Smart Payment Instrument Self-Contained Transaction Architecture
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Solution Overview
Problem
Conventional payment instruments require external devices for transaction execution, leading to inefficiency and security risks.
Innovation Solution
A smart payment instrument with self-contained transaction architecture, including a microprocessor, tactile sensor, wireless communication element, and non-transitory memory, allowing for independent transaction processing and secure communication with a payment gateway.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If conventional payment instruments use external devices for transaction execution, then device complexity is reduced, but transaction security and efficiency deteriorate
Solution Approach 1:
The patent merges multiple functions (processor, memory, wireless communication, tactile sensor, power source) into a single integrated smart card system. This consolidation eliminates the need for external devices, thereby improving transaction security and efficiency while maintaining manageable device complexity through functional integration.
Solution Approach 2:
The smart card is designed as a multi-functional device that can perform various transaction operations independently. The card contains a processor for executing instructions, memory for storing data, wireless communication capabilities for data transmission, and a tactile sensor for user input, making it a universal payment instrument that does not require external device assistance.
2Ease of operation
If conventional payment instruments require external devices, then ease of operation is reduced, but manufacturing simplicity is maintained
Solution Approach 1:
The smart card is designed to perform transactions independently without requiring external devices. The card contains all necessary components (processor, memory, wireless communication element, power source) to execute transactions on its own, thereby improving ease of operation while managing complexity through self-contained architecture.
3Productivity
If payment instruments use external devices for transactions, then device simplicity is maintained, but transaction efficiency and security deteriorate
Solution Approach 1:
The patent integrates multiple functional components into a single smart card device, including processor, memory, wireless communication element, tactile sensor, and power source. This merging eliminates the need for external devices, thereby improving transaction efficiency and security while managing complexity through functional integration.
Data Source
AI summary
Systems and methods for executing transactions with increased transactional efficiency and security via a smart payment instrument with self-contained transaction architecture are provided. Methods may include receiving information via a tactile sensor that is affixed to the instrument. Information may include a series of alphanumeric symbols. The receiving may be achieved by entering the symbols via the tactile sensor. Methods may include deciphering the information, via a payment interface component of the instrument, to generate payment data. Payment data may include a recipient and a payment amount. Methods may include transmitting to a payment gateway, via a wireless communication element embedded in the instrument, a request to execute a payment based on the payment data.