Phone Number and Biometric Payment Authorization Without Physical Cards
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Solution Overview
Problem
Modern consumer payment systems face security vulnerabilities due to the ease of fraud using physical financial cards, and the inconvenience of carrying them for transactions.
Innovation Solution
A method that authorizes financial transactions using a consumer's phone number, PIN/password, and biometric trait, eliminating the need for physical cards by linking accounts to the phone number and verifying the biometric trait for authentication.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If physical financial cards are used for transactions, then transaction authorization is possible, but security vulnerability increases due to theft and loss
Solution Approach 1:
The patent extracts the essential authorization function from the physical card itself, separating the card number and CVV from the physical object. The system now uses account information stored in databases, eliminating the need for physical card presence and removing the security vulnerability of carrying sensitive data on a physical object that can be lost or stolen.
Solution Approach 2:
The patent introduces an intermediary authorization system that mediates between the consumer and the transaction. Instead of direct card-present authorization, the system uses phone number verification, PIN/password authentication, and CVV validation as intermediary steps to authorize transactions, thereby eliminating the need for physical card possession.
2Ease of operation
If physical financial cards are required for transactions, then transaction authorization is possible, but convenience decreases due to carrying requirements
Solution Approach 1:
The patent extracts the authorization function from the physical card object itself. Instead of requiring the physical card to be present, the system extracts and uses only the necessary account information (card number, CVV, phone number) from databases, eliminating the need to carry physical cards.
Solution Approach 2:
The patent uses digital copies of card information stored in databases rather than requiring the physical card. The system stores and processes account information electronically, allowing transactions to be authorized using digital records instead of physical objects.
3Reliability
If physical financial cards are used, then transaction processing can occur, but information security deteriorates due to easier theft of card numbers and CVV
Solution Approach 1:
The patent extracts sensitive information (card number, CVV) from the physical card context and stores it securely in encrypted databases. The system then processes transactions using these extracted data elements without requiring the physical card, thereby removing the vulnerability of having sensitive data embedded in a portable physical object that can be easily copied or stolen.
Data Source
AI summary
A method of authorizing financial transactions is provided. The method may be easier for consumers to make purchases because the consumer only needs to remember their phone number and present a biometric trait of the consumer like a fingerprint. In order to initiate a financial transaction, the user enters their phone number. In response, a list of financial accounts that are linked to the phone number are listed. The consumer then selects one of the accounts to pay for a purchase. The consumer also inputs a biometric trait which is compared with a corresponding stored copy of the biometric trait to determine if there is a match before completing the transaction.