Payment Proxy Web Links for Low-Friction Money Transfers
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Solution Overview
Problem
Existing payment transaction solutions are cumbersome for non-sophisticated individuals, requiring extensive account setup and verification, making simple transactions like IOUs or donations inconvenient.
Innovation Solution
A cash tagging mechanism that allows senders to trigger money transfers through a communication message using a syntax with a monetary indicator and alphanumeric characters, enabling transfers without registration or knowledge of the recipient's financial information, with the system handling the transfer securely and anonymously.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If traditional payment transaction solutions are used, then security and reliability are maintained, but ease of operation deteriorates due to extensive account setup and verification requirements
Solution Approach 1:
The patent introduces a payment proxy as an intermediary that mediates between the user and the payment processing system. The proxy handle extracts payment information from communication messages and automatically initiates transactions, eliminating the need for users to directly interact with complex account setup and verification processes. This intermediary layer simplifies the user interface while maintaining secure transaction processing in the background.
2Productivity
If traditional payment transaction solutions are used, then transaction security is maintained, but time consumption increases due to extensive verification processes
Solution Approach 1:
The system performs preliminary actions by pre-configuring payment proxies and storing payment information in advance. When a transaction is needed, the proxy handle already contains the necessary payment details, and the system can quickly initiate transactions without requiring users to go through lengthy verification processes at the moment of payment. This preliminary setup enables rapid transaction execution.
3Ease of operation
If simple syntax-based payment initiation is implemented, then ease of operation improves, but reliability may deteriorate due to potential syntax misinterpretation
Solution Approach 1:
The system implements feedback mechanisms where the payment proxy monitor continuously monitors communication messages for proxy handles, validates the extracted payment information, and provides confirmation or correction opportunities before finalizing transactions. This feedback loop ensures that simple syntax-based initiation maintains high reliability by verifying that the intended payment details are correct before execution.
Data Source
AI summary
In some examples, a system receives a request to associate a user-defined payment proxy with a financial account of a first user. The payment proxy has a syntax including a symbol followed by a string of characters. The system may generate a webpage in which the user-defined payment proxy is included in the URL of the webpage. The system may detect the payment proxy in a message associated with a second user, and may cause the webpage to be displayed on the device of the second user, including an entry field for receiving a payment amount to transfer to the first user. Based on identifying the financial account of the first user at least based on the payment proxy included in the URL of the webpage, the system initiates a transfer of the payment amount to the financial account of the first user.