Multiple-Funding Payment Card Single-Swipe Transaction
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Consumers face inconvenience and embarrassment due to carrying multiple payment cards and the need to switch between them during transactions, especially when one card is declined, leading to increased time and frustration.
Innovation Solution
A multiple-funding source payment card with a micromodule that allows for single-swipe transactions by storing multiple payment accounts and their respective PINs, using governing rules to attempt processing with one account and then another without restarting the transaction, facilitated by a POS device that sends reset signals and receives account details and PINs.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If a consumer carries multiple payment cards to access different funding sources, then the ability to complete transactions is improved, but the convenience and simplicity of the payment process deteriorates
Solution Approach 1:
The patent combines multiple payment accounts and funding sources into a single physical payment card. The card contains a micromodule with memory that stores account details for multiple accounts, allowing the cardholder to access different funding sources through one card rather than carrying multiple separate cards.
Solution Approach 2:
The payment card is designed with multi-functionality to perform various payment operations using different funding sources. The micromodule can store and switch between multiple account types (debit, credit, prepaid) and the card can be used for different transaction types including contactless payments, magnetic stripe transactions, and PIN-protected operations.
2Reliability
If a consumer switches between multiple payment cards during a transaction, then the ability to find a successful payment method is improved, but the transaction time and efficiency deteriorates
Solution Approach 1:
The system performs preliminary actions by pre-configuring the card with multiple payment accounts and establishing governing rules that define the sequence and conditions for attempting each account. When a transaction is initiated, the cardholder enters a single PIN and the micromodule automatically attempts to process the transaction through multiple accounts in the predetermined sequence without requiring the cardholder to physically switch cards or re-swipe.
Solution Approach 2:
The transaction process maintains continuity by keeping the card inserted in the reader throughout the entire multi-account attempt process. The micromodule continuously communicates with the payment terminal, automatically progressing through different accounts based on governing rules without interrupting the physical card insertion or requiring the transaction to be restarted.
3Adaptability or versatility
If a payment card stores multiple payment accounts and PINs, then the functionality and versatility of the card is improved, but the security complexity and potential vulnerability increases
Solution Approach 1:
The security architecture is segmented by implementing separate PIN verification processes for different account types and establishing hierarchical access controls. The micromodule divides the multiple accounts into distinct groups with different security requirements, and the governing rules specify which PINs are required for accessing specific accounts, thereby managing security complexity through structured segmentation.
4Ease of operation
If a single-swipe transaction process is implemented with automatic account switching, then the ease of operation is improved, but the device complexity increases
Solution Approach 1:
The micromodule implements self-service functionality by automatically managing the selection and switching between multiple payment accounts based on governing rules stored within the card itself. The card autonomously determines which accounts to attempt, in what sequence, and under what conditions, without requiring external control or complex processing by the payment terminal. This transfers the computational complexity from the terminal to the card.
Data Source
AI summary
A system and computer-implemented method includes the operations of transmitting a cold reset signal to a multiple-funding source payment card and receiving a first answer-to-reset message therefrom. The first answer-to-reset message includes governing rules for performing a single-swipe transaction. The operation also includes receiving payment account details for a first payment account in accordance with the governing rules. A first PIN associated with the first payment account is input by a cardholder and a first payment authorization request message for approval of the single-swipe transaction is transmitted. Upon receipt of a payment declined response message, a warm reset signal is transmitted to the payment card. A second answer-to-reset message is received including payment account details for a second payment account. The cardholder inputs a second PIN associated with the second payment account and a second payment authorization request message for approval of the single-swipe transaction is transmitted.