Mobile Wallet Transaction Code and Location Detection
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Current mobile payment systems are limited in their ability to facilitate seamless transactions using mobile devices, particularly in identifying nearby merchant offers and navigating within physical stores, and lack efficient person-to-person payment methods.
Innovation Solution
A computer-implemented method that captures images and determines geographic location and direction using a mobile device, generating displays that highlight nearby merchant offers based on user history and allowing for product location searches within stores, along with a mobile wallet system that enables transactions through unique codes and augmented reality overlays.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If traditional payment methods (credit cards, debit cards, checks, cash) are used, then transactions can be completed, but the process is cumbersome and lacks convenience
Solution Approach 1:
The patent replaces traditional mechanical payment methods (physical cards, cash handling) with a mobile device-based electronic system. The mobile device captures images of products, uses image recognition to identify items, and automatically processes payments through the mobile wallet application, eliminating the need for physical card swiping, cash counting, and manual transaction recording.
Solution Approach 2:
The system enables self-service payment processing where the mobile device automatically identifies products through image capture, determines pricing information, and executes transactions without requiring manual intervention from either the consumer or merchant. The mobile wallet application handles the entire payment process autonomously based on the captured image data.
2Ease of operation
If mobile devices are used for payments, then convenience is improved, but the ability to identify nearby merchant offers and navigate within physical stores is limited
Solution Approach 1:
The mobile device and mobile wallet application serve multiple functions beyond just payment processing. The same device captures images for product identification, determines geographic location for merchant offer identification, provides directionality for navigation, and processes financial transactions. This multi-functionality eliminates the need for separate specialized devices for each function.
Solution Approach 2:
The mobile wallet application acts as an intermediary that connects the mobile device with merchant systems. It receives location data and direction data from the device, processes this information to identify relevant merchant offers, and presents customized payment options to the user. The application mediates between the raw sensor data and the final payment transaction.
3Adaptability or versatility
If image capture and location determination are performed, then personalized merchant offers can be provided, but device complexity increases
Solution Approach 1:
The system divides the complex functionality into separate modular components: the mobile device handles image capture and location determination, the mobile wallet application processes the data and identifies relevant offers, and the payment processing system executes transactions. This segmentation allows each component to be optimized independently and simplifies the overall system architecture.
Solution Approach 2:
The system uses feedback loops where the mobile device continuously captures images and location data, the mobile wallet application analyzes this data to identify relevant merchant offers based on past transactions, and presents customized payment options. This feedback mechanism enables personalized offers while maintaining manageable system complexity through automated data processing.
Data Source
AI summary
A method includes: receiving a request for a transaction between a user and a third party; generating a displayable and scannable transaction code, the transaction code embedding a transaction identification number unique to the transaction and a location of one of the user or the third party; sending the transaction code to one of the user or the third party for the other of the user and the third party to scan to request a transfer of funds from an account of the user to the third party; receiving a transfer request to transfer funds from the account of the user to the third party, the transfer request including the transaction code and information related to a transaction amount for transferring to the third party; and generating a verification request to confirm the information related to the transaction.