Portable Device Currency Conversion via Set Exchange Rate
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Solution Overview
Problem
Currency fluctuations cause uncertainty for consumers planning trips abroad, as exchange rates can sharply change between planning and travel, leading to budget overruns, and holding cash for extended periods is cumbersome and risky.
Innovation Solution
A system and method for converting a load value on a prepaid portable consumer device from one currency to another using a set exchange rate, allowing consumers to plan expenses in advance without worrying about currency fluctuations, by utilizing a server computer to determine and apply exchange rates associated with a specific date for transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If consumers buy foreign currency in advance at a bank, then they can avoid currency fluctuations and budget uncertainty, but they must hold cash for extended periods which is cumbersome and subject to theft
Solution Approach 1:
The patent introduces a portable consumer device as an intermediary between the consumer and traditional bank cash handling. The device stores currency conversion values electronically, allowing consumers to convert currencies through the device rather than holding physical cash. This intermediary solution eliminates theft risk while maintaining budget stability by locking in exchange rates.
Solution Approach 2:
The patent replaces the mechanical system of physical cash storage and handling with an electronic system. Instead of physically holding and transporting cash, consumers use the portable device with electronic memory to store and convert currency values. This substitution eliminates the inconvenience and theft risk associated with physical cash while maintaining the ability to plan and execute currency conversions.
2Reliability
If consumers hold cash for extended periods to cover trip expenses, then they can avoid currency fluctuations, but the cash becomes cumbersome and is subject to theft
Solution Approach 1:
The portable consumer device serves as an intermediary that manages currency conversions electronically. Instead of consumers manually handling and storing cash, the device automatically handles currency conversions based on pre-set exchange rates, making the process convenient while eliminating cash handling risks.
Solution Approach 2:
The device enables consumers to perform currency conversions independently without requiring visits to banks or handling of physical cash. The consumer simply inputs their needs into the device, which automatically executes the conversion using stored exchange rate data, making the process self-service oriented and highly convenient.
3Ease of operation
If consumers wait until travel time to convert currency, then they avoid holding cash for extended periods, but they are subject to unfavorable exchange rates and budget overruns
Solution Approach 1:
The patent enables consumers to perform currency conversions in advance of travel using the portable device. Consumers can lock in exchange rates and convert currencies before their trip, allowing them to plan their budgets accurately while avoiding the inconvenience of holding cash. The device stores conversion data and executes conversions at the consumer's convenience, not necessarily at travel time.
Data Source
AI summary
A server computer including a processor and a computer readable medium coupled to the processor. The computer readable medium includes code executable by the processor. The code includes code for determining a load value loaded on a portable consumer device in a first currency and code for converting at least a portion of the load value to a second currency using an exchange rate associated with the first currency and the second currency, where the exchange rate is associated with a set date. The set date may be a current or future date.