Virtual Wallet Authorization Using Multi-Code Secure Processing
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Solution Overview
Problem
Existing systems lack efficient and secure methods for creating, administering, and processing payment transactions using virtual wallets and payment tokens, particularly in environments where physical cards are not available or accessible.
Innovation Solution
The use of multiple authorization codes, including those associated with the user, device, and payment account, along with secure storage in cloud-based or embedded memory, such as SIM cards and SD cards, to authorize and process transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If multiple authorization codes are used for secure transactions, then transaction security is improved, but device complexity increases
Solution Approach 1:
The patent combines multiple authorization codes (user authorization code, device authorization code, and payment account authorization code) into a single integrated authorization process. The virtual wallet application consolidates these separate authorization mechanisms, allowing them to work together seamlessly without requiring separate physical cards or multiple independent systems, thus improving security while managing complexity.
Solution Approach 2:
The virtual wallet application serves as an intermediary that manages and coordinates multiple authorization codes. Rather than requiring direct interaction between multiple complex systems, the virtual wallet mediates the authorization process by storing and validating the necessary codes, simplifying the overall system architecture while maintaining high security standards.
2Ease of operation
If virtual wallets and payment tokens are used instead of physical cards, then ease of operation is improved, but loss of information risk increases
Solution Approach 1:
The patent creates a virtual copy of the payment card information stored securely in the virtual wallet application. Instead of using the actual physical card, the system uses a digital representation (payment token) that replicates the necessary transaction functionality. This copy can be stored and processed electronically, providing convenience while the underlying security mechanisms protect against information loss or theft.
Solution Approach 2:
The system performs preliminary authorization and validation of payment data before transactions occur. By pre-storing and pre-validating authorization codes and payment tokens in the virtual wallet, the system ensures that payment information is verified and secured in advance, reducing the risk of information loss during actual transactions while maintaining operational convenience.
3Reliability
If secure storage in cloud-based or embedded memory is implemented, then reliability is improved, but device complexity increases
Solution Approach 1:
The patent divides the storage system into multiple segments: cloud-based storage for backup and remote access, and embedded memory (such as SIM cards or SD cards) for local secure storage. This segmentation allows the system to leverage the security benefits of both storage types while distributing the complexity across separate, specialized components rather than requiring a single complex unified system.
Data Source
AI summary
Systems, methods, and non-transient machine-interpretable data representing executable instruction sets and/or other products for the processing of data for the secure creation, administration, manipulation, processing, and storage of electronic data useful in the processing of payment transactions and other secure data processes. In various aspects and embodiments the disclosure provides secure means for the authorization of sensitive and other data processes subject to controlled access. Such processes include, for example the creation, administration, authorization, virtualization, storage, and other manipulation or processing of electronic data representing characteristics of, instructions for, and information associated with consumer, business, and other payment accounts, and other forms of secure payment elements, such as payment tokens; and data useful in processing transactions using such accounts and elements.