QR Code P2P Payment System Eliminating PII Exchange
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Solution Overview
Problem
Current methods for small payments are cumbersome, requiring complex setups and the exchange of personally identifiable information (PII), which is insecure and time-consuming, especially for peer-to-peer transactions.
Innovation Solution
A computer-implemented system using QR codes on mobile devices to facilitate peer-to-peer transactions by generating and scanning codes that associate with accounts, allowing payments without the need for PII exchange, thus enhancing security and simplifying the process.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If credit card payment methods are used, then payment security is improved, but transaction complexity and setup time increase
Solution Approach 1:
The patent extracts and eliminates the need for PII exchange and complex merchant registration processes from the payment system. By using QR codes as the sole identifier, the system removes unnecessary complexity while maintaining security through account-based verification rather than information-based verification.
Solution Approach 2:
The QR code serves as an intermediary element that bridges the payer and payee without requiring direct exchange of personal information. The QR code encapsulates account identification in a simplified form that can be scanned and processed automatically, mediating the transaction between parties.
2Reliability
If traditional payment systems are used, then transaction reliability is improved, but ease of operation deteriorates
Solution Approach 1:
The patent uses QR codes as a simplified copy or representation of account identification information. Instead of requiring parties to exchange and process complex PII data, the system uses a scannable visual copy (QR code) that contains the essential identification information in an easily transmittable and verifiable format.
Solution Approach 2:
The patent replaces manual information exchange processes with automated optical scanning. The QR code scanning mechanism substitutes for manual data entry and verification, automatically capturing and processing payment information through camera-based recognition rather than mechanical keyboard input or form filling.
3Loss of information
If PII exchange is required for transactions, then transaction traceability is improved, but security and fraud risk worsen
Solution Approach 1:
The patent extracts only the essential identification information needed for transaction traceability while removing sensitive personal identifiers from the exchange process. The QR code contains sufficient information to track and verify transactions without exposing PII, thereby maintaining traceability while eliminating security vulnerabilities.
Solution Approach 2:
The patent changes the parameter of information representation from detailed PII data to condensed account identification codes embedded in QR codes. This parameter change maintains the ability to trace and verify transactions while reducing the security surface area by eliminating sensitive personal information from the transaction flow.
Data Source
AI summary
The invention relates to a method and system that implements a peer-to-peer transaction using a QR Code. The invention may be realized by a mobile device that comprises: a memory component that stores customer data; and a computer processor, coupled to the memory, programmed to: send a request for a QR Code for a transaction, wherein the request comprises an amount and a time period; responsive to the request, receive the QR Code on the mobile device; present the QR Code to a payer for the transaction; and receive a payment based on the QR Code, from the payer, where the payment is received in an account associated with the QR Code.