Mobile Wallet Transaction Limits With mDL Override Authentication
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Solution Overview
Problem
Conventional payment systems lack efficient and secure methods for users to configure and update transaction limits on payment accounts, leading to computational inefficiencies and resource waste, especially when transactions exceed preset limits.
Innovation Solution
A smart mobile wallet management system that allows users to generate initial and secondary transaction limits, enabling temporary overrides using a mobile driver's license (mDL) for authentication, thereby automating the process and reducing the need for manual account access.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If a user configures a single permanent spending limit for a payment account, then the account security is improved, but the computational complexity and time required to update the limit increases when the user needs to make purchases exceeding the limit
Solution Approach 1:
The patent segments the single permanent spending limit into multiple hierarchical limits: a base spending limit and one or more temporary override limits. Each limit serves a specific purpose and can be independently managed. The system divides the limit management into different levels (base level and override level) with different authentication requirements, reducing the computational burden on mobile devices while maintaining security.
Solution Approach 2:
The system performs preliminary actions by pre-configuring temporary override limits with specific timeframes and conditions before they are needed. When a user needs to exceed their base limit, the system has already prepared the override mechanism with predetermined parameters (timeframe, amount, conditions), eliminating the need for complex real-time calculations and account access during the transaction moment.
2Reliability
If a user must access their payment account to update the spending limit at a POS terminal, then the spending limit control is maintained, but the transaction time and network resource consumption increase
Solution Approach 1:
The system performs preliminary configuration of temporary override limits with predetermined timeframes and conditions before transactions occur. When a user needs to make a purchase exceeding their base limit, the override limit is already in place with pre-defined parameters, allowing immediate transaction approval without requiring the user to access their account or wait for limit updates during the transaction moment.
Solution Approach 2:
The system enables self-service through automated workflows where the user can initiate a temporary override request through the mobile wallet application, and the system automatically processes the request, validates conditions, and activates the override limit without requiring manual intervention from bank representatives or complex account access procedures.
3Ease of operation
If conventional smart mobile wallets allow users to access multiple payment methods, then the convenience is improved, but the ability to manage transaction limits is lost
Solution Approach 1:
The patent merges the payment method storage functionality with the transaction limit management functionality within a single mobile wallet system. The mobile wallet application simultaneously handles multiple payment methods and provides comprehensive limit management capabilities including viewing base limits, initiating override requests, selecting timeframes, and receiving notifications. This integration allows users to benefit from both convenience and adaptability without requiring separate systems.
Solution Approach 2:
The mobile wallet system is designed with multi-functionality, serving as both a payment method repository and a comprehensive transaction limit management platform. The same application that stores and processes multiple payment methods also provides limit configuration, override request initiation, timeframe selection, and notification management capabilities, making the system universally applicable to both payment execution and limit control needs.
4Productivity
If multiple transaction attempts are facilitated at a POS terminal, then the transaction completion rate is improved, but the computational resource consumption for all parties increases
Solution Approach 1:
The system performs preliminary configuration of temporary override limits with specific timeframes and conditions before multiple transaction attempts are needed. When a user needs to make purchases exceeding their base limit, the override limit is already activated with pre-defined parameters, allowing the POS terminal and mobile device to process multiple transactions without repeatedly accessing the payment account or performing complex limit verification calculations, thus reducing computational resource consumption while maintaining high transaction completion rates.
Data Source
AI summary
Systems, apparatuses, methods, and computer program products are disclosed for providing improved account transaction control and management. An example method includes receiving a transaction attempt associated with a payment account of a user, where the payment account includes an initial transaction limit and a secondary transaction limit. The example method further includes determining whether a transaction amount of the transaction attempt exceeds the initial transaction limit. The example method also includes providing a first limit violation notification to the user and receiving a limit override confirmation in response to the limit violation notification, where the limit override confirmation comprises a mobile driver's license (mDL) associated with the user. The example method also includes authenticating the user based on the mDL and, in response to successfully authenticating the user based on the mDL, enabling the secondary transaction limit associated with the payment account.