State-Managed Unique Payment Links for Account-Free Merchant Payments
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Solution Overview
Problem
Existing digital payment systems require users to create accounts with third-party platforms, which can be cumbersome and insecure, and often necessitate sharing sensitive information, leading to delays and additional costs.
Innovation Solution
A transaction management system that allows direct payments between payer and payee using unique hyperlinks, eliminating the need for third-party accounts and enabling secure, fast transactions through email or text messaging without requiring user authentication.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If users create accounts with third-party payment systems, then payment facilitation is achieved, but system complexity and security risks increase
Solution Approach 1:
The patent extracts the third-party intermediary from the payment system, enabling direct peer-to-peer transactions between payer and payee. The system allows users to share payment credentials securely without requiring account creation on external platforms, thereby reducing system complexity while maintaining payment facilitation.
Solution Approach 2:
The patent introduces a secure credential sharing mechanism as an intermediary that enables direct payment without third-party accounts. This mediator allows the payer to securely transmit payment information to the payee through encrypted channels, eliminating the need for complex third-party account management while facilitating payment.
2Reliability
If third-party payment systems are used, then transaction security is maintained, but user convenience and transaction speed decrease
Solution Approach 1:
The patent enables users to directly share payment credentials with each other through secure encryption, eliminating the need for third-party account management. Users control their own payment information and can selectively share it with intended recipients, providing self-service convenience while maintaining security through cryptographic protection.
3Productivity
If account creation is required, then payment processing is enabled, but setup time and costs increase
Solution Approach 1:
The patent allows users to pre-configure their payment credentials and encryption keys in advance, storing them securely in their own devices. When a payment is needed, the pre-configured credentials can be quickly shared and used without requiring time-consuming account creation or verification processes, thus enabling rapid payment processing.
Data Source
AI summary
A payer initiates a payment transaction of a certain dollar amount through a user interface provided by their bank. The bank generates a hyperlink associated with the payment transaction. By managing a state of the transaction, the hyperlink can be given an expiration time and/or a counter of visits. The hyperlink is sent to a payment recipient in a text message or email, either by the payer or by the bank. Upon following the hyperlink, the recipient can enter their own debit card information to receive the money transfer to their debit account, without the need to set up an account login or account. A notification mechanism, such as a broadcast stream of payments, can be employed to inform different entities (such as those recording property payments or utilities payments) that a payment was made to the payment recipient.