Mobile Payment System Using Subaccounts for Secure Transactions
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Solution Overview
Problem
Current mobile payment systems lack enhanced security, efficiency, and user control, particularly in international money remittance, and fail to leverage the full potential of mobile devices for real-time transactions and image-encoded information processing.
Innovation Solution
A mobile device-based payment system that allows users to initiate transactions by scanning or entering encoded consumer and product codes, bypassing traditional POS terminals, and facilitating secure, real-time communication between the consumer's mobile device and payment platforms, enabling transactions from various media sources like TV screens or print media.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional credit card or debit card based Point of Sale systems are used, then payment processing is established, but consumer security is compromised and user control over financial information is limited
Solution Approach 1:
The patent introduces a mobile device as an intermediary between the consumer and the merchant POS terminal. The mobile device stores payment account information locally and uses it to initiate transactions, while the consumer's mobile device serves as a mediator that controls what information is shared with whom. This intermediary approach enhances security by removing sensitive payment processing functions from the merchant POS terminal while giving consumers control over their financial information through mobile device-based authentication.
2Productivity
If mobile devices are used for point of sale transactions, then transaction efficiency is improved, but device complexity increases
Solution Approach 1:
The patent leverages the multi-functional capabilities already present in mobile devices (cameras, scanners, communication interfaces, and stored payment information) to enable payment transactions. Rather than adding specialized hardware, the system uses the universal features of smartphones and tablets to perform payment functions, thereby improving transaction efficiency without significantly increasing device complexity.
3Adaptability or versatility
If international money remittance is implemented, then global payment capability is expanded, but system complexity and processing time increase
Solution Approach 1:
The patent implements preliminary action by having consumers pre-load payment account information onto their mobile devices before international transactions are needed. The mobile device stores payment account information locally in advance, so when an international transaction occurs, the system can quickly access and process the pre-stored information without requiring complex real-time communication between multiple banking systems. This approach simplifies the remittance process while maintaining global payment capability.
Data Source
AI summary
A transaction system for coordinating processing of a transaction payment request associated with a transaction between a consumer and a merchant, comprising: a computer processor programmed for: receiving the transaction payment request including consumer code data and identification information, the consumer code data representative of a subaccount registered with a transaction interface; accessing the subaccount to obtain payment information related to the transaction payment request; creating a payment confirmation request using said identification information; sending said payment confirmation request over the network to a mobile device; obtaining authorization information from the mobile device; sending a funds transfer request to a payment platform based on the authorization information matching the required authorization information; receiving approval of the funds transfer request from the payment platform; and sending a confirmation of the approval of the funds transfer request to a computer device associated with the merchant.