Token-Based Mobile Payment System with Dynamic Restrictions
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Current token-based mobile payment systems are limited to instantaneous one-time payments, lack flexibility, and pose security risks due to the storage of digital credit card numbers, deterring customers from adopting alternative payment methods and increasing the risk of fraud.
Innovation Solution
A token-based mobile payment system that includes a memory component for storing tokens and use data, an interactive display for user input and output, and a processor for requesting, transmitting, and tracking tokens with customizable restrictions and security features, allowing for secure and convenient temporary or permanent token issuance and management.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Speed
If current token-based payment systems are used for instantaneous one-time payments, then payment speed is improved, but flexibility and customization are reduced
Solution Approach 1:
The patent applies dynamics by transforming static one-time tokens into dynamic tokens that can be modified, extended, and customized. The system allows tokens to evolve from initial issuance through multiple extensions with different parameters (amounts, time periods, restrictions), enabling the same token infrastructure to adapt to varying payment needs while maintaining fast transaction processing.
Solution Approach 2:
The patent implements parameter changes by allowing token characteristics such as amount, time period, and usage restrictions to be modified during the token lifecycle. The extension mechanism enables these parameters to be adjusted without regenerating the entire token, thus maintaining payment speed while achieving flexibility and customization.
2Ease of operation
If digital credit card numbers are stored in mobile payment systems, then payment convenience is improved, but security risks and fraud threats increase
Solution Approach 1:
The patent extracts and removes the sensitive digital credit card number from the mobile payment system. Instead of storing the actual card number, the system uses tokenized representations that reference the payment instrument without exposing the underlying sensitive data, thereby maintaining payment convenience while eliminating security risks associated with storing digital card numbers.
Solution Approach 2:
The patent introduces tokens as intermediary elements between the user's payment instrument and the transaction system. These tokens act as mediators that enable payments without requiring the system to store or process actual credit card numbers, thus preserving ease of operation while reducing security vulnerabilities.
3Adaptability or versatility
If tokens are made flexible and customizable with restrictions and tracking, then customer adoption is improved, but system complexity increases
Solution Approach 1:
The patent applies universality by designing a multi-functional token system where a single token infrastructure supports multiple functions including payments, extensions, restrictions, and tracking. This universal approach allows the system to provide flexibility and customization through a unified mechanism rather than requiring separate systems for each function, thereby managing complexity while achieving adaptability.
Solution Approach 2:
The patent implements nesting by embedding multiple layers of functionality within the token structure itself. Tokens contain nested information including payment details, extension parameters, usage restrictions, and tracking data, allowing the system to provide comprehensive flexibility and customization through a compact, organized structure that manages complexity through hierarchical organization.
Data Source
AI summary
The invention relates to a token-based mobile payment device comprising: a memory component that stores tokens and corresponding token use data; an interactive display that receives user input and in response to the user input, displays output data; a processor, coupled to the memory component and the interactive display, configured to perform the steps of: request a token to be transmitted to one or more recipients; identify an amount for the token and one or more restrictions on use of the token; communicating, via a wireless communication network, the token to the one or more recipients; and tracking the token and providing active token use data, via the interactive display.