Virtual Debit Account Proximity Transaction System
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Solution Overview
Problem
Current electronic payment methods are cumbersome for users to transfer funds to unfamiliar recipients, such as in tipping scenarios, as they require obtaining and inputting recipient information, making rapid and user-friendly transactions challenging.
Innovation Solution
A computerized method facilitates peer-to-peer transactions using virtual debit accounts, where a sender's transaction application detects a compatible recipient application in proximity and initiates a transfer via short-range wireless communication, without prior familiarity, ensuring secure and fast transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If current electronic payment methods are used to transfer funds to unfamiliar recipients, then the transfer can be completed, but the process requires obtaining and inputting recipient information which makes it cumbersome and time-consuming
Solution Approach 1:
The patent introduces a proximity-based detection mechanism as an intermediary between the sender and recipient. The sender's computing device automatically detects the recipient's computing device through short-range wireless communication (NFC, Bluetooth, Wi-Fi) when they are physically near each other, eliminating the need for manual recipient information input. This intermediary detection system resolves the contradiction by making the transfer process both easy and fast.
Solution Approach 2:
The system enables self-service through automatic device detection and identification. When the sender and recipient are in proximity, their computing devices automatically detect each other and establish the transfer connection without requiring the sender to manually search for, obtain, or input recipient information. The recipient's device actively participates by displaying a confirmation interface, making the process self-serving and eliminating time loss.
2Productivity
If manual recipient information input is required, then transfer security can be maintained, but the transaction speed and user-friendliness are reduced
Solution Approach 1:
The patent extracts the recipient identification step from the traditional transfer process. Instead of requiring manual input of recipient information (email, phone number, account details), the system uses proximity-based automatic detection to identify the recipient. This extraction eliminates the cumbersome information input phase while maintaining security through the confirmation interface displayed on the recipient's device, thereby increasing transaction speed and reducing process complexity.
Solution Approach 2:
The system performs preliminary detection and identification actions before the actual fund transfer. The sender's device automatically detects the recipient's device in proximity, and the recipient's device prepares a confirmation interface in advance. This preliminary action sequence establishes the transfer connection quickly and simplifies the overall process, allowing the actual transfer to occur rapidly once confirmation is provided.
3Reliability
If virtual debit accounts are used for peer-to-peer transfers, then primary accounts are protected and transactions are simplified, but the system requires compatible transaction applications on both devices
Solution Approach 1:
The patent implements a universal transaction application that can detect and communicate with other compatible transaction applications across different computing devices. The system uses standardized short-range wireless communication protocols (NFC, Bluetooth, Wi-Fi) that are widely supported, allowing the virtual debit account transfer functionality to work across multiple device types and platforms. This universality maintains account security through the virtual account layer while reducing compatibility barriers through standardized communication protocols.
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
This method enables fast, secure, and user-friendly transactions between unfamiliar parties, protecting the sender's primary accounts and simplifying processes like tipping, by using virtual debit accounts that are separate from regular accounts and accessible through compatible transaction applications.
Implementation Method 1
A virtual debit account associated with a virtual wallet of the sender transaction application is accessed and a transfer of the transaction amount is initiated from the accessed virtual debit account to a corresponding virtual debit account associated with the detected recipient transaction application via short-range wireless communication
Data Source
AI summary
The disclosure facilitates transactions between virtual debit accounts associated with corresponding transaction applications. A transaction initiation request including a transaction amount is received by a sender transaction application on a sender computing device. A recipient transaction application is detected within a proximity of the sender computing device by the sender transaction application. A virtual debit account associated with a virtual wallet of the sender transaction application is accessed and a transfer of the transaction amount is initiated from the accessed virtual debit account to a corresponding virtual debit account associated with the recipient transaction application. Upon a confirmation of the transfer being received from the recipient transaction application, a record of the transfer is provided to an issuer of the accessed virtual debit account. The use of the compatible transaction applications and associated virtual debit accounts provides fast, secure transaction capabilities between parties that may be unfamiliar with each other.