Mobile Wallet Stored Value Card Transaction System
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Solution Overview
Problem
Current systems for mobile payments and fund transfers using electronic devices are limited in convenience and efficiency, often requiring multiple steps and involving traditional payment methods like credit cards or cash, and lack seamless integration for person-to-person transactions.
Innovation Solution
A computer-implemented method and system that allows users to select and utilize stored value cards on their mobile devices for transactions, enabling direct fund transfers between users and merchants through a mobile wallet platform, which includes creating a mobile wallet account, linking financial institution accounts, and using a unique transaction code for authentication and payment processing.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If traditional payment methods like credit cards or cash are used, then payment functionality is provided, but convenience and efficiency are limited requiring multiple steps and physical payment methods
Solution Approach 1:
The patent creates a digital copy of payment card functionality by storing value card information electronically in the mobile device. This allows the mobile device to function as a payment card, eliminating the need for physical cards or cash while maintaining payment capabilities through electronic storage and transmission of payment data.
Solution Approach 2:
The mobile device is designed to perform multiple functions including storing multiple value cards, making payments to merchants, and transferring funds between individuals. This multi-functional approach consolidates various payment methods and transaction types into a single device, improving convenience while managing complexity through integrated design.
2Adaptability or versatility
If multiple payment methods are supported, then versatility is improved, but system complexity increases
Solution Approach 1:
The patent segments the payment system by allowing users to store multiple separate value cards within the mobile device, each representing a different payment method. This segmentation enables versatile payment options while managing complexity by organizing each payment method as a distinct, manageable unit that can be independently selected and used.
3Productivity
If seamless integration for person-to-person transactions is implemented, then transaction efficiency is improved, but system complexity increases
Solution Approach 1:
The patent introduces a payment system intermediary that facilitates person-to-person transactions through the mobile device. This intermediary layer handles the complexity of fund transfers between individuals, providing a standardized interface that simplifies the user experience while managing the underlying system complexity through centralized processing and coordination.
Data Source
AI summary
A computer-implemented system and method includes receiving, from a mobile device, a request to initiate a transaction. The method includes receiving, from the mobile device, a selection of a stored value card from among a plurality of stored value cards as a payment option for the transaction. Additionally or alternatively, the method includes receiving value card information from the mobile device of a user and transferring funds from the balance of the value card to the merchant. The method includes reducing the balance of the value card by the amount of the transferred funds.