Mobile Device Electronic Wallet Fund Security and Currency Conversion
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Solution Overview
Problem
Existing mobile devices face challenges in securely managing and controlling monetary values for transactions, particularly in ensuring that funds are secure and not lost if the device is stolen or lost, and in efficiently handling currency conversions for international transactions.
Innovation Solution
A method for associating and managing monetary values on mobile devices through an electronic wallet, which includes loading funds, blocking access if the device is lost or stolen, and converting currencies in real-time to optimize exchange rates, ensuring secure transactions and minimizing losses.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If monetary value is stored in an electronic wallet on a mobile device, then transactions can be performed conveniently, but the device and user face risk of loss if the device is stolen or lost
Solution Approach 1:
The patent introduces a remote server as an intermediary between the mobile device and the monetary value storage. The server manages the electronic wallet, holds backup copies of monetary values, and facilitates secure transactions. This intermediary architecture ensures that even if the mobile device is lost or stolen, the monetary values remain secure on the server, resolving the contradiction between transaction convenience and fund security.
2Adaptability or versatility
If real-time currency conversion is performed for international transactions, then favorable exchange rates can be achieved, but transaction complexity increases
Solution Approach 1:
The remote server acts as an intermediary that handles all currency conversion operations. Instead of performing complex conversions locally on the mobile device, the server manages multi-currency accounts, maintains real-time exchange rate information, and processes conversions in the background. This shifts the complexity to the server while keeping the mobile device simple for users.
Solution Approach 2:
The system automatically performs currency conversions based on real-time rates without requiring manual intervention from the user. The server monitors exchange rates and executes conversions autonomously to optimize costs, making the complex conversion process transparent and self-managing for the user.
3Productivity
If monetary value is transferred from a bank account to the electronic wallet, then funds are available for immediate transactions, but transfer time and processing complexity increase
Solution Approach 1:
The system establishes a pre-existing relationship between the user's bank account and the electronic wallet through the remote server. When funds need to be transferred, the server already has the necessary authentication mechanisms and processing protocols in place, allowing for rapid fund movement without complex real-time verification procedures.
Data Source
AI summary
Aspects of the present invention feature a method of managing a monetary value stored in an electronic wallet of a mobile device. These management operations include receiving an indication that the mobile device from a mobile device account of a mobile device carrier cannot be located and is either lost or stolen. Subsequently, a determination is made to see if the mobile device has an associated electronic wallet capable of storing a monetary value. Generally, the use of mobile device and access to electronic wallet is blocked in response to determination that mobile device has an associated electronic wallet. In addition, the electronic wallet can be flagged such that the electronic wallet associated with mobile device will be drained of monetary value as well as being blocked.