Virtual Terminal Augmented Reality Payment Security
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Solution Overview
Problem
Conventional payment account transactions often require users to share personal identifying information, which can lead to security concerns and lack of enhanced purchase protection, especially when initiated at point-of-sale terminals or through dedicated applications.
Innovation Solution
The implementation of virtual terminals associated with specific locations, allowing users to interact with these terminals in augmented reality to initiate transactions without necessarily providing identity information to the recipient or transferor, using a virtual terminal engine to manage and facilitate these transactions through a network of banking institutions and communication devices.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If users initiate transactions at conventional point-of-sale terminals or through dedicated applications, then transactions can be facilitated between users, but users must share personal identifying information which creates security concerns and lacks enhanced purchase protection
Solution Approach 1:
The patent extracts and removes the requirement for personal identifying information from the transaction initiation process. Virtual terminals are configured with location data that enables transactions without users sharing personal information, effectively taking out the harmful element (personal information exchange) while preserving the useful function (transaction facilitation).
Solution Approach 2:
The patent introduces virtual terminals as intermediary devices between users. These virtual terminals, associated with specific locations, mediate the transaction process by enabling users to initiate transactions through location-based identification rather than direct personal information exchange, thus protecting user privacy while facilitating secure transactions.
2Ease of operation
If users share personal identifying information to initiate transactions, then transactions can be facilitated, but security concerns arise and purchase protection is reduced
Solution Approach 1:
The patent removes the requirement for personal identifying information from the transaction initiation process by using virtual terminals associated with locations. Users can initiate transactions through location-based identification, extracting the harmful element (personal information sharing) while maintaining ease of operation.
Solution Approach 2:
The patent changes the identification parameter from personal information to location data. Virtual terminals use geographic location as the basis for transaction initiation, fundamentally changing the parameter used to identify users and eliminate security risks associated with personal information sharing.
3Adaptability or versatility
If conventional point-of-sale terminals are used for transactions, then transactions can be initiated at merchant locations, but personal identifying information must be exchanged which reduces purchase protection
Solution Approach 1:
The patent makes virtual terminals universal by associating them with various locations rather than specific merchants. A single virtual terminal can facilitate transactions at multiple locations, enabling users to initiate transactions anywhere within the associated geographic area, thus providing both location flexibility and enhanced purchase protection.
Solution Approach 2:
The patent introduces virtual terminals as intermediary devices that enable transactions at multiple locations without requiring personal information exchange. These virtual terminals mediate between the user's device and the transaction network, providing purchase protection while maintaining adaptability to different transaction locations.
Data Source
AI summary
Systems and methods are provided for facilitating network transactions through a virtual terminal assigned to a property. An exemplary method includes assigning, by a computing device, a virtual terminal to a property where the property is associated with a user and activating, by the computing device, the virtual terminal for an account associated with the user. The method also includes soliciting, by the computing device, transaction details from an initiating user, for a network transaction between an account associated with the initiating user and the account of the user, through the virtual terminal in an augmented reality environment when the initiating user is present at the property. The method additionally includes initiating the network transaction based on the transaction details received from the initiating user and the account associated with the user.