Portable Device Consolidating Multiple Payment Accounts via NFC
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Solution Overview
Problem
The increasing number of payment accounts held by consumers makes it inconvenient to carry multiple credit/debit cards, and existing systems struggle to facilitate peer-to-peer transactions between individuals without the need for physical payment instruments.
Innovation Solution
A portable electronic device configured to store and manage multiple payment accounts, using NFC and image processing capabilities to initiate and process peer-to-peer transactions by transmitting and receiving payment information, eliminating the need for physical cards.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If consumers hold multiple payment accounts to meet diverse financial needs, then payment versatility is improved, but device complexity and portability are worsened due to the need to carry multiple physical cards
Solution Approach 1:
The patent combines multiple payment accounts and their associated functions into a single portable electronic device. The device stores credentials for multiple payment instruments (credit cards, debit cards, gift cards) and consolidates account management capabilities, allowing consumers to access diverse payment options without carrying multiple physical cards.
Solution Approach 2:
The portable electronic device is designed to perform multiple payment-related functions including storing credentials for different payment instruments, processing peer-to-peer transactions, initiating payments at point-of-sale terminals, and managing multiple bank accounts. This multi-functional approach replaces the need for separate physical cards for each function.
2Reliability
If consumers use traditional payment instruments for peer-to-peer transactions, then transaction compatibility with established systems is improved, but ease of operation is worsened due to the need for physical payment instruments
Solution Approach 1:
The patent replaces mechanical payment instruments (physical cards) with electronic credentials stored in a portable device. Payment information is transmitted electronically through communication interfaces such as NFC, eliminating the need for physical card exchanges while maintaining compatibility with established payment systems through digital credential verification.
Solution Approach 2:
The device creates and stores electronic copies of payment instrument credentials (magnetic stripe data, chip information) that can be transmitted digitally. These electronic copies function as substitutes for physical cards, allowing the same payment capabilities to be accessed without the original physical instrument.
3Productivity
If physical payment instruments are used for transactions, then transaction processing is simple and direct, but loss of substance occurs through the need to physically handle and secure multiple cards
Solution Approach 1:
The patent uses electronic copies of payment credentials stored in the portable device to replace physical cards. These digital representations can be transmitted instantly through communication interfaces, eliminating the need to physically handle, carry, or secure multiple cards while maintaining transaction processing efficiency.
Data Source
AI summary
Various techniques are provided for carrying out peer-to-peer financial transactions using one or more electronic devices. In one embodiment, a request for payment is transmitted from a first device to a second device using a near field communication (NFC) interface. In response to the request, the second device may transmit payment information to the first device. The first device may select a crediting account and, using a suitable communication protocol, may communicate the received payment information and selected crediting account to one or more external financial servers configured to process and determine whether the payment may be authorized. If the payment is authorized, a payment may be credited to the selected crediting account. In a further embodiment, a device may include a camera configured to obtain an image of a payment instrument. The device may further include an application to extract payment information from the acquired image.