Mobile Wallet Reward Optimization System
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Solution Overview
Problem
Consumers face difficulties in maximizing rewards or incentives from various transaction devices due to the lack of knowledge about the rewards offered by different devices, leading to suboptimal usage and missed opportunities.
Innovation Solution
A mobile wallet system that aggregates account information from multiple transaction devices, determines the most rewarding device based on location and transaction details, and automatically selects or recommends it for transactions to maximize rewards, while also tracking and reporting rewards earned.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If consumers manually track and monitor rewards from multiple transaction devices, then they can be aware of available rewards, but it becomes difficult and time-consuming to track across different locations and time periods
Solution Approach 1:
The patent combines multiple transaction devices and their associated reward programs into a single mobile wallet system. The system aggregates account information from multiple cards (credit cards, debit cards, gift cards, membership cards) and consolidates reward tracking in one centralized location, eliminating the need to manually monitor each card separately.
Solution Approach 2:
The system automatically tracks and monitors rewards without requiring consumer intervention. The mobile wallet system continuously updates reward balances, expiration dates, and eligibility status based on transaction data, allowing the system to serve itself rather than requiring the consumer to manually check each card's reward status.
2Ease of operation
If consumers lack knowledge of various rewards offered by different transaction devices, then they can simplify their selection process, but they cannot maximize the rewards or incentives received
Solution Approach 1:
The system provides real-time feedback to the consumer about which transaction device will maximize rewards for a given purchase. Based on the merchant category, purchase amount, and available reward programs, the system calculates and displays the optimal card selection, allowing the consumer to make informed decisions without manually researching each card's benefits.
Solution Approach 2:
The system pre-calculates and stores reward information for multiple transaction devices before the consumer makes a purchase decision. When a transaction is initiated, the system has already analyzed which card offers the best reward based on the merchant type and purchase details, eliminating the need for the consumer to research rewards at the point of sale.
3Adaptability or versatility
If consumers use multiple transaction devices with different reward programs, then they can access various benefits, but it becomes difficult to determine which device maximizes rewards for each transaction
Solution Approach 1:
The mobile wallet system serves as a universal platform that can store and manage multiple types of transaction devices (credit cards, debit cards, gift cards, membership cards, loyalty cards) in a single application. This multi-functional approach allows the system to handle diverse card types and reward programs through a unified interface, eliminating the need for separate tracking systems for each card type.
Solution Approach 2:
The mobile wallet system acts as an intermediary between the consumer and multiple transaction devices. Instead of the consumer directly managing multiple cards and their complex reward programs, the wallet system mediates by automatically analyzing which card should be used for each transaction and presenting the optimal choice, simplifying the complexity of managing multiple reward programs.
Data Source
AI summary
A mobile wallet system includes an account module comprising a physical memory database to store account information associated with a plurality of transaction devices issued to a consumer, a location module comprising a location device to determine location information of the consumer, a reward program module comprising a physical memory database to store reward information of a plurality of reward programs associated with the plurality of transaction devices, a payment method module executed on a computer processor to determine a transaction device of the plurality of transaction devices that maximizes a reward for the consumer based at least in part on the account information, the location information and the reward information, and a processing module executed on a computer processor to use the determined transaction device to complete a transaction to purchase products or services in order to maximize rewards for the consumer.