Securely Reloadable Electronic Wallet with Segmented Payment Authority
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Solution Overview
Problem
Existing electronic wallets on mobile devices are vulnerable to misuse due to security delays and potential theft, which can lead to unauthorized transactions, especially when storing large sums of money.
Innovation Solution
A securely reloadable electronic wallet system where a host maintains a payment account, allowing users to load limited funds onto their mobile devices, which can be replenished securely, minimizing exposure to theft by only authorizing specific allocations of funds for transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If security measures such as password protection, biometrics, or encryption are implemented, then the security of the electronic wallet is improved, but the processing time and user convenience deteriorate
Solution Approach 1:
The patent segments the electronic wallet system into two parts: a secure host system that stores payment account information and a mobile device that stores only device identifiers. This segmentation allows the mobile device to operate without requiring security inputs for each transaction, as the host system handles authentication securely in the background.
Solution Approach 2:
The patent introduces an intermediary allocation mechanism where the host system creates time-limited allocations of payment authority to the mobile device. These allocations act as intermediaries that enable transactions without requiring the user to repeatedly enter passwords or biometrics, thus resolving the contradiction between security and processing speed.
2Quantity of substance
If the electronic wallet stores large sums of money, then the utility and value of the electronic wallet is improved, but the risk of loss or theft and potential misuse increases
Solution Approach 1:
The patent segments the payment authority into permanent account information stored securely at the host and temporary device identifiers stored at the mobile device. This allows the electronic wallet to represent large sums of money while the mobile device itself contains only minimal identifying information, reducing the impact of theft.
Solution Approach 2:
The host system performs preliminary authentication and authorization actions before issuing device identifiers to the mobile device. This preliminary action ensures that only authorized devices can access the payment account, and the system can revoke access if the device is reported lost or stolen, minimizing potential losses.
3Ease of operation
If the mobile device stores payment information for quick transactions, then the ease of operation is improved, but the vulnerability to misuse and theft increases
Solution Approach 1:
The patent divides payment information into two segments: sensitive payment account data remains at the secure host system, while only non-sensitive device identifiers are stored on the mobile device. This enables fast transactions using the device identifier while the host system maintains security by verifying transactions against the stored payment account information.
Solution Approach 2:
The patent implements dynamic, time-limited allocations of payment authority from the host system to the mobile device. These allocations can be revoked or modified by the host system at any time, creating a dynamic security model that adapts to changing conditions while maintaining ease of operation during valid allocation periods.
Data Source
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AI summary
A user may instruct a host to transmit an allocation of electronic money to the user's mobile electronic device from a user's payment account managed by the host. The allocation may include credentials, authentication key(s), a signature, a limited amount of funds, and/or other types of payment information. The allocation may be limited to the amount of funds that, when exhausted or expired, prevents further payments using the mobile electronic device. The user may reload the mobile electronic device with electronic money by reconnecting to the host via the secure channel. The user may spend the allocation using the electronic device with use of minimal or no user-based security measures (e.g., passwords, biometrics, etc.), thereby making it quick and easy to make payments with the electronic money.