Mobile Person-to-Person Voice Payment System
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Solution Overview
Problem
Existing person-to-person payment systems are inconvenient and insecure, requiring users to disclose financial account information and often involve complex setups, which can be time-consuming and vulnerable to hacking.
Innovation Solution
A mobile device-based person-to-person payment system that allows secure transactions between two mobile devices during a voice call using a PIN and voice password verification, enabling users to transfer funds without disconnecting the call, with enrollment processes ensuring secure authentication.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If third party service providers develop systems for making person-to-person payments, then payment functionality is provided, but users are required to open special financial accounts and disclose confidential account information
Solution Approach 1:
The patent extracts the payment functionality from traditional banking systems and integrates it directly into the mobile telephone network infrastructure. This allows users to make person-to-person payments using their existing mobile phone accounts without needing to open separate financial accounts with third-party service providers, thereby eliminating the complexity of account setup while maintaining payment convenience
Solution Approach 2:
The mobile telephone account is made multi-functional by enabling it to serve both as a communication account and a financial account for person-to-person payments. This universal approach allows users to leverage their existing mobile phone infrastructure for both calling and payment purposes, eliminating the need for separate specialized accounts
2Ease of operation
If online person-to-person accounts are created for payment transfers, then money transfer capability is enabled, but security vulnerabilities to hacking and tampering exist
Solution Approach 1:
The patent introduces the mobile telephone network as a trusted intermediary for conducting person-to-person payments. By leveraging the established security infrastructure of the mobile network operator, the system provides a secure channel for financial transactions that is more reliable than direct online account-to-account transfers, thereby maintaining money transfer capability while enhancing security protection
Solution Approach 2:
The system implements prior security measures by using the mobile telephone account verification process as a cushion against unauthorized transactions. The account-based authentication and network security protocols are established beforehand to prevent hacking and tampering, providing security protection before transactions occur
3Ease of operation
If traditional payment methods are used when persons are not physically present, then money transfer can occur, but time-consuming processes are required
Solution Approach 1:
The patent enables continuous person-to-person payment transactions through the mobile telephone network without interruption or delay. Users can initiate and complete payments remotely using their mobile phones at any time, eliminating the time-consuming nature of traditional methods such as visiting ATMs or mailing checks, thereby maintaining remote payment capability while minimizing transaction time
Data Source
AI summary
Methods, systems and apparatus for conducting mobile device person-to-person voice payments. An embodiment includes a mobile device processor of a mobile device detecting a first key entry by a sender during a mobile telephone call, muting the call, prompting the sender to enter persons-to-person (P2P) security data and a payment amount, and detecting a second key entry. The mobile device processor then prompts the sender to provide voice data associated with a password, detects a third key entry, and then transmits a P2P payment request including the P2P security data, the payment amount, the voice data, sender account data, and a recipient mobile telephone number, to a mobile person-to-person (P2P) computer. The mobile device processor then unmutes the mobile telephone call and receives a P2P payment message from the mobile P2P computer.