Smartwatch Multi-Card Payment Terminal
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Solution Overview
Problem
Smartwatches lack the capability to independently facilitate multi-card transactions without the need for additional devices, such as mobile devices or desktop computers, and cannot operate as standalone card readers for payment communications with financial institutions.
Innovation Solution
A smartwatch equipped with various hardware components like a camera, NFC, and software modules that enable scanning of payment cards, identifying card data, aggregating transaction amounts, and transmitting payment instructions directly to financial institutions for processing.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If a smartwatch is designed to be compact and wearable, then it is easily accessible and portable, but it lacks the capability to independently facilitate multi-card transactions without additional devices
Solution Approach 1:
The smartwatch is designed to perform multiple functions including scanning payment cards, storing card data, processing transactions, and communicating with financial institutions. The device integrates camera, NFC, processor, and memory components to enable it to function as both a wearable device and a standalone payment terminal capable of handling multiple cards simultaneously
Solution Approach 2:
The smartwatch is equipped with all necessary components to independently facilitate transactions without requiring external mobile devices or computers. It includes integrated camera for scanning, NFC for communication, processor for data handling, and memory for storage, enabling the device to serve itself as a complete payment solution
2Adaptability or versatility
If a smartwatch operates as a standalone card reader, then it eliminates the need for external devices, but it increases device complexity
Solution Approach 1:
The patent combines multiple previously separate functions into a single smartwatch device. The camera, NFC component, processor, and memory are integrated into one wearable device, merging the capabilities of a mobile device, card reader, and payment terminal into a unified system that operates independently
3Productivity
If the smartwatch scans and processes multiple payment cards, then it enables multi-card transactions, but it increases the complexity of data management and communication protocols
Solution Approach 1:
The smartwatch acts as an intermediary device between multiple payment cards and the financial institution. It receives card data from multiple cards via scanning and NFC, processes and aggregates the transaction information, then communicates with the financial institution's server to complete the transaction, simplifying the interaction between multiple cards and the banking system
Applied Scientific Principles
This section explains which scientific principles are used to turn an abstract innovation direction into a practical engineering solution.
Function Achieved in This Case
Enables seamless, device-independent multi-card transactions by scanning cards, retrieving data, aggregating transactions, and initiating payments through the smartwatch, eliminating the need for external devices and facilitating direct communication with financial institutions.
Implementation Method 1
scan one or more cards... A smartwatch camera or group of cameras may operate as a scanner
Implementation Method 2
one or more sensors, a Bluetooth chipset, a haptic feedback unit... a near-field communication ('NFC') component
Data Source
AI summary
A smartwatch device that operates as an ad hoc card reader is provided. The smartwatch device may include hardware and software. The smartwatch device may scan multiple cards. The smartwatch device may capture card data elements from each card. The smartwatch device may receive a transaction amount for each card. The smartwatch device may communicate with a financial institution associated with each card. Each financial institution may transmit an approval request to a device associated with the card. Each device may receive a request to approve the transaction. Each device may approve the request, and the approval may be transmitted to the financial institution. Each financial institution may transmit an approval notification to the smartwatch. Upon receipt of an approval notification for each card, the smartwatch may transmit the captured card data elements and the transaction amount for each card and payee data to a processing entity for transaction processing.