Secure Element for Pre-funded Payment Token Generation
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Solution Overview
Problem
Existing systems for electronic payment transactions lack secure and efficient methods for generating, transferring, and processing pre-funded payment tokens, which are essential for secure and reliable pre-paid and pre-authorized transactions.
Innovation Solution
The system provides secure methods for generating, transferring, and processing pre-funded payment tokens by using secure data communication devices and servers that can create, store, and process secure data sets representing pre-funded payments, adhering to various payment protocols and allowing multiple funding sources.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional third-party payment processors are used, then transaction processing is simplified, but security and economic efficiency are reduced
Solution Approach 1:
The patent extracts the secure data set generation and processing functions from third-party payment processors and places them directly on the user's data communication device. The secure element in the device independently generates and manages payment tokens, eliminating the need for external processors to handle sensitive payment data, thereby improving security while reducing system complexity.
Solution Approach 2:
The data communication device performs self-service by autonomously generating secure data sets representing pre-funded payments using its internal secure element. The device manages its own payment tokens and can process transactions without requiring external authorization from third-party processors, enabling the system to serve itself and improving both security and efficiency.
2Reliability
If pre-funded payment tokens are generated and transferred securely, then transaction reliability is improved, but system complexity increases
Solution Approach 1:
The secure element acts as an intermediary component within the data communication device that handles all complex secure data set generation and management operations. This dedicated secure element isolates the complexity of cryptographic operations and token management from the rest of the system, providing reliable secure payment processing without increasing overall device complexity.
Data Source
AI summary
Systems, devices, methods, and non-transient machine-interpretable programming and/or other instruction products for the generation, transfer, storage, and other processing of secure data sets used in electronic payment transactions, including particularly the secure creation, administration, manipulation, processing, and storage of electronic data useful in processing of pre-funded, pre-paid, and/or otherwise pre-authorized payment transactions. Devices and methods in accordance with the disclosure can be used to create pre-funded payment token data sets, the token data sets comprising secure data items or records representing negotiable monetary or other economic value, and to share them between network communication devices such as smart phones, home or business desktop computers, etc., for use in purchases and other transactions.