Split Transaction Payment Instrument
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Solution Overview
Problem
Existing physical payment instruments do not effectively allow for automatic splitting of transactions among multiple users, particularly in situations where not all group members have the necessary devices or web applications to engage in electronic transactions.
Innovation Solution
A physical split transaction payment instrument that interacts with other similar instruments to automatically split transactions, using wireless communication or physical coupling, and communicates with a point of sale device and service provider to process payments across multiple accounts, enabling seamless transaction splitting among multiple payers.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If traditional single payment instrument is used, then transaction processing is simple, but transaction splitting among multiple users is not possible
Solution Approach 1:
The payment instrument is divided into multiple segments or portions, each associated with a different user account. The first portion contains a first account identifier and the second portion contains a second account identifier, allowing the single instrument to represent multiple payers in one transaction
Solution Approach 2:
Multiple account identifiers are combined into a single payment instrument. The instrument merges the functionality of multiple separate payment cards into one unified device, enabling automatic transaction splitting without requiring multiple separate instruments
2Reliability
If electronic payment accounts are used for reimbursement, then transaction tracking is accurate, but not all group members have the necessary devices or web applications
Solution Approach 1:
The payment instrument automatically performs transaction splitting without requiring user intervention or external applications. The instrument itself contains the logic to identify multiple accounts and split the transaction, eliminating the need for group members to have smartphones or web applications
Solution Approach 2:
The payment instrument acts as an intermediary between the point of sale system and multiple user accounts. It mediates the transaction by automatically distributing payment obligations across multiple accounts, replacing the need for manual reimbursement through electronic payment apps
3Productivity
If manual transaction splitting is used, then all participants can be included, but the process is time-consuming and inefficient
Solution Approach 1:
The payment instrument is pre-configured with multiple account identifiers and splitting logic before the transaction occurs. This preliminary setup eliminates the need for manual calculation and distribution of payment shares during the actual transaction, significantly reducing processing time
Solution Approach 2:
The instrument automatically executes the transaction splitting without requiring manual intervention. The system self-manages the identification of accounts, calculation of shares, and processing distribution, eliminating the time loss associated with manual splitting processes
Data Source
AI summary
Embodiments of systems and methods are provided for a split transaction payment instrument configured to automatically split transactions between a plurality of accounts. The split transaction payment instrument may interact with one or more other payment instruments. The split transaction payment instrument may, based on the interaction, accordingly identify that the transaction is a split transaction to a point of sale device and provide data identifying accounts associated with the split transaction payment instrument and the other payment instruments for splitting of the transaction. A service provider may receive transaction data associated with the transaction and process the transaction by accordingly splitting payment between the accounts.