QR Code P2P Payment Mobile Device Security Convenience
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Solution Overview
Problem
Existing payment systems, such as cash and checks, are inconvenient and costly for small transactions, while electronic banking systems are often cumbersome and lack security for peer-to-peer transfers.
Innovation Solution
A computer-implemented method using a mobile device to generate and scan QR codes for peer-to-peer payment transactions, where the QR code contains payment details, allowing secure and rapid fund transfers between financial accounts without exchanging sensitive information.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If cash or checks are used for in-person money transfers, then the transaction can be completed without electronic systems, but the process becomes time-consuming, inconvenient, and lacks security measures
Solution Approach 1:
The patent replaces physical cash and check-based mechanical payment systems with an electronic QR code-based payment system. Users generate or scan QR codes containing encrypted payment information, eliminating the need for physical currency exchange or paper checks while maintaining security through cryptographic protocols and providing convenience through mobile device integration.
2Reliability
If electronic wire transfer systems are used for money transfers, then security measures are improved, but the systems become costly and inconvenient for small transactions
Solution Approach 1:
The patent extracts the essential security and payment functionality from complex electronic wire transfer systems and encapsulates it in a simplified QR code-based interface. The system separates the user-facing simple QR code generation/scanning from the backend security protocols, allowing small transactions to be processed securely without requiring users to navigate complex banking systems.
Solution Approach 2:
The patent introduces QR codes as an intermediary that carries encrypted payment information between sender and receiver. This intermediary layer simplifies the interaction by replacing direct complex electronic fund transfer interfaces with simple scan-and-pay functionality, while the backend handles the secure transaction processing.
3Productivity
If traditional payment methods are used, then no special technology is required, but the transaction speed and efficiency are reduced
Solution Approach 1:
The patent replaces traditional slow payment methods with QR code-based electronic payment processing. The system uses mobile device cameras to scan QR codes containing payment information, enabling near-instantaneous transaction initiation and processing compared to physical cash counting, check writing, or traditional bank transfers, while leveraging widely available mobile technology.
Data Source
AI summary
Systems and methods are provided for facilitating peer-to-peer payment transactions using mobile devices. According to certain embodiments, a financial account for providing funds for a payment transaction is determined. User input including a payment amount for the payment transaction is received and a QR code that represents the payment amount is generated. The QR code is displayed on the display of a mobile device for purposes of scanning and processing by a second mobile device.