar mobile interface.
Solution Approach 2:
The mobile device is designed to serve multiple functions: it acts as both the customer's payment instrument and the merchant's payment terminal. This multi-functionality eliminates the need for dedicated POS hardware, reducing device complexity while enabling transactions anywhere the mobile device can access the internet.
2Adaptability or versatility
If multiple POS registers are installed to allow transactions at different locations, then transaction accessibility is improved, but device complexity and cost increase
Solution Approach 1:
The mobile device serves as a universal payment terminal that can be used at any location with internet connectivity. Both the merchant and customer use their respective mobile devices, eliminating the need for multiple fixed POS registers while maintaining location flexibility.
Solution Approach 2:
The system transitions from a fixed spatial dimension (specific POS register locations) to a network dimension (internet-connected mobile devices). This allows transactions to occur anywhere within network range, providing location flexibility without requiring physical deployment of multiple hardware terminals.
3Adaptability or versatility
If customers download multiple payment apps to use different payment services, then payment service options are improved, but ease of operation deteriorates due to app clutter and installation effort
Solution Approach 1:
The patent merges multiple payment service functionalities into a single mobile application. The system supports various payment methods (credit cards, debit cards, digital wallets) within one unified interface, eliminating the need for customers to download and manage multiple separate payment apps while maintaining diverse payment options.
Data Source
AI summary
A method of conducting transactions between a customer device and a merchant device is presented. The method entails receiving login information from the customer device at a merchant venue, assigning a ticket to the customer device, receiving, from a merchant device, a predetermined amount of currency associated with the customer device, associating the predetermined amount of currency with the ticket, receiving, from the customer device, an approval to carry out a financial transaction for at least the predetermined amount of currency using a payment card number, and receiving, from a gateway, a notification that the financial transaction is completed using the payment card number.