NFC Chip Launching P2P Payment Apps
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Solution Overview
Problem
Current peer-to-peer (P2P) cashless payment systems require a time-consuming and insecure process for exchanging personal information between parties, involving verbal communication, text messages, or emails, and often require both parties to be registered on the same platform, making transactions cumbersome and prone to errors.
Innovation Solution
A device preprogrammed with NFC chips that can launch multiple P2P cashless payment applications on mobile devices, allowing for quick identification and selection of subscribed payment applications, eliminating the need for direct communication and ensuring secure, frictionless transactions by providing the payee's information directly to the payor's mobile device.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If parties exchange personal information verbally or through text messages/emails to initiate P2P payments, then the payment process can be completed, but the process becomes time-consuming and insecure
Solution Approach 1:
The NFC tags are pre-programmed with payment application information and payee identifiers before the transaction occurs. When a buyer taps their mobile device against the NFC tag, the pre-stored information is immediately transmitted, eliminating the need for real-time information exchange through verbal communication or text messages.
Solution Approach 2:
The NFC tag acts as an intermediary device that stores and transmits payment information between the payee and buyer. Instead of directly exchanging sensitive personal information, the NFC tag mediates the interaction by providing a secure, contactless interface that automatically shares necessary payment details.
2Adaptability or versatility
If both parties must be registered on the same P2P platform, then transactions can be facilitated, but the complexity of the system increases and limits versatility
Solution Approach 1:
The NFC tag is designed to store information for multiple different P2P payment applications simultaneously. The tag can contain identifiers and launch information for various platforms (Venmo, PayPal, Cash App, etc.), allowing it to work universally across different payment ecosystems without requiring both parties to be on the same platform.
Solution Approach 2:
The payment information is segmented into discrete NFC tags, each potentially containing information for different payment applications or different payees. This segmentation allows the system to handle multiple payment scenarios independently, reducing the complexity of managing a single unified registration system.
3Reliability
If manual information exchange is required to identify payee profile, then transactions can proceed, but errors are more likely to occur
Solution Approach 1:
The NFC tag automatically provides the buyer with the correct payee identification information when tapped. The system performs self-service by automatically transmitting the payee's profile data and launching the appropriate payment application, eliminating manual data entry and reducing the opportunity for human error.
Solution Approach 2:
The NFC tag provides immediate feedback to the buyer by displaying or transmitting the payee's information and the available payment options upon contact. This instant feedback allows the buyer to verify the correct payee is being contacted before initiating the transaction, improving accuracy while maintaining simplicity.
Applied Scientific Principles
This section explains which scientific principles are used to turn an abstract innovation direction into a practical engineering solution.
Function Achieved in This Case
Facilitates secure, efficient, and frictionless P2P cashless transactions by preprogramming NFC chips to launch the correct payment applications, reducing the need for manual data exchange and minimizing the risk of errors, thus enhancing the chances of successful transactions while eliminating the need for physical currency and credit card fees.
Implementation Method 1
The NFC chip may be preprogrammed to provide the identification of a particular payee and the identification of a P2P cashless payment application to a mobile device that comes in proximity of the NFC chip
Data Source
AI summary
A device includes one or more NFC chips that are preprogrammed to provide a payee's identification and information for launching any of several P2P cashless payment applications to which the payee is subscribed, to a mobile phone of a payor. When a mobile device of a payor is brought to the vicinity of an NFC chip of the device, the mobile device launches a corresponding P2P cashless payment application. The P2P cashless payment application shows the payee's information and the payor may proceed to make a payment to the payee. The device may include an NFC chip that is preprogrammed to provide the payee's identification and the information for launching a single application on the mobile device of the payor to display the P2P cashless payment applications to which the payee is subscribed. The payor may then proceed to make a payment to the payee using the payor's mobile device.