Payment Card with Updatable Non-Financial Data Storage
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Solution Overview
Problem
Consumers face clutter with multiple merchant-specific loyalty cards, key fobs, and promotional items, as they sign up for various loyalty programs and shop at different merchants, leading to inconvenience and inefficiency in managing and using these offers.
Innovation Solution
A financial institution computing system that stores both financial and non-financial information related to payment cards, allowing for the updating of non-financial information such as loyalty program data, promotions, and rewards directly on the payment card through a network interface, enabling seamless transactions and offer management without the need for multiple physical cards.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If customers sign up for multiple loyalty programs and shop at various merchants, then they receive more promotions and rewards, but they become inundated with multiple physical cards and key fobs
Solution Approach 1:
The patent merges multiple merchant-specific loyalty cards, key fobs, and promotional items into a single payment card. The payment card stores non-financial information from multiple merchants, allowing customers to consolidate what would otherwise be multiple separate physical items into one unified card that provides access to all loyalty programs and promotions.
Solution Approach 2:
The payment card is designed to perform multiple functions beyond traditional payment processing. It stores and provides non-financial information from various merchants including loyalty program data, promotional offers, and customer preferences, making it a universal access tool for multiple loyalty programs rather than requiring separate cards for each merchant.
2Adaptability or versatility
If merchants provide periodic or continuing promotional offers, then customers receive more discounts and rewards, but customers must manage multiple separate cards and key fobs
Solution Approach 1:
The system merges the management of multiple promotional offers and loyalty programs into a single payment card interface. Instead of customers needing to track and present separate cards for different merchants, all promotional information is consolidated on one card, simplifying the operation of managing multiple offers.
3Adaptability or versatility
If a single payment card stores multiple non-financial information, then card functionality increases, but the card must handle both financial and non-financial data types
Solution Approach 1:
The patent segments the data storage structure into distinct categories for financial information and non-financial information. The payment card database is organized with separate fields and structures for storing financial account data versus merchant-specific non-financial data such as loyalty information and promotions, allowing the card to handle multiple data types through systematic segmentation rather than a monolithic structure.
Data Source
AI summary
A computing system includes a database storing information associated with a user that includes information relating to an account associated with the user and information received from a first third-party computing system including first information and a processing circuit coupling to the database and to a user device. The user device includes a data storage. The processing circuit is structured to: receive, from the third-party computing system, second information; update the information associated with the user to include the second information; determine to transmit the first information to the data storage of the user device and to refrain from transmitting the second information; and in response to a request from a second third-party computing system, transmit the second information to the user device for storage in the data storage.