Smart Card Secure Online Payment Processing
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Solution Overview
Problem
Existing online payment systems expose sensitive transaction information to security risks due to substandard security in third-party systems and rogue websites, and digital wallets do not fully mitigate these risks, increasing the likelihood of data exposure.
Innovation Solution
A smart card with embedded integrated circuitry, a touch-sensitive screen, and a microprocessor that allows users to make direct online payments without entering sensitive information into third-party systems, establishing a secure communication channel with a secure payment gateway for processing.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If users enter sensitive transaction information into third-party web browsers or mobile applications, then online payment transactions can be completed, but the security of sensitive transaction information is compromised due to substandard security in third-party systems
Solution Approach 1:
The patent extracts the sensitive transaction information handling function from third-party systems and places it directly on the user's smart card. The smart card contains a secure element that stores payment credentials and can authenticate transactions without exposing sensitive data to third-party web browsers or mobile applications, thereby eliminating the security vulnerability while maintaining payment convenience
Solution Approach 2:
The smart card acts as an intermediary between the user and the payment network. Instead of third-party systems handling sensitive information, the smart card's secure element directly communicates with the payment network using tokenization and other security mechanisms, serving as a trusted mediator that protects user data while enabling transactions
2Reliability
If digital wallets are used to store sensitive transaction information, then security is improved compared to third-party systems, but the risk of data exposure increases due to additional parties handling the information
Solution Approach 1:
The patent removes the intermediate digital wallet layer and places secure payment functionality directly on the smart card. The smart card's secure element can authenticate transactions and communicate with payment networks without requiring a digital wallet application, thereby reducing the number of parties handling sensitive information from three (user, digital wallet, payment network) to two (user via smart card, payment network)
Solution Approach 2:
The smart card provides self-service payment functionality with its embedded secure element, contactless interface, and integrated antenna. The card can autonomously authenticate transactions and communicate with payment terminals without requiring external digital wallet software to manage credentials, thereby simplifying the ecosystem while maintaining high security
Data Source
AI summary
Typically, online payments require entering sensitive transaction information into a third-party web browser or application. This may expose sensitive transaction information to an increased risk of inadvertent disclosure. Apparatus and methods are provided for a smart card which enables users to securely complete online payments without entering any sensitive transaction information into a third-party system. The smart card may include a touch-sensitive screen configured to display selectable payment options. The smart card may include a microprocessor and wireless interface. The wireless interface may provide wireless communication capabilities and the ability to initiate online payments based on information captured by the touch-sensitive screen.