Mobile Payment System Using Unique Identifier Broadcasting
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Solution Overview
Problem
Users face inconvenience due to the need to carry multiple payment instruments for various payment methods, as not all merchants accept all types of credit cards, leading to a cumbersome experience.
Innovation Solution
A system that enables mobile devices to facilitate transactions by broadcasting unique identifiers, allowing mobile applications to process payments through a server connected to both the merchant device and financial servers, streamlining the payment process by eliminating the need for physical payment instruments.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If customers carry multiple payment instruments for different payment methods, then payment compatibility across different merchants is improved, but portability and convenience deteriorate
Solution Approach 1:
The patent combines multiple payment methods and instruments into a single mobile device. The mobile device stores and manages multiple payment instruments (credit cards, debit cards, gift cards, etc.) and their associated information, allowing users to access various payment methods through one device rather than carrying multiple separate cards or instruments.
Solution Approach 2:
The mobile device serves as a universal payment tool that can handle multiple payment methods and work with different merchants. The system provides multi-functionality by enabling the device to store various payment instruments, process different types of transactions, and interface with multiple merchant systems through a single platform.
2Adaptability or versatility
If multiple payment instruments are carried, then payment method diversity is improved, but user burden increases
Solution Approach 1:
The patent extracts the management burden of multiple payment instruments from the user and transfers it to the mobile device and server system. The device automatically manages storage, retrieval, and processing of various payment instruments, freeing the user from the physical burden of carrying and manually managing multiple cards and instruments.
Solution Approach 2:
The system provides self-service functionality where the mobile device and server automatically handle payment instrument management, selection, and processing. The user simply needs to initiate a payment, and the system automatically retrieves the appropriate payment instrument, processes the transaction, and manages associated information without requiring manual intervention.
3Reliability
If traditional payment methods are used, then transaction reliability is improved, but transaction speed deteriorates
Solution Approach 1:
The patent implements preliminary action by pre-storing payment instrument information and authentication data in the mobile device and server before transactions occur. Payment instruments are registered and validated in advance, and the system maintains ready-access storage of payment details, enabling rapid transaction processing while maintaining security and reliability through pre-established authentication mechanisms.
Solution Approach 2:
The mobile device and server system act as intermediaries between the user and merchant systems, streamlining the transaction process. The intermediary architecture enables automated communication, validation, and processing between different payment systems and merchant terminals, reducing manual steps and accelerating transaction speed while maintaining reliability through standardized protocols.
Data Source
AI summary
Methods and apparatus, including computer program products, for transactions associated with a mobile device are discussed. A method can include receiving a merchant identifier, sending an identification data, receiving a transaction, and processing a funds transfer. The receiving the merchant identifier is from a mobile device associated with a user registered with a central payment service. The identification data is associated with the user and the identification data includes multiple identifying data items. The transaction data details a transaction between the merchant and the user. The funds transfer is between the merchant and the user based on the transaction.