Payment Option Recommendation System for Incentive Comparison
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Solution Overview
Problem
Users face difficulty in comparing and maximizing incentives across multiple electronic payment options during transactions, making it challenging to choose the most rewarding payment method.
Innovation Solution
A computer-implemented method that receives data on available payment options, determines and compares incentives using classifiers like convolutional neural networks, and recommends the payment option with the highest incentive value, including cash back, rewards points, and non-monetary benefits, and suggests new payment options based on user preferences and purchase data.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If multiple electronic payment options are provided with incentives, then users have more payment choices and potential rewards, but it becomes difficult to compare and maximize capturing such incentives
Solution Approach 1:
The patent introduces a payment option recommendation system as an intermediary between the user and multiple payment options. The system automatically compares incentives across different payment methods and provides recommendations, eliminating the need for users to manually compare complex incentive structures while maintaining access to multiple versatile payment options.
2Loss of information
If the system provides detailed incentive information for multiple payment options, then users can make informed decisions, but the complexity of information processing increases
Solution Approach 1:
The patent extracts and processes the complex incentive information through automated classification and comparison mechanisms. The system pulls out key incentive parameters from multiple payment options, standardizes them for comparison, and presents simplified recommendations to users, thereby reducing information processing complexity while maintaining comprehensive incentive data.
Solution Approach 2:
The recommendation system performs self-service by automatically analyzing and comparing incentives without requiring user intervention in the complex processing steps. The system independently evaluates payment options, applies classification algorithms, and generates recommendations, freeing users from the complexity of manual information processing while providing detailed incentive comparisons.
Data Source
AI summary
A computer-implemented method of recommending a payment option includes receiving data of payment options for a user. Data of a prospective purchase to be made by the user is received. At least two of the payment options are available for making the prospective purchase. A classifier determines an available incentive associated with each of the at least two payment options. The classifier applies a value to each of the incentives. The classifier compares the values for each of the incentives. A payment option having the highest corresponding incentive value is identified. The payment option having the highest corresponding incentive value is recommended to the user.