NFC Payment Transaction Monitoring via Billing Network Feedback
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Solution Overview
Problem
Users of NFC-equipped devices lack the ability to view detailed statements of purchases, set rules for transactions, and track purchases with images and annotations, making it difficult to monitor and regulate financial activity.
Innovation Solution
A system and method that allows users to enter financial account information into a mobile device's GUI, transmit data to a billing statement network, and receive and display billing information, including purchase details, settings, and rules, enabling users to track and regulate NFC transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If NFC payment transactions are enabled on mobile devices, then contactless payment convenience is improved, but users cannot monitor or regulate purchase activity
Solution Approach 1:
The patent implements a billing statement network that provides feedback to users about their NFC purchase activity. The system transmits purchase information from point-of-sale terminals to users' mobile devices, allowing them to monitor transactions. Users can view detailed statements including merchant information, amounts, and timestamps, enabling them to track and regulate their spending patterns while maintaining the convenience of contactless payments.
2Productivity
If NFC transactions are allowed without restrictions, then transaction speed is improved, but unauthorized or excessive purchases cannot be prevented
Solution Approach 1:
The patent enables users to set preliminary rules and parameters for NFC transactions before making purchases. Users can configure spending limits, authorized merchants, time-based restrictions, and other parameters through the billing statement network. These pre-set rules are automatically enforced during transactions, allowing rapid NFC payments while ensuring they comply with user-defined constraints, thus preventing unauthorized or excessive purchases.
3Loss of information
If detailed purchase tracking is implemented, then financial monitoring capability is improved, but system complexity increases
Solution Approach 1:
The patent introduces a billing statement network as an intermediary between point-of-sale terminals and users' mobile devices. This intermediary handles the complex tasks of collecting transaction data from multiple merchants, formatting billing statements, transmitting information to users, and managing rule enforcement. By offloading these complex functions to the billing statement network, the patent provides comprehensive purchase tracking and monitoring capabilities while keeping the user's mobile device relatively simple.
Data Source
AI summary
The present invention communicates with a point of sale terminal using near field data communications and a purchase is either allowed or denied by a billing statement network according to a set of parameters.