Open Commerce Wallet Exchange for Unified Wallet Integration
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Solution Overview
Problem
Existing mobile payment systems face challenges in enabling user-friendly payment processes due to the need for users to enter payment and shipping data, and retailers must manage multiple diverse mobile wallets, while mobile banking applications are limited in functionality and incompatible across different systems.
Innovation Solution
An open commerce wallet exchange (OCWE) system that allows seamless interaction between various banking applications and wallets, facilitating secure data sharing and transaction completion using a unified interface, regardless of differing communication protocols and standards.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If mobile wallets are implemented to enable single-click payments, then payment convenience is improved, but device complexity and integration requirements increase for retailers
Solution Approach 1:
The patent introduces a universal merchant platform that acts as an intermediary between retailers and multiple mobile wallet providers. This platform handles all integrations and communications with different wallet systems (Google Wallet, Visa Wallet, Amex Wallet, etc.), shielding retailers from the complexity of supporting multiple diverse wallet solutions while enabling single-click payment convenience for consumers.
Solution Approach 2:
The merchant platform is designed with universal functionality to support multiple mobile wallet providers through a single integration point. It provides a unified interface that can authenticate and process payments from various wallet types without requiring separate integration code for each wallet provider, thereby reducing device complexity for retailers.
2Adaptability or versatility
If multiple mobile wallet integrations are supported, then versatility is improved, but ease of manufacture and maintenance deteriorates
Solution Approach 1:
The merchant platform implements a universal architecture that can accommodate multiple mobile wallet providers through standardized interfaces. The system includes components that can authenticate with different wallet types (Google Wallet, Visa Wallet, Amex Wallet, SPRINT Wallet, ISIS Wallet, MASTERCARD Wallet) using a common integration approach, making the system versatile while maintaining ease of manufacture.
Solution Approach 2:
The system uses configurable parameters and settings to adapt to different wallet providers without requiring fundamental changes to the integration code. By changing parameters such as authentication methods, data formats, and communication protocols within the existing framework, the platform supports multiple wallet types while keeping the core integration simple and maintainable.
3Ease of operation
If mobile banking applications are used for account access, then ease of operation is improved, but adaptability across different banking systems deteriorates
Solution Approach 1:
The universal merchant platform serves as an intermediary between mobile banking applications and the payment processing system. It receives authentication data from various bank-specific mobile applications, standardizes the data format, and processes payments accordingly. This allows users to access their accounts through their preferred bank's mobile application while maintaining compatibility across different banking systems.
Solution Approach 2:
The system segments the authentication and payment processing functions into separate modules. The mobile banking application handles user authentication with the user's bank, while the merchant platform handles payment processing. This segmentation allows each component to specialize in its function while working together through standardized interfaces, improving both ease of operation and adaptability.
Data Source
AI summary
A system and method for completing a transaction between a first party and a second party is provided. The method includes registering, with an open commerce wallet exchange (OCWE) system, a plurality of banking applications, and/or wallet applications. The method also includes associating a master credential with the plurality of banking applications and/or wallet applications, receiving a request from the merchant system to invoke the OCWE system to receive personal data corresponding to the consumer, and in response to receiving a request to invoke the OCWE system from the merchant system, determining, by the OCWE system, at least one banking application and/or wallet application stored on the consumer system and registered with the OCWE system. The method also includes communicating, to the consumer system, a request for personal data, and receiving, from the consumer system, the master credential and a selection of a banking application or a wallet application.