Payment Token Service Using Common ID for Secure Mobile Commerce
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Solution Overview
Problem
Existing payment transaction systems rely heavily on users providing personal and financial information, which can lead to security concerns and inefficiencies, especially in the context of online and mobile commerce.
Innovation Solution
A token service provider system that utilizes a common identifier (common ID) based on user social media profiles and habits to facilitate secure and seamless transactions, issuing tokens with customizable scopes and parameters for various environments and interactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If users provide personal and financial information for payment transactions, then transaction processing can be completed, but security risks and fraud vulnerability increase
Solution Approach 1:
The patent extracts sensitive personal and financial information from the transaction process by introducing tokens as substitutes. Tokens contain only the minimum necessary information (token identifier, amount, merchant ID) while the actual financial details remain securely stored in the token service provider's system, eliminating the need for users to repeatedly provide sensitive data.
Solution Approach 2:
The patent introduces a token service provider as an intermediary between users, merchants, and payment processors. This intermediary manages token issuance, validation, and redemption, thereby securing the transaction process without requiring direct exposure of sensitive financial information to multiple parties.
2Reliability
If users enter login ID and password for each transaction, then user authentication is achieved, but transaction convenience and speed decrease
Solution Approach 1:
The patent implements preliminary authentication by requiring users to authenticate once to obtain tokens, which then serve as reusable credentials for multiple transactions. This preliminary action eliminates the need for repeated login credentials in subsequent transactions while maintaining security through token validation.
Solution Approach 2:
The patent creates token copies that represent user authentication credentials. Instead of repeatedly using original login credentials, the system generates token copies that can be safely transmitted and used for transactions without exposing the original authentication information.
3Reliability
If comprehensive user data is collected for identity verification, then fraud detection improves, but user privacy and data security concerns increase
Solution Approach 1:
The patent applies local quality by providing different levels of information disclosure to different parties. Tokens contain localized, minimal information necessary for specific transaction purposes while the comprehensive user profile remains securely stored and accessible only to the user and the token service provider, enabling verification without full data exposure.
Data Source
AI summary
A method for verifying transactions is discussed. The method includes receiving a transaction request for performing a transaction between a user account and a merchant account. The method includes determining, based on authentication of the user account, a common identifier associated with the user account, the common identifier indicating the user account being authorized for use at a plurality of merchant accounts including the merchant account. The method includes determining a payment token for performing the transaction, the determining the payment token based on the common identifier and a user associated with the user account. The method also includes providing the payment token for completing the transaction.