Universal Payment Data Management Across Platforms
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Solution Overview
Problem
Consumer payment information is not seamlessly integrated across different platforms, limiting its usability and failing to provide a full range of services, such as rewards and fraud checks, when using various online or in-person vendors.
Innovation Solution
A third-party payment system that allows users to enroll, register multiple payment devices, and load payment data onto a mobile device for secure transmission via near-field communication or other channels, enabling transactions across various merchant locations and platforms.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If consumer payment information is stored in multiple separate third-party systems (online websites, social networks, applications), then the information can be used within each specific platform, but the information cannot be shared across different platforms and consumers do not receive a full range of services (rewards, fraud check, notifications) when utilizing different platforms
Solution Approach 1:
The patent creates a universal payment information system where a single consumer device can store and manage payment information that is accessible across multiple third-party platforms. The system allows payment data to be universally used online, in-person, and across different applications through a common interface and communication protocol, eliminating the need for separate payment systems for each platform.
Solution Approach 2:
The consumer device acts as an intermediary between third-party systems and payment processing networks. It receives communication from various platforms, manages payment information locally, and facilitates transactions across different systems without requiring each platform to have separate payment storage capabilities. This mediator approach enables cross-platform compatibility while maintaining security.
2Reliability
If payment data is stored locally on consumer devices for each platform, then transactions can be conducted offline or with enhanced security, but the consumer must repeatedly enter payment information for each platform and cannot receive integrated services
Solution Approach 1:
The system performs preliminary action by pre-storing payment information on the consumer device during initial setup or first-time transactions. The payment data is securely cached locally on the device, eliminating the need for repeated entry. The system prepares payment tokens and authentication credentials in advance, so transactions can proceed quickly without re-entering information while maintaining security through local storage and encryption.
Solution Approach 2:
The system creates secure copies of payment information that are stored locally on the consumer device. Instead of requiring access to remote databases for each transaction, the device maintains encrypted local copies of payment data, account credentials, and transaction history. These copies can be used offline or when network connectivity is limited, providing both security through local control and convenience through immediate access.
3Adaptability or versatility
If a centralized payment system is implemented to allow cross-platform use of payment information, then services can be integrated across platforms, but the system complexity and security requirements increase significantly
Solution Approach 1:
The patent segments the payment system into distinct functional modules: a consumer device component for local storage and management, a communication interface for platform interaction, and a transaction processing component. Each module operates independently but communicates through standardized protocols. This segmentation reduces overall system complexity by allowing each part to be developed, maintained, and secured separately while still achieving integrated cross-platform functionality.
Applied Scientific Principles
This section explains which scientific principles are used to turn an abstract innovation direction into a practical engineering solution.
Function Achieved in This Case
Enables convenient, secure, and integrated payment transactions across multiple platforms, reducing the need for repeated data entry and enhancing user experience with additional services like rewards and notifications.
Implementation Method 1
The payment data can be provided to the vendor via a short range signal transmission, e.g., near field communication (NFC), or via another wired or wireless communication medium
Data Source
AI summary
A third party payment system allows a user to conduct transactions through payment accounts stored on the third party payment system. The user can enroll in the third party payment system and create an account with registered payment accounts. The user can access the payment accounts via a mobile device and load the payment data associated with a payment account to the mobile device. The user can then utilize the mobile device to provide payment during a transaction.