Multi-Currency E-Money Settlement for Cross-Border Bill Splitting
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Travelers face inconvenience and burden due to the need for currency exchange before and after travel, and domestic electronic money is not recognized in foreign countries, limiting its use in splitting costs.
Innovation Solution
A management system and method that allows users to hold multiple currencies as electronic money, enabling bill splitting and currency conversion through a mobile settlement application, where users can select desired currencies for payment and the system automatically handles currency exchange and payment processing.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If travelers use domestic electronic money in foreign countries, then payment convenience is improved, but the electronic money is not recognized in foreign countries, limiting its use
Solution Approach 1:
The electronic money system is designed to support multiple currencies and functions within a single platform. Users can hold and transact in multiple currencies (first currency and second currency) through the same electronic money interface, making the system universally applicable across different countries and payment scenarios without needing separate systems for each currency.
Solution Approach 2:
The system introduces a currency conversion mechanism as an intermediary between the user's domestic electronic money and foreign currency requirements. The management apparatus automatically converts between first currency and second currency, mediating the incompatibility between domestic electronic money and foreign payment systems, allowing seamless cross-border transactions.
2Reliability
If travelers exchange currency at currency exchange counters before and after travel, then currency exchange is handled, but time and effort are consumed
Solution Approach 1:
The system performs currency conversion in advance by pre-loading multiple currencies into the user's electronic money balance before travel begins. Users can exchange currency at their convenience prior to departure, and the converted funds are already available in the electronic wallet, eliminating the need for last-minute currency exchange at airports or foreign locations.
Solution Approach 2:
The electronic money system enables users to independently manage their own currency exchange needs through automated online transactions. Users can convert currencies themselves through the management apparatus without requiring physical visits to currency exchange counters, bank branches, or other third-party services, significantly reducing time and effort.
3Adaptability or versatility
If travelers carry multiple currencies for different countries, then payment flexibility is improved, but the complexity of managing multiple currencies increases
Solution Approach 1:
The system merges multiple currency holdings and management functions into a single electronic money platform. Instead of physically carrying and managing separate cash or multiple wallet systems for different currencies, users access all their currency balances and transaction capabilities through one unified electronic interface, simplifying what would otherwise be a complex multi-currency management task.
Solution Approach 2:
The system dynamically adjusts currency parameters (available balances, exchange rates, transaction limits) based on user needs and market conditions. Users can flexibly switch between different currencies and have their balances automatically updated based on real-time exchange rates, providing payment flexibility without requiring manual tracking or calculation of multiple currency parameters.
Data Source
Figure 1~2
Figure 3~4
Figure 5
AI summary
In a management system (1) including: a terminal (20A) and a terminal (20B) that are mounted with an application that enables electronic money to be loaded in plural types of currencies; and a server apparatus (10) that manages the electronic money in the plural types of currencies, the terminal (20A) uses a charging service of the application, and sets a charging destination of a cost, a type of a first currency to be paid, and a charged amount of money, the terminal (20B) transmits a payment report in which the type of a second currency has been set, charged money of the cost being paid in the second currency, and the server apparatus (10) includes a receiving/making-payment control unit configured to obtain an amount of money in the second currency that corresponds to the charged amount of money in the first currency on the basis of an exchange rate.