Programmable Chip Payment Card for Multiple Accounts
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Solution Overview
Problem
Consumers face inconvenience with multiple payment cards and the time-consuming process of reissuing and activating new cards, especially for frequent travelers or those with multiple accounts, due to the need for physical card replacement and activation.
Innovation Solution
A payment device with programmable chips and magnetic stripes that can be independently programmed for multiple payment accounts, allowing for a single card to manage multiple accounts and enabling remote updating of account information without the need for new card issuance or activation.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If consumers carry multiple payment cards to manage multiple payment accounts, then they can access all their payment accounts, but the wallet or carry bag becomes cumbersome and large
Solution Approach 1:
The patent combines multiple payment accounts into a single payment card by incorporating multiple programmable chips, each associated with a different payment account. This merging eliminates the need to carry multiple separate cards, reducing wallet size while maintaining access to all payment accounts through one consolidated card.
Solution Approach 2:
The payment card is designed with multi-functionality by including multiple programmable chips that can be independently programmed for different payment accounts. This universal design allows a single card to perform the functions of multiple cards, enabling consumers to access various payment accounts without carrying additional cards.
2Ease of manufacture
If card issuers physically prepare and mail new cards upon expiration, then new cards are provided to account holders, but the process becomes time consuming and expensive
Solution Approach 1:
The patent applies parameter changes by enabling the programmable chips to be reprogrammed with new account data, including updated expiration dates, without requiring physical card replacement. This changes the state of the card from a static, single-use item to a dynamic, reusable medium that can be updated remotely, eliminating mailing time and activation delays.
Solution Approach 2:
Instead of creating and mailing new physical cards, the system creates a digital copy or update of the account data and transfers it to the existing programmable chip. This copying approach replaces the need for physical reproduction and distribution of new cards, significantly reducing time and cost while maintaining security through encrypted data transfer.
3Reliability
If account holders receive and activate new payment cards, then they can use the new cards, but frequent travelers or recent movers may not receive cards in time causing activation problems
Solution Approach 1:
The system performs preliminary action by proactively updating the programmable chip with new account data before the old card expires or before the account holder needs it. This advance updating ensures the card remains valid and functional without interruption, eliminating the risk of expiration gaps that occur with traditional mailing and activation processes.
Solution Approach 2:
The payment card system enables self-service by allowing account holders to receive automated updates to their card data without manual intervention. The programmable chip can be remotely reprogrammed through the payment network infrastructure, eliminating the need for the account holder to physically receive, handle, and activate a new card, thus ensuring continuous availability.
4Adaptability or versatility
If multiple payment cards are issued and activated, then multiple payment accounts are accessible, but the activation process becomes tedious for users with numerous accounts
Solution Approach 1:
The patent merges the activation process for multiple payment accounts into a single automated operation. By consolidating multiple programmable chips into one card, the system eliminates the need to individually activate each card, reducing the tedious process of managing numerous separate activation procedures while maintaining access to all accounts.
Data Source
AI summary
A payment device including a medium is disclosed. A first programmable chip and a first magnetic stripe are disposed on the medium. The first programmable chip and the first magnetic stripe are associated with a first payment account. A second programmable chip and a second magnetic stripe are disposed on the medium. The second programmable chip and the second magnetic stripe are associated with a second payment account. The first and second programmable chips are programmed separately for each of the first and second payment accounts.