Mobile Wallet Platform for Unbanked Users Through Agent Profiles
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Solution Overview
Problem
Existing mobile transaction systems lack the ability to efficiently facilitate monetary transactions between subscribers and entities, particularly for unbanked users, and do not support a wide range of transaction types including deposits, withdrawals, transfers, and bill payments using mobile devices.
Innovation Solution
A mobile transaction system that includes a mobile device application, a subscriber profile, a transaction processor, and an entity profile, enabling various transactions such as deposits, withdrawals, and transfers through communication with a database based on subscriber profiles, utilizing a mobile wallet platform that supports unbanked users and integrates with agents and retail stores.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If a mobile transaction system is implemented to support unbanked users, then accessibility and inclusivity are improved, but system complexity increases due to the need to support multiple transaction types and integrate with various entities
Solution Approach 1:
The mobile transaction system is designed as a universal platform that supports multiple transaction types (deposits, withdrawals, transfers, bill payments) and serves diverse user segments including banked and unbanked users through a single integrated system, eliminating the need for separate systems for different transaction types
Solution Approach 2:
The system introduces agent profiles as intermediary entities that bridge the gap between the mobile transaction system and unbanked users, allowing users without traditional bank accounts to access financial services through authorized agents who facilitate transactions on their behalf
2Adaptability or versatility
If the system supports a wide range of transaction types, then functionality is improved, but processing time and operational complexity increase
Solution Approach 1:
Subscriber profiles and entity profiles are pre-configured with necessary account information, authorization levels, and transaction parameters before transactions occur. This preliminary setup enables rapid transaction processing without requiring complex real-time verification for each transaction type
Solution Approach 2:
The system dynamically adapts its processing workflow based on the specific transaction type being executed, optimizing the verification and processing steps for each transaction category to minimize processing time while maintaining security and compliance requirements
Data Source
AI summary
Embodiments are directed to monetary transaction system for conducting monetary transactions between transaction system subscribers and other entities. In one scenario, the monetary transaction system includes a mobile device that runs a monetary transaction system application. The monetary transaction system also includes a subscriber that has a profile with the system. The subscriber indicates a transaction that is to be performed with the monetary transaction system. The system further includes a monetary transaction system processor that performs the transactions specified by the subscriber including communicating with a monetary transaction database to determine whether the transaction is permissible based on data indicated in the subscriber's profile. The monetary transaction system also includes at least one entity that is to be involved in the specified transaction, where the entity has a profile with the monetary transaction system. This entity may be a person, a retail store, an agent or other entity.