Mobile Wallet Payment Vehicle Recommendation System

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Solution Overview

Problem

Users face difficulties in managing multiple payment vehicles within a mobile wallet, leading to confusion and incorrect transactions due to the need to frequently change default payment vehicles for different types of transactions.

Innovation Solution

A mobile wallet system that recommends or automatically updates the default payment vehicle based on user-specific data, including active user profiles, prior payment vehicle usage, user preferences, location, and rewards programs, to facilitate efficient contactless transactions.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Ease of operation

If users manually manage multiple payment vehicles in a mobile wallet, then users can control which payment vehicle is used for each transaction, but users experience confusion and errors due to the need to frequently change default payment vehicles

Engineering Contradiction:

Improveease of payment vehicle selectionVSAvoidaccuracy of payment vehicle selection

Core Design Contradiction:

Ease of operationVSReliability

Solution Approach 1:

The mobile wallet system automatically determines and selects the appropriate payment vehicle based on transaction context, merchant category, and user preferences without requiring manual user intervention. The system self-manages the complexity of multiple payment vehicles by autonomously making selection decisions, thereby eliminating user confusion and errors while maintaining control over payment vehicle usage

Inventive Principle:

Principle #25Self-service

Solution Approach 2:

The system incorporates user feedback mechanisms where users can confirm or correct the automatically selected payment vehicle. This feedback loop allows the system to learn from user preferences and improve its automatic selection accuracy over time, resolving the contradiction by making the system both automatic and increasingly accurate through iterative learning

Inventive Principle:

Principle #23Feedback

2Adaptability or versatility

If users store numerous payment vehicles in a mobile wallet, then users can access multiple accounts and rewards programs, but the complexity of managing and categorizing these payment vehicles increases

Engineering Contradiction:

Improvenumber of payment vehiclesVSAvoidcomplexity of payment vehicle management

Core Design Contradiction:

Adaptability or versatilityVSDevice complexity

Solution Approach 1:

The system segments payment vehicles into different categories based on merchant types, transaction purposes, or user-defined groups. This segmentation organizes the large number of payment vehicles into manageable segments, reducing the perceived complexity while maintaining access to all payment vehicles for versatile payment options

Inventive Principle:

Principle #1Segmentation

Solution Approach 2:

The system introduces an intermediary layer (the automatic selection algorithm) that mediates between the user and the complex array of payment vehicles. This intermediary handles the complexity of managing numerous payment vehicles by automatically matching the right vehicle to the right transaction based on stored preferences, merchant category, and transaction context, thereby reducing user-facing complexity while preserving adaptability

Inventive Principle:

Principle #24Intermediary (Mediator)

3Productivity

If users frequently change the default payment vehicle for different transaction types, then users can optimize rewards and track expenses accurately, but the time and effort required to manage payment vehicles increases

Engineering Contradiction:

Improvetransaction processing efficiencyVSAvoidtime for payment vehicle management

Core Design Contradiction:

ProductivityVSLoss of time

Solution Approach 1:

The system performs preliminary actions by pre-configuring payment vehicle preferences and associations with merchant categories before transactions occur. Users set up their preferences in advance, and the system automatically applies these pre-configured settings to subsequent transactions, eliminating the need for frequent manual changes and reducing the time required for payment vehicle management while maintaining optimized rewards tracking

Inventive Principle:

Principle #10Preliminary action

Data Source

PatentUS9830590B2Mobile wallet payment vehicle preferences

Publication Date: 2017.11.28 BANK OF AMERICA CORP

AI summary

In general, apparatuses, methods and computer program products for making contactless financial transactions utilizing a mobile wallet are disclosed. Particularly, a mobile wallet application is disclosed that utilizes, at least in part, user specific data to generate a payment vehicle recommendation for different transactions. The user specific data may include the active user profile, prior payment vehicle usage, user preferences for the type of transaction, user location, rewards programs associated with use of one or more payment vehicles, or the like, or combinations thereof.