Virtual Reality Payment Token System for Fund Transfer Adoption
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Solution Overview
Problem
The adoption of electronic fund transfers over data networks lags in some jurisdictions, such as the United States, compared to European Union and ASEAN nations, due to low consumer usage and infrastructure costs, despite offering benefits like speed, security, and reduced long-term costs for financial institutions.
Innovation Solution
A computer-implemented method and system for managing data processes in a virtual reality setting, which generates a custom virtual reality experience token based on payment instructions and VR elements, allowing users to complete transactions by fulfilling conditions displayed in an augmented or virtual reality environment, thereby facilitating electronic fund transfers.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If virtual reality elements and custom experience tokens are integrated into payment processing, then consumer engagement and adoption of electronic fund transfers improve, but system complexity and infrastructure requirements increase
Solution Approach 1:
A virtual reality intermediary system is introduced between the payment instruction and the transaction completion. This intermediary generates custom VR experience tokens that mediate the interaction between sender and recipient, allowing engagement enhancement while managing complexity through a dedicated intermediate layer rather than direct system integration
Solution Approach 2:
The payment system is segmented into distinct functional modules: payment instruction processing, VR experience token generation, condition verification, and transaction completion. Each module operates independently, allowing the VR engagement layer to be added without fundamentally redesigning the core payment infrastructure
2Ease of operation
If virtual reality experience templates and customization options are added to payment instructions, then user experience and accessibility improve, but data processing requirements and infrastructure costs increase
Solution Approach 1:
VR experience templates and customization options are prepared and validated in advance before the actual payment transaction. Experience tokens are pre-generated with embedded conditions, allowing users to interact with familiar VR interfaces without requiring real-time processing of complex customization data during the critical payment moment
Solution Approach 2:
Instead of processing unique VR experience data for each transaction, standardized VR experience templates are created and reused. Customization is achieved through parameter variation within existing templates rather than generating entirely new VR content, significantly reducing data processing requirements
Data Source
AI summary
A computer-implemented system and method for managing a data process in a virtual reality setting are provided. The method may include: receiving electronic signals representing a payment instruction from a sender device, the payment instruction associated with a pending transaction; receiving electronic signals representing one or more sender input associated with one or more virtual reality elements of a virtual reality experience template from the sender device; processing the payment instruction and the one or more VR elements to generate a custom virtual reality experience token, the custom virtual reality experience token comprising a condition required to complete the pending transaction; transmitting the custom virtual reality experience token to a recipient device to display a message in a virtual reality setting at the recipient device; receiving electronic signals representing one or more recipient input from the recipient device; and processing the recipient input to determine if the condition is met.