Transaction Processing Engine for Multi-Value Payment Purse Management
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Solution Overview
Problem
Current transaction processing systems are inefficient in handling non-standard currency transactions, as they rely on manual redemption or significant interaction at the Point of Sale, and lack mechanisms to process varied value types such as loyalty points and product codes, limiting merchant incentives and consumer experience.
Innovation Solution
The system processes transactions using a combination of cash and non-cash purses, where a processing engine separates transaction data into cash and product code values, debiting from corresponding purses, enabling efficient processing of transactions that combine multiple value types, including currency, product codes, and loyalty points, through communication with a merchant POS system and mobile device.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Device complexity
If manual redemption of rewards is used, then implementation complexity is reduced, but consumer experience and processing efficiency deteriorate
Solution Approach 1:
The patent introduces a centralized processing engine as an intermediary between the consumer's transaction card and the merchant's POS system. This processing engine automatically manages reward redemption by communicating with both the cardholder's account and the merchant's system, eliminating the need for manual intervention while maintaining simple implementation at the POS level.
2Device complexity
If direct POS interaction for reward crediting is used, then implementation complexity is reduced, but processing efficiency and time deteriorate
Solution Approach 1:
The processing engine serves as an intermediary that handles reward redemption logic remotely, allowing the POS system to remain simple while improving processing efficiency. The processing engine communicates with both the cardholder account and merchant POS to automatically apply rewards without requiring significant interaction at the POS terminal.
3Device complexity
If single currency payment cards are used, then system simplicity is maintained, but adaptability to varied value types deteriorates
Solution Approach 1:
The patent implements a universal payment card system that can store and process multiple value types including currency, loyalty points, product codes, and discounts. The processing engine manages these diverse value types, allowing a single card to function with multiple currencies and reward mechanisms while maintaining system simplicity through centralized processing.
Solution Approach 2:
The system changes the parameter of value representation from single-currency to multi-value-type. The processing engine dynamically handles different value types (currency, points, product codes) by translating them into a unified processing framework, enabling adaptability without complicating the user interface or card structure.
4Ease of operation
If conventional single-currency payment cards are used, then ease of operation is maintained, but adaptability to marketing incentives and rewards deteriorates
Solution Approach 1:
The payment card system is designed to be universal, supporting multiple value types including currency, loyalty points, product codes, and conditional discounts. This multi-functionality enables the card to accommodate various marketing incentives while maintaining ease of use, as the consumer simply presents the card and the processing engine handles the complex reward logic automatically.
Data Source
AI summary
The present subject discloses systems and methods for processing transaction payments. More specifically, the present subject discloses systems and methods in which transactions are processed for payment from any of a plurality of applicable purses associated with an account, wherein the plurality of purses include values defined by: currency; SKUs; discounts; conditional values; loyalty points; or other non-standard currencies and/or various combinations thereof.