Social Voting Payment System for Impulsive Purchase Control
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Solution Overview
Problem
Customers often make financially unhealthy purchasing decisions without adequate oversight, leading to regrettable purchases, as existing financial systems do not provide mechanisms for budgeting or social approval before transactions are finalized.
Innovation Solution
A system that facilitates permissioned payments by sending purchase approval requests to social connections for voting approval when the purchase amount exceeds a set threshold, incorporating a network interface, accounts database, and processing circuit to manage and authorize transactions based on voting outcomes.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional financial transaction processing is used, then transaction speed is fast, but customers may make financially unhealthy impulsive purchases without oversight
Solution Approach 1:
The system performs preliminary actions by notifying social connections before the purchase is finalized, allowing them to vote on the transaction. This preliminary approval process ensures financial decision quality by incorporating external oversight before the actual transaction occurs, resolving the contradiction between reliable financial decisions and transaction speed.
Solution Approach 2:
The patent introduces social connections as intermediaries who vote on purchase transactions. These intermediaries provide an additional layer of financial oversight without being part of the core transaction processing system, enabling both fast processing and reliable decision-making through the mediating voting mechanism.
2Reliability
If a voting approval process with social connections is implemented, then financial decision quality improves, but system complexity increases
Solution Approach 1:
The system achieves reliability through a universal voting mechanism that can be applied to any purchase transaction above a threshold amount. The same social connection network and voting process serve multiple functions: providing financial oversight, enabling social engagement, and ensuring responsible spending, thereby managing complexity through a multi-functional approach.
3Reliability
If spending thresholds are enforced with voting requirements, then impulsive spending is reduced, but ease of operation decreases
Solution Approach 1:
The system uses parameter changes by establishing a threshold amount that triggers the voting process. Purchases below the threshold proceed without voting, maintaining ease of operation, while purchases above the threshold require social approval, ensuring budgeting discipline. This parameter-based approach allows the system to adapt its complexity based on the transaction amount.
Data Source
AI summary
Systems and methods for completing a permissioned payment are described herein. The system includes a network interface structured to facilitate data communication via a network, an accounts database structured to store information associated with one or more accounts held by a financial institution, including a payment account associated with a customer and a customer identifier, and a processing circuit. The processing circuit is configured to receive a purchase approval request including a purchase amount and the customer identifier and generate a notification in response to determining that the purchase amount exceeds a threshold payment amount, the notification indicating that the purchase approval request requires voting approval via a voting approval process, transmit the notification to a customer device, conduct the voting approval process including receiving votes from a plurality of social connections of the customer, and authorize or decline the purchase approval request based on the voting approval process.