Mobile Wallet Unique Code Generation for Secure Transactions
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Solution Overview
Problem
Current systems for mobile transactions, such as payments and fund transfers, are limited by the need for physical cards, checks, or cash, and lack efficient methods for secure and location-based transactions using mobile devices.
Innovation Solution
A computer-implemented method using mobile devices to generate and transmit unique codes for transactions, embedding transaction identification numbers, geographic locations, and timestamps, which are verified by financial institutions to facilitate secure and location-specific payments between users and merchants.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If mobile devices are used for transactions without physical cards, then convenience and efficiency are improved, but security and verification reliability deteriorate
Solution Approach 1:
The patent introduces an intermediary verification system that acts as a mediator between the mobile device and the transaction processing system. The system generates and verifies unique codes that serve as intermediaries to establish trusted communication, ensuring security without requiring physical cards. This intermediary mechanism bridges the gap between convenience and reliability by providing a digital trust layer.
Solution Approach 2:
The system performs preliminary actions by pre-generating unique transaction codes with embedded security features, location data, and timestamps before the actual transaction occurs. This preliminary code generation establishes verification parameters in advance, ensuring that when the transaction executes, security verification is already prepared and validated, maintaining both convenience and reliability.
2Reliability
If location verification is implemented for transactions, then fraud prevention is improved, but system complexity and processing time worsen
Solution Approach 1:
The patent merges location verification with the existing unique code generation process. Instead of adding a separate location verification system, the location data is embedded directly into the unique transaction code that is already being generated for security purposes. This consolidation integrates fraud prevention into the existing transaction flow without significantly increasing system complexity.
Solution Approach 2:
The unique transaction code serves multiple functions simultaneously: it provides transaction identification, security verification, location validation, and timestamp recording. By making the code universal and multi-functional, the system avoids creating separate specialized systems for each function, thereby reducing overall system complexity while maintaining comprehensive fraud prevention capabilities.
3Reliability
If unique codes with embedded data are generated for each transaction, then transaction security is improved, but data processing requirements and system resource usage worsen
Solution Approach 1:
The system uses digital codes as copies of transaction information rather than requiring physical card data processing. The unique code contains embedded transaction details that can be generated and verified electronically without manipulating physical objects. This copying approach reduces resource usage compared to physical card processing while maintaining security through the embedded data in the digital code.
Solution Approach 2:
The patent changes the parameters of transaction data from physical card magnetic stripe or chip data to digital code parameters that can be efficiently processed. By transforming the transaction representation into a digital code format with specific parameters (embedded data, location, timestamp), the system optimizes processing requirements and reduces energy consumption while enhancing security through the structured parameter format.
Data Source
AI summary
A mobile wallet computer system coupled to a merchant computer system and a mobile device associated with a user includes one or more processors coupled to one or more non-transitory memory devices. The one or more non-transitory memory devices include instructions stored therein that are executable by the one or more processors to cause operations including receiving, from the mobile device, a request to perform a transaction between the user and a merchant associated with the merchant computer system. The operations also include generating and providing to the mobile device a code comprising mobile wallet account information associated with the user. The operations also include receiving, from the merchant computer system, the code, bank account information associated with the merchant, and a purchase amount associated with the transaction. The operations also include authenticating the transaction between the user and the merchant by decoding the code.