Proxy Card System for Multi-Account Payment Selection
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Solution Overview
Problem
Consumers face inconvenience carrying multiple payment cards, leading to potential misuse of less preferred payment options due to cluttered wallets or purses, making it difficult to select the best card for transactions.
Innovation Solution
A proxy card system that allows consumers to associate multiple payment accounts with a single card, enabling the selection of the best account for transactions through a linked database and mobile device confirmation, facilitating efficient payment processing.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If consumers carry multiple payment cards to have various payment options, then payment versatility is improved, but wallet clutter increases making it difficult to find and select the desired card
Solution Approach 1:
The patent combines multiple payment cards into a single proxy card that can access multiple linked payment accounts. The proxy card consolidates what would otherwise be multiple separate physical cards into one unified card that can select from multiple payment sources, thereby reducing wallet clutter while maintaining payment versatility.
Solution Approach 2:
The proxy card serves multiple functions by being able to access different payment accounts (credit cards, debit cards, gift cards) through a single card. This multi-functional design allows one card to replace multiple specialized cards, improving ease of operation while maintaining adaptability across different payment types.
2Adaptability or versatility
If consumers carry multiple payment cards to access different payment accounts, then payment account accessibility is improved, but the number of physical cards increases creating inconvenience
Solution Approach 1:
The patent merges multiple payment accounts into a single proxy card system. Instead of carrying separate physical cards for each payment account, consumers carry one proxy card that can access multiple linked accounts, thereby reducing the quantity of physical cards while maintaining access to all payment accounts.
Solution Approach 2:
The proxy card is designed as a universal card that can function with multiple different payment accounts. This multi-functional approach allows a single card to provide the same access and functionality as multiple specialized cards would, reducing the overall number of cards needed.
3Loss of time
If consumers use the first payment card they find in their wallet, then quick payment decision is improved, but payment optimization deteriorates as it may not be the best choice
Solution Approach 1:
The patent implements preliminary action by pre-configuring the proxy card with multiple linked payment accounts and their characteristics. The system can pre-determine the optimal payment account based on transaction type, amount, or user preferences before the actual payment occurs, allowing for both quick decision-making and optimized payment choices.
Solution Approach 2:
The system provides feedback to the consumer about which payment account is recommended and why, allowing for informed decision-making. This feedback mechanism helps consumers understand the benefits of different payment options while maintaining quick decision capability through automated recommendations.
Data Source
AI summary
Various embodiments are related to apparatuses and methods for paying for a financial transaction using a proxy object. The proxy object can be associated with multiple payment accounts, for example accounts associated with credit cards and debit cards. A consumer can present the object to a payee to make a payment, and the payee can use a device to obtain information from the object. For example, when the proxy object is a proxy card similar to a credit card, the payee can use a card reader to read information from the magnetic stripe of the proxy card. The information can be transmitted to a financial system, and the financial system can communicate with a computer system that can select a payment account associated with the proxy card to use for the payment. The financial system can process the payment using the selected payment account.