Electronic Wallet CVV Encryption and Receipt Generation
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Solution Overview
Problem
Current online payment systems face challenges in securely storing and transmitting payment information, particularly the card verification value (CVV), and ensuring users receive a final receipt during online transactions, especially on mobile devices, due to regulatory limitations and communication interruptions.
Innovation Solution
An online electronic wallet system that securely stores payment instrument information by encrypting the CVV on the client device, allowing minimal data entry and ensuring receipt generation before payment transmission, using a combination of encryption keys and local storage to manage payment information securely.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If payment information including CVV is stored on a third party payment instrument server, then ease of operation is improved, but regulatory compliance deteriorates
Solution Approach 1:
The patent segments payment information into two parts: payment instrument information (card number, expiration date) stored on the payment instrument server, and verification code (CVV) stored locally on the client device. This segmentation allows the system to maintain ease of operation for payment instrument information while ensuring regulatory compliance by keeping verification codes off third-party servers.
Solution Approach 2:
The patent extracts the verification code from the payment instrument server and stores it locally on the client device. This extraction resolves the contradiction by removing the regulatory compliance issue (storing CVV on third-party server) while maintaining ease of operation through local retrieval of the verification code when needed.
2Reliability
If verification code is stored locally on client device, then regulatory compliance is improved, but device complexity increases
Solution Approach 1:
The client device is empowered to autonomously manage and store its own verification code locally, without requiring complex centralized management infrastructure. This self-service approach simplifies the overall system architecture while ensuring regulatory compliance through local storage of sensitive verification codes.
3Productivity
If receipt is generated after payment transmission, then merchant processing efficiency is improved, but transaction reliability deteriorates
Solution Approach 1:
The patent generates and stores the receipt in the online electronic wallet system before transmitting payment information to the merchant server. This preliminary action ensures that the consumer receives the receipt even if communication interruptions occur after payment transmission, thereby improving transaction reliability without significantly impacting merchant processing efficiency.
Data Source
AI summary
An online electronic wallet system and method provide secure storage and transmission of payment instrument information for use in completing online purchases initiated from a client device. A payment instrument's verification code is stored in an encrypted form in local storage on a client device and retrieved and re-encrypted along with other payment instrument information stored on the system using a merchant-specific key. An API library is used to integrate the online electronic wallet system with a registered merchant's purchase flow, including the ability to ensure receipt of an electronic receipt prior to communicating payment instrument information to a merchant server.