Programmable Payment Card Consolidating Multiple Profiles
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Solution Overview
Problem
Consumers and merchants face difficulties due to the variety of payment mechanisms and formats, such as contact chip and magnetic stripe cards, which can lead to transaction failures and confusion about accepted payment types, especially in regions like Canada where only certain types are allowed, and consumers are burdened with carrying multiple financial devices.
Innovation Solution
A programmable payment device that can store multiple payment profiles, including different payment types and formats, which can be securely programmed using a mobile device, allowing for easy selection and use of various payment methods, ensuring compatibility with various merchants and regulatory compliance.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If consumers carry multiple payment devices for different payment types and formats, then compatibility with various merchants is improved, but device complexity and user burden increase
Solution Approach 1:
The patent combines multiple payment profiles (magnetic stripe, contact chip, contactless) into a single programmable payment device. The device can store and switch between different payment types, eliminating the need for consumers to carry multiple separate payment devices while maintaining compatibility with various merchant payment systems.
Solution Approach 2:
The payment device is designed with multi-functionality to support multiple payment formats and types within a single device. It can be programmed with different payment profiles and interfaces (magnetic stripe reader, contact chip reader, contactless interface), making it universally compatible with various merchant payment systems.
2Reliability
If merchants support only specific payment types, then transaction security is improved, but transaction completion rate decreases
Solution Approach 1:
The payment device dynamically adapts to different payment interfaces based on merchant requirements. It can switch between magnetic stripe, contact chip, and contactless modes as needed, allowing consumers to complete transactions at merchants with specific payment type requirements while maintaining the security protocols of each payment type.
3Ease of operation
If payment profile information is made accessible to users, then ease of operation is improved, but security is worsened
Solution Approach 1:
The patent extracts only the necessary payment profile identifiers and essential information needed for user selection, while keeping the actual payment profile data (account numbers, security codes) inaccessible and protected. Users can select from available payment profiles based on displayed identifiers without exposing sensitive financial information.
Data Source
AI summary
Embodiments of the invention are directed to programming a payment device that can be in the same form factor as a typical credit or debit card and which can be programmed and reprogrammed with various payment profiles. The payment device is interfaced with a mobile device, such as through insertion into a module capable of holding the payment device within proximity to a main housing of the mobile device. The payment device can include both a magnetic stripe and an IC chip which is capable of near field communication. In embodiments of the invention, the mobile device, such as a cellular phone, includes a memory element. The memory element securely stores payment profiles of financial accounts which are commonly found on credit, debit, gift, transit and loyalty cards. When a payment profile stored in the memory element of the mobile phone is selected, the mobile phone writes the profile onto the payment device. The payment device can then be utilized to communicate payment profile information to a payment device reader during contact or contactless transaction.