Secure Payment Card Tokens for Multi-Account Switching
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Solution Overview
Problem
Existing mobile and e-commerce payment systems are limited to single funding accounts, require multiple virtual wallets for different financial institutions, and often lack flexibility in payment methods, leading to inconvenience and security risks.
Innovation Solution
A payment device with a secure element that stores multiple consumable payment tokens, allowing users to select and activate tokens for transactions, and replenishes them wirelessly, enabling seamless use across different payment networks without the need for constant authentication.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If multiple virtual wallets are used for different financial institutions, then payment account versatility is improved, but device complexity and user convenience deteriorate
Solution Approach 1:
The patent consolidates multiple payment accounts from different financial institutions into a single virtual wallet. The system stores multiple payment credentials (debit cards, credit cards, bank accounts) within one wallet application, allowing users to manage all payment methods in one place rather than requiring separate wallets for each institution.
Solution Approach 2:
The virtual wallet is designed to support multiple payment types and financial institutions through a single interface. It can store and process debit cards, credit cards, bank account numbers, coupons, and loyalty program information, providing universal payment capability across different merchant and financial institution networks.
2Reliability
If authentication is required for each transaction, then security is improved, but ease of operation deteriorates
Solution Approach 1:
The system performs preliminary authentication by storing encrypted payment credentials and authorization data in the virtual wallet during setup. When a transaction occurs, the pre-stored credentials are automatically used without requiring real-time authentication, thus maintaining security while improving transaction speed and ease of use.
3Device complexity
If a single funding account is used, then device complexity is reduced, but adaptability deteriorates
Solution Approach 1:
The virtual wallet dynamically manages multiple payment accounts, allowing users to switch between different funding sources (debit cards, credit cards, bank accounts) based on transaction needs. The system adapts to different payment scenarios by selecting appropriate accounts automatically or allowing user selection, providing flexibility without increasing operational complexity.
Data Source
AI summary
An electronic payment device and methods of its operation are disclosed. The payment device has a secure element for storing payment tokens, each associated with a payment card; an input interface that enables a user to select from among the payment cards; a display interface; and a processor. In response to a user selection of one of the payment cards by way of the input interface, a descriptor of the selected payment card is displayed by way of the display interface; and an unconsumed one of the payment tokens associated with the selected payment card is activated to prepare the payment card device for effecting payment using the selected payment card, thereby consuming the payment token. The payment device also includes a wireless communication interface for receiving additional payment tokens, thereby replenishing the payment tokens.