Mobile Wallet Receipt Aggregation and Fund Transfer
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Solution Overview
Problem
Current systems for mobile payments and transactions are limited in their ability to aggregate and manage receipts across various payment methods, including those not using a mobile wallet, and lack efficient methods for users to transfer funds between individuals and merchants.
Innovation Solution
A computer-implemented method and system that enables receipt management by aggregating mobile wallet transactions with non-mobile wallet transactions, allowing users to receive, store, and display receipts, and facilitating fund transfers using debit, credit, and value cards through a mobile device with a processor configured to manage financial transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If users manually manage receipts for each payment method separately, then organization and tracking become manageable, but time consumption and operational complexity increase
Solution Approach 1:
The system merges receipts from multiple payment methods (mobile wallet, credit card, debit card, cash) into a single unified receipt displayed on one device. This consolidation eliminates the need for users to manually collect and organize separate receipts from different sources, directly reducing time consumption and operational complexity while maintaining complete transaction tracking.
Solution Approach 2:
The mobile device is designed to perform multiple functions: it serves as a mobile wallet for contactless payments, a receipt manager for aggregating transactions from various sources, and a fund transfer tool. This multi-functionality allows a single device to replace multiple separate systems, improving ease of operation without increasing time investment.
2Adaptability or versatility
If users carry multiple payment methods (cash, cards, mobile wallet), then payment flexibility increases, but the complexity of managing and tracking transactions across these methods increases
Solution Approach 1:
The system combines transaction data from diverse payment methods into a single unified interface. By aggregating mobile wallet transactions, credit card purchases, debit card transactions, and cash payments into one consolidated receipt, the system maintains payment flexibility while simplifying the management complexity to a single manageable system.
Solution Approach 2:
The mobile device acts as an intermediary that centralizes and coordinates multiple payment methods. It serves as the hub that collects, stores, and displays transaction information from various sources, reducing the complexity of managing multiple payment systems by providing a single point of control and visibility.
3Ease of operation
If traditional payment methods (cash, checks) are used, then transaction privacy is maintained, but convenience and speed of transactions decrease
Solution Approach 1:
The system creates a digital copy of the physical receipt that consolidates transaction information from multiple sources. This electronic replica provides the same informational value as traditional paper receipts while enabling automated tracking and aggregation, thereby improving both convenience and tracking accuracy without requiring users to physically handle multiple paper documents.
Data Source
AI summary
A computer-implemented method includes: receiving a request to perform a mobile wallet transaction between a user and a merchant via a mobile wallet application operating on a mobile device of the user; determining a location of the mobile device; receiving transaction information from a merchant computer system associated with the merchant; determining a location of a merchant point-of-sale device in communication with the mobile device; comparing the location of the mobile device and the location of the merchant point-of-sale device to determine whether the location of the mobile device is within a predefined distance of the location of the merchant point-of-sale device; generating a transaction code; transmitting the transaction code to the mobile device; transferring funds from an account of the user to a merchant account; and, transmitting an indication that the mobile wallet transaction has been completed to the mobile device.