Reconfigurable Transaction Card for Smart Wallet

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Solution Overview

Problem

Consumers carry multiple transaction cards, leading to bulky wallets, increased risk of identity theft, and inconvenience in managing and securing personal information, with existing systems failing to provide a secure, compact, and lightweight solution for carrying and managing multiple accounts.

Innovation Solution

A smart wallet system equipped with a reconfigurable transaction card that electronically emulates multiple account-bearing cards, using a portable wallet with a transaction card interface unit to encode and store account data, and a network communication unit for secure online transactions, enabling authentication and secure information exchange.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Adaptability or versatility

If consumers carry multiple transaction cards to manage different accounts, then account management capability is improved, but wallet size and weight increase

Engineering Contradiction:

Improveaccount management capabilityVSAvoidwallet weight

Core Design Contradiction:

Adaptability or versatilityVSWeight of moving object

Solution Approach 1:

The patent combines multiple transaction cards into a single reconfigurable card that can store and switch between multiple account identifiers. The card reader/writer device reads account information from multiple source cards and consolidates them into one card, eliminating the need to carry multiple separate cards while maintaining full account management capability.

Inventive Principle:

Principle #5Merging (Combining)

Solution Approach 2:

The reconfigurable transaction card is designed to perform multiple functions by storing different account identifiers for various accounts. A single card can be reconfigured to represent different accounts as needed, making it a universal replacement for multiple specialized transaction cards.

Inventive Principle:

Principle #6Universality (Multi-functionality)

2Adaptability or versatility

If consumers carry multiple transaction cards with personal information, then account access capability is improved, but security risk increases

Engineering Contradiction:

Improveaccount access capabilityVSAvoididentity theft risk

Core Design Contradiction:

Adaptability or versatilityVSObject-affected harmful factors

Solution Approach 1:

The patent extracts only the necessary account identifier information from multiple transaction cards and stores it in a consolidated reconfigurable card. By taking out only the essential account numbers and removing duplicate personal information, the system reduces the attack surface for identity theft while maintaining account access capability.

Inventive Principle:

Principle #2Taking out (Extraction)

Solution Approach 2:

The system creates a simplified copy of transaction card information that contains only the account identifier needed for transactions. This copy is stored in a secure, centralized location with controlled access, reducing the risk associated with carrying multiple cards containing full personal information sets.

Inventive Principle:

Principle #26Copying

3Adaptability or versatility

If consumers carry multiple transaction cards, then account coverage is improved, but wallet bulk and inconvenience increase

Engineering Contradiction:

Improveaccount coverageVSAvoidwallet convenience

Core Design Contradiction:

Adaptability or versatilityVSEase of operation

Solution Approach 1:

The patent merges multiple transaction cards into a single reconfigurable card that maintains coverage for all accounts. The card reader/writer consolidates account information from multiple sources into one card, dramatically reducing wallet bulk while preserving the ability to access all necessary accounts.

Inventive Principle:

Principle #5Merging (Combining)

Solution Approach 2:

The reconfigurable card is designed to dynamically change its content based on which account needs to be accessed. The card can be reconfigured to display different account identifiers as needed, providing adaptability and coverage for multiple accounts within a single static physical object.

Inventive Principle:

Principle #15Dynamics

4Quantity of substance

If a wallet contains multiple transaction cards, then information storage capacity is improved, but authentication complexity increases

Engineering Contradiction:

Improveinformation storage capacityVSAvoidauthentication complexity

Core Design Contradiction:

Quantity of substanceVSDevice complexity

Solution Approach 1:

The patent merges multiple authentication sources into a single reconfigurable card that consolidates account identifier information. Instead of managing multiple separate cards requiring individual authentication, the system uses one card with centralized information storage, reducing authentication complexity while maintaining information storage capacity.

Inventive Principle:

Principle #5Merging (Combining)

Data Source

PatentUS8977569B2System and method for providing smart electronic wallet and reconfigurable transaction card thereof

Publication Date: 2015.03.10 RAO RAJ

AI summary

A smart electronic wallet with reconfigurable multiple-account transaction card is provided. The system and method provide measures for storing a plurality of account identifiers from a plurality of traditional single-use transaction cards into a storage memory in a smart wallet. The system and method also provide for storing a reconfigurable multiple-account transaction card within the smart electronic wallet and allowing for it to be dynamically and selectively reconfigured for any one of the plurality of account identifiers stored within the smart electronic wallet. Additionally, a consumer is able to initiate a transfer or trade of transaction cards across different smart electronic wallet devices.