Intelligent Wallet Card Recommendation via Rule Processing
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Solution Overview
Problem
Cardholders face difficulties in selecting the appropriate payment card for transactions due to numerous cards with varying rules and preferences, lacking automation in existing systems.
Innovation Solution
An intelligent wallet device and method that processes event and transaction data with payment card rules and cardholder preferences to recommend a suitable payment card for a transaction, enhancing the use and accrual of rewards.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If a cardholder manually selects a payment card from multiple cards, then the cardholder can choose based on personal preference, but the process becomes time-consuming and complex when having many payment cards
Solution Approach 1:
The payment system automatically performs card selection by processing event data, transaction data, payment card rules, and cardholder preferences through a processor, eliminating the need for manual card selection by the cardholder while still adhering to their preferences and rules
Solution Approach 2:
The system pre-processes and stores payment card rules and cardholder preferences before the actual transaction occurs, so that when a transaction is initiated, the processor can quickly determine the appropriate card without requiring the cardholder to manually evaluate multiple options
2Extent of automation
If traditional payment systems are used without automation, then cardholders have full control over card selection, but the system lacks intelligence to optimize reward usage and adherence to rules
Solution Approach 1:
The processor is designed to handle multiple functions simultaneously: it processes event data, transaction data, payment card rules, and cardholder preferences to automatically select the appropriate payment card, consolidating what would otherwise require multiple separate systems into a single multi-functional component
3Adaptability or versatility
If cardholders have many payment cards with varying rules and preferences, then they can access diverse rewards and benefits, but selecting the right card becomes difficult without automation
Solution Approach 1:
The system incorporates cardholder preferences and payment card rules as feedback mechanisms that guide the automated selection process, allowing the processor to learn from and adapt to cardholder behavior patterns while maintaining adherence to established rules and preferences
Data Source
AI summary
An intelligent wallet (IW) computer device is provided for recommending a payment card from a plurality of payment cards to a cardholder for use in a payment transaction with a merchant. The IW computer device includes a memory device for storing data and a processor in communication with the memory device. The processor is programmed to receive event data and transaction data associated with the payment transaction. The transaction data includes product identifier data and purchase amount data. The processor is further programmed to receive payment card rules and cardholder preferences for each of the plurality of payment cards associated with the cardholder and to recommend a candidate payment card from the plurality of payment cards. The candidate payment card is recommended by processing the event data and the transaction data with the payment card rules and the cardholder preferences.