Payment Tokenization Platform for Backwards Compatibility
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Solution Overview
Problem
Existing electronic payment systems face challenges in backwards compatibility with diverse technologies, efficiency, and convenience, particularly in processing high volumes of transactions and integrating various types of information such as loyalty programs and coupons, due to limitations in NFC technologies and infrastructure adaptability.
Innovation Solution
The development of computer-implemented platforms and methods that enable secure, flexible, and interoperable electronic payment transactions across various technologies, including the use of EMV-compliant data tags, payment tokens, and mobile devices to process transactions synchronously or asynchronously, and the integration of loyalty and coupon information through unique payment information generation and provisioning.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If NFC technologies are used for electronic payment transactions, then transaction security and convenience are improved, but backwards compatibility with existing diverse technologies deteriorates and infrastructure adaptability is reduced
Solution Approach 1:
The patent implements a universal payment platform that supports multiple communication protocols including NFC, Bluetooth, Wi-Fi, and cellular networks. The system can process transactions through various methods such as contactless NFC payments, mobile wallet applications, and near-field communication, allowing a single infrastructure to serve diverse technological ecosystems and maintain backwards compatibility while enabling modern secure transaction methods
Solution Approach 2:
The patent introduces a backend payment processing server that acts as an intermediary between mobile devices and point-of-sale terminals. This server mediates transaction data exchange, protocol conversion, and authentication processes, enabling seamless communication between different technological platforms and maintaining system-wide compatibility while supporting advanced NFC-based security features
2Ease of operation
If NFC technologies are used for electronic payment transactions, then transaction convenience is improved, but processing efficiency for high volumes of transactions deteriorates
Solution Approach 1:
The patent implements pre-provisioning of payment tokens and transaction data on mobile devices before actual purchases. The system can pre-authenticate users, pre-load payment information, and prepare transaction data in advance, reducing the time required for actual transaction processing and enabling high-volume transactions to be handled efficiently while maintaining user convenience
Solution Approach 2:
The patent enables continuous transaction processing through asynchronous communication channels and batch processing capabilities. The system can handle multiple transactions simultaneously through different communication protocols, process transactions in batches during off-peak periods, and maintain continuous operation without interruption, thereby improving overall processing efficiency while preserving the convenience of on-demand transactions
3Ease of operation
If diverse information types such as loyalty programs and coupons are integrated into payment transactions, then user convenience and commercial value are improved, but system complexity and integration difficulty increase
Solution Approach 1:
The patent merges multiple information types including payment data, loyalty program information, coupon data, and promotional content into a single integrated transaction message structure. The system combines these diverse data elements into unified EMV-compliant payment messages, allowing users to benefit from multiple services simultaneously while the backend system handles the complexity of integrating and processing these combined information types through standardized protocols
Data Source
AI summary
A computer-implemented platform for adjudicating an electronic payment transaction between a user and a merchant is provided. The platform includes a computer system configured for the generation of a data structure containing payment data; a mobile device associated with a user configured to provide a tokenized data set to the computer system; and a merchant or processing terminal configured to communicate a merchant transaction data set, and the computer system using at least one of the tokenized data set and merchant transaction data set to authorize the transaction and generate a transaction confirmation data set. Corresponding methods and computer-readable media are also provided.