Universal Digital Card Network Selection for Mobile Payments
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Solution Overview
Problem
Existing mobile payment systems face challenges in seamlessly integrating multiple card networks at point of sale (POS) terminals, leading to complexities in payment method selection and potential transaction failures due to unsupported card networks.
Innovation Solution
A method and system that create card network accounts for multiple card networks, associate them with a digital card, and dynamically select the appropriate card network for transactions based on location-specific acceptance, ensuring seamless payment processing across various card networks.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If a digital card supports multiple card networks, then the adaptability of the payment system is improved, but the device complexity increases due to managing multiple card network accounts
Solution Approach 1:
The patent combines multiple card network accounts (Visa, Mastercard, American Express, etc.) into a single digital card interface. The system merges the functionality of multiple separate card accounts while maintaining their individual characteristics, allowing users to manage all card networks through one unified digital card rather than multiple separate cards or accounts.
Solution Approach 2:
The digital card is designed with universal functionality to work across multiple card networks simultaneously. A single digital card can perform transactions on different card networks (Visa, Mastercard, Discover, American Express) based on merchant acceptance, making the payment system universally compatible without requiring separate cards for each network.
2Ease of operation
If the system automatically selects card networks based on location, then the ease of operation is improved, but the loss of information increases due to dynamic switching logic
Solution Approach 1:
The system provides self-service functionality by automatically detecting the merchant's accepted card networks and selecting the appropriate card network for the transaction without requiring user intervention. The digital card system independently determines which card network to use based on location data and merchant information, eliminating the need for users to manually select from multiple card options.
Solution Approach 2:
The system uses feedback from location data and merchant information to dynamically adjust card network selection. By continuously receiving information about the current location and merchant acceptance criteria, the system adapts its card network choice in real-time, ensuring the selected card network is always compatible with the merchant while maintaining automatic operation.
3Productivity
If real-time card network selection is implemented, then the productivity of transaction processing is improved, but the device complexity increases due to real-time detection and switching mechanisms
Solution Approach 1:
The system performs preliminary actions by pre-configuring multiple card network accounts within the digital card and pre-establishing the framework for automatic selection. Rather than creating complex real-time switching logic during transactions, the system prepares all necessary card network credentials and selection criteria in advance, enabling fast transaction processing without complex runtime decision-making.
Data Source
AI summary
A method, electronic device, and non-transitory computer readable medium for transmitting information is provided. The method includes creating a card network account for each card network of a plurality of card networks. The method also includes associating with a digital card the created card network accounts and providing to at least one of the card network accounts an account balance of the digital card. Additionally, the method includes receiving, from a mobile device, a selection of the digital card to conduct a transaction at a location. The method also includes providing a suggested card network, determined from the plurality of card networks, to the mobile device, to conduct the transaction. The suggested card network is based in part on which card networks accepted at the location. The method also includes updating the account balance of the digital card on completion of the transaction.