NFC Mobile Device Real-Time Credit Application Processing
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Solution Overview
Problem
Current NFC technologies do not allow users of mobile devices to submit a credit application and receive credit from a financial institution during a purchase at a merchant, lacking the capability for real-time credit transactions.
Innovation Solution
A system and method enabling a mobile device with an NFC data communication interface and GUI to transmit a credit application request to a point of sale terminal, which forwards the request to credit providers, allowing for real-time credit approval and payment processing.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If NFC technology is used for secure financial transactions, then payment security is improved, but the capability to submit credit applications and receive real-time credit is lost
Solution Approach 1:
The NFC-enabled mobile device is enhanced to perform multiple functions: traditional secure payments using stored card information, and new credit application submissions. The system allows the same device to both pay with existing cards and apply for new credit lines, making the payment system more versatile without compromising security.
Solution Approach 2:
A credit provider system acts as an intermediary between the mobile device and the payment network. This intermediary receives credit applications from the mobile device, processes them in real-time, and returns approval decisions, enabling the credit application functionality without disrupting the existing secure NFC payment infrastructure.
2Speed
If real-time credit application processing is added, then credit approval speed is improved, but system complexity increases
Solution Approach 1:
Credit provider information and application interfaces are prepared in advance and stored in the mobile device. When a user wants to apply for credit, the pre-configured application can be instantly submitted through the NFC transaction, eliminating the need for lengthy online application processes and achieving real-time approval speeds.
Solution Approach 2:
The credit application process is merged with the existing NFC payment transaction flow. Both functions use the same communication interface and transaction mechanism, reducing the need for separate complex systems. The credit application is submitted alongside or instead of traditional payment information, simplifying the overall architecture.
3Ease of operation
If credit application functionality is integrated into NFC transactions, then transaction convenience is improved, but processing time increases
Solution Approach 1:
The system allows users to skip traditional lengthy credit application processes by submitting applications directly through the NFC transaction. The pre-configured application data and real-time processing enable the credit application to be completed in seconds during the payment transaction, rather than requiring separate days-long processing.
Data Source
AI summary
A mobile device corresponding to the present invention submits a credit application at a point of sale terminal, and a user of the mobile device receives credit that pays the merchant for a purchase made by the user at the merchant.