Payment Comparison App Aggregates Provider Offers
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Solution Overview
Problem
Current mobile payment systems lack the ability to efficiently present and manage competing payment offers to consumers at the point of sale, limiting consumer choice and potentially unfavorable payment terms.
Innovation Solution
A system and method for presenting competing mobile payment offers using an electronic device, where payment providers offer various payment terms and benefits, such as interest rates, rebates, and loyalty points, allowing consumers to select the best option for their transactions, leveraging a cloud computing environment and trusted computing technologies for secure transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If a traditional single payment provider system is used, then the payment processing is simple and fast, but the consumer has limited choice and may receive unfavorable payment terms
Solution Approach 1:
The patent introduces a payment comparison application as an intermediary between the consumer and multiple payment providers. This application aggregates payment offers from various providers, compares them, and presents them to the consumer in a unified interface, thereby enabling choice without requiring the consumer to directly manage multiple complex payment systems
Solution Approach 2:
The payment comparison application serves multiple functions within a single system: it collects payment offers from different providers, compares payment terms, displays consolidated information, and facilitates selection. This multi-functionality allows the system to provide diverse payment options while maintaining a simple user interface
2Ease of operation
If multiple payment providers are aggregated to provide competing offers, then consumer choice and payment terms improve, but the system complexity and data processing requirements increase
Solution Approach 1:
The application acts as an intermediary that handles the complexity of aggregating and comparing payment offers from multiple providers. It consolidates diverse payment terms into a standardized comparison format, shielding the consumer from the underlying system complexity while providing easy-to-understand payment option analysis
Solution Approach 2:
The system provides feedback to the consumer by comparing different payment offers and highlighting key differences in terms such as interest rates, fees, and repayment schedules. This feedback mechanism simplifies the decision-making process by presenting processed and analyzed comparison data rather than raw data from multiple providers
3Loss of information
If real-time payment offer aggregation is implemented, then the consumer receives current and relevant payment options, but the data processing time and system resources increase
Solution Approach 1:
The system performs preliminary actions by pre-establishing connections with payment providers and pre-processing their offer formats. When a consumer initiates a payment comparison, the system can quickly retrieve and aggregate offers without time-consuming real-time negotiations, as the infrastructure is already in place and configured
Data Source
AI summary
A method for competing mobile payment offers includes presenting a payment request based on a purchase request to an electronic device. A transaction description based on the payment request is forwarded to one or more payment providers. One or more payment offers are received from the one or more payment providers on the electronic device. A payment method is selected for the purchase request based on the received one or more payment offers. The purchase request is completed using the selected payment method.