Temporary Value Card System for Cash-Based Credit Transactions
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Solution Overview
Problem
Credit cards have limitations such as requiring time and effort to obtain, potential unavailability due to poor credit, high interest rates, and the desire to avoid creating an accounting trail, making it difficult for individuals to make purchases without using their regular credit cards.
Innovation Solution
A temporary card system that can be quickly purchased with cash, featuring a credit card number, expiration date, and card verification value, allowing for purchases without the need for a magnetic strip, embossed data, or customer information, and can be tied to a specific provider or used generically until its value is depleted.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If a traditional credit card is used for purchases, then the purchase can be made with credit facilities and accounting trail is created, but it requires substantial time and effort to obtain and may be unavailable due to poor credit or insufficient available credit
Solution Approach 1:
The patent implements a disposable temporary credit card system where cards are issued for short durations (typically 24-48 hours) and single-use purposes. These temporary cards can be quickly obtained at retail locations without credit checks, providing immediate purchase capability while eliminating the time-consuming traditional credit card application process. The cards are designed to be discarded after use, hence 'Disposable'.
2Productivity
If a temporary card is quickly purchased with cash without customer information, then the purchase can be made immediately without credit checks, but the system complexity increases to manage card issuance and validation
Solution Approach 1:
The patent introduces an intermediary temporary card system that mediates between cash payments and merchant transactions. The temporary card acts as a bridge, accepting cash at retail locations and providing credit card functionality at merchant locations. This intermediary layer simplifies the overall system by breaking down the complex transaction process into manageable segments: card issuance at retail, card usage at merchant, and automated validation through CVV verification.
Solution Approach 2:
The temporary card system implements self-service through automated CVV (Card Verification Value) validation. The CVV is generated based on the temporary card number and validation date, and the system automatically verifies card authenticity through this self-contained mechanism without requiring manual customer information verification or complex identity checks, thereby reducing system complexity while maintaining security.
3Ease of operation
If credit card is used to avoid paper cash, then transactions are more convenient and safer, but high interest rates and accounting trails are created
Solution Approach 1:
The patent segments the credit card transaction process into temporary, single-use cards that are issued for specific purchase purposes only. Each temporary card is tied to a specific transaction amount and validity period, creating isolated transaction units rather than continuous credit accounts. This segmentation allows purchases to be made with credit-like convenience while minimizing the creation of persistent accounting trails, as each temporary card's usage record is self-contained and expires with the card.
Data Source
AI summary
A method for using a temporary value card is provided. A first value is determined base upon a selection of goods or services from a provider. The temporary value card is sold at a POS. The first value is associated with the temporary value card.