Digital Wallet Credit Card Extraction for Faster Checkout
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Solution Overview
Problem
Consumers face the inconvenience of manually providing credit card information during transactions and lack efficient methods to manage and utilize their credit card account data across various online platforms.
Innovation Solution
A system and method for extracting credit card account data from credit bureau data and storing it in a digital wallet, allowing seamless access and management of this data for online transactions, enabling automatic selection of credit cards based on predefined rules and minimizing manual input.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If consumers manually provide credit card information during transactions, then data accuracy is ensured, but transaction time increases and convenience decreases
Solution Approach 1:
The system extracts credit card account data from credit bureau data in advance and stores it in a digital wallet before the transaction occurs. During checkout, the pre-extracted data is automatically provided to the merchant, eliminating the need for consumers to manually enter information and reducing transaction time.
Solution Approach 2:
A digital wallet acts as an intermediary between the credit bureau data and the merchant. The wallet stores pre-extracted credit card information and automatically provides it during transactions, serving as a mediator that eliminates direct manual input by consumers while ensuring data accuracy through verification.
2Productivity
If credit card data is extracted and stored in a digital wallet, then access efficiency improves, but data security risks increase
Solution Approach 1:
The digital wallet system automatically manages credit card data extraction, storage, and provision without requiring consumer intervention. The system self-regulates data access through automated verification processes, improving efficiency while maintaining security through consistent application of access control rules.
Solution Approach 2:
The system incorporates verification mechanisms that provide feedback on data accuracy and access authorization. Before providing credit card information, the system verifies the consumer's identity and authorization status, creating a feedback loop that ensures both efficient access and maintained security.
3Adaptability or versatility
If multiple credit card accounts are managed through the system, then selection flexibility increases, but system complexity increases
Solution Approach 1:
The system extracts only the necessary credit card account information from comprehensive credit bureau data and stores it in a simplified digital wallet format. This extraction process separates essential transaction data from other credit information, providing selection flexibility while managing complexity by storing only relevant data elements.
Solution Approach 2:
The digital wallet implements different levels of data storage and access rights for different credit card accounts. The system assigns specific properties and access permissions to individual card accounts based on consumer preferences and transaction types, allowing flexible selection while managing complexity through localized data organization.
Data Source
AI summary
A credit account extraction system is configured to identify account information in credit data associated with a consumer and populate a digital wallet of the consumer with the identified financial card information. The financial card information may then be used by online retailers, for example, to expedite transaction completion.