Virtual Token Redemption Presentation System
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Solution Overview
Problem
Conventional physical tokens for stored value accounts, such as gift cards, lack flexibility and require physical carrying, and merchants are unaware of the identity of users redeeming their value, limiting transaction efficiency and convenience.
Innovation Solution
A system and method for using a virtual token managed by a mobile client device, which determines an appropriate redemption presentation based on a merchant identifier, allowing for online or point-of-sale transactions by searching a database to find preferred redemption formats and transmitting them over a computer network.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If physical tokens are used for stored value accounts, then merchants can process transactions, but merchants cannot identify the identity of users redeeming value
Solution Approach 1:
The patent replaces physical tokens with virtual tokens that are digital copies stored in a database. These virtual tokens contain user identification information, allowing merchants to identify users without requiring complex additional systems. The virtual token is a simplified digital representation that carries both value and identity information.
2Ease of operation
If physical tokens are used for stored value accounts, then transactions can be conducted, but users must carry physical tokens in wallets or purses
Solution Approach 1:
The patent replaces the mechanical physical token system with an electronic/digital system. Instead of physical cards that must be carried in wallets, users have virtual tokens stored in a database that can be accessed electronically. This substitution eliminates the need for physical carrying while maintaining transaction functionality.
3Adaptability or versatility
If conventional physical tokens are used, then stored value transactions can be processed, but flexibility of use is limited
Solution Approach 1:
The patent implements a dynamic system where virtual tokens can be flexibly managed, transferred, and redeemed across multiple platforms. The system allows tokens to be used in various transaction types (online, in-store, mobile) and can be dynamically updated in the database. This dynamic approach provides adaptability while using straightforward database operations.
Data Source
AI summary
A method for determining an appropriate redemption presentation for a virtual token associated with a stored value account is disclosed. The method may include receiving a request for presenting a redemption presentation of a virtual token and obtaining a merchant identifier associated with the request. The method may further include determining if the request is for one of an on-line transaction and a transaction with a point-of-sale terminal, and if the request is for a transaction with a point-of-sale terminal, then searching a database using the merchant identifier to find one or more redemption presentations of virtual token preferred by a merchant. Subsequently, the one or more redemption presentations of the virtual token may be transmitted over a computer network to a client device.