Digital Wallet Card Selection for Benefit-Optimized Transactions
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Existing systems face inefficiencies in optimizing data management and virtual object utilization, particularly in selecting the most beneficial credit or debit card for transactions, often leading to suboptimal utilization of available benefits due to manual intervention and lack of automated selection based on predefined criteria.
Innovation Solution
A computing system and method that automatically selects the optimal payment card within a digital wallet by analyzing card benefits such as cashback, rewards, and insurance coverage, considering transaction type, merchant category, and user preferences, using a sophisticated algorithm and neural networks to ensure the card with the highest benefits is chosen for each transaction.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Extent of automation
If manual intervention is used to select payment cards, then user control is maintained, but optimization of benefit utilization is reduced
Solution Approach 1:
The system automatically selects the optimal payment card by evaluating card benefits, transaction details, and user preferences without requiring manual user intervention. The algorithm independently queries databases, compares options, and applies the selected card to the transaction, enabling the system to serve itself in the card selection process.
2Adaptability or versatility
If multiple virtual objects are available for different tasks, then versatility is improved, but difficulty in selecting the optimal object increases
Solution Approach 1:
The system continuously evaluates card benefits, transaction characteristics, and user preferences to provide feedback-driven automatic selection. By querying databases for current card benefits and comparing them against transaction details, the system determines the optimal card without requiring user effort, thus maintaining ease of operation while leveraging multiple virtual objects.
3Productivity
If automated optimization is implemented, then benefit utilization is maximized, but computational resources are consumed
Solution Approach 1:
The system performs preliminary queries to databases to retrieve card benefit information before the transaction is finalized. By preparing and caching relevant data in advance, the system reduces computational overhead during the actual selection moment, optimizing benefit utilization while managing computational resource consumption efficiently.
Data Source
AI summary
Systems and methods determine that an optimization operation for data base querying is being initiated and receive item data associated with item(s) obtainable by transferring resource(s) to an external location. Database(s) storing stored object data related to a plurality of virtual objects are queried, and the resource(s) are associated with one of the plurality of virtual objects. The systems and methods also ascertain, from the stored object data and the item data, and select which of the plurality of virtual objects optimizes improvements, where the ascertaining and selecting are included as part of the optimization operation. A selected virtual object from the plurality of virtual objects is applied to an exchange operation to transfer the resource(s) to the external location.