Digital Wallet Location-Based Service Integration
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Solution Overview
Problem
Current financial transaction systems require consumers to carry multiple payment instruments and do not efficiently provide consumer information to merchants, leading to inconvenient transactions and missed opportunities for improved service.
Innovation Solution
The system facilitates consumer location-based services at a merchant shop by using a merchant device with communication and processing capabilities to receive wallet identifying data from a consumer device, transmit it to a central system, and associate consumer identifying data with a unit of location, enabling interactive displays, secure payments, and personalized services.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If consumers use traditional payment instruments (cash, credit cards, debit cards), then payments can be made at merchants, but consumers must carry multiple physical payment instruments which is inconvenient
Solution Approach 1:
The patent combines multiple payment instruments and consumer information into a single digital wallet application on a mobile device. The wallet can store multiple payment cards, coupons, and loyalty programs, eliminating the need to carry multiple physical payment instruments while maintaining all their functions.
Solution Approach 2:
The mobile device with wallet application serves multiple functions: it acts as a payment card, identification document, loyalty program tracker, and coupon holder. This universal device replaces the need for multiple specialized physical instruments, improving convenience while reducing the quantity of items to carry.
2Loss of information
If traditional payment instruments are used, then transactions can be completed, but consumer information is not provided to merchants to improve service
Solution Approach 1:
The system enables feedback loops where consumer data stored in the digital wallet is shared with merchants during transactions. Merchants receive relevant consumer information (with permission) that allows them to provide personalized service, track customer preferences, and improve overall service quality based on accumulated data.
Solution Approach 2:
The mobile device and wallet application serve as an intermediary between consumers and merchants. They facilitate the exchange of information by securely transmitting consumer data to merchants while maintaining consumer privacy and control, enabling service improvement without compromising security.
3Adaptability or versatility
If a digital wallet system is implemented, then consumer information can be shared with merchants for personalized service, but the system complexity increases with multiple components (consumer device, merchant device, central system)
Solution Approach 1:
The system is segmented into distinct functional components: the consumer device with wallet application, the merchant device for processing, and the central system for data management. Each component has a specific role, which manages complexity by distributing functions across multiple independent elements rather than requiring one complex monolithic system.
Applied Scientific Principles
This section explains which scientific principles are used to turn an abstract innovation direction into a practical engineering solution.
Function Achieved in This Case
This solution streamlines financial transactions by allowing consumers to make payments without physical instruments, enhances customer service through personalized interactions, and improves operational efficiency by leveraging consumer data for better service delivery.
Implementation Method 1
The wireless communication may be based on one or more signals using near field communication (NFC)
Implementation Method 2
The consumer device may determine location data based on triangulation with a plurality of merchant devices
Implementation Method 3
The consumer device may determine location data based on received signal strength indication (RSSI) from a plurality of merchant devices
Data Source
AI summary
Systems and related methods facilitating interactions between a merchant device, a central system and a consumer device are discussed herein. Wallet identifying data may be used to secure messages between the consumer device and the merchant device over a wireless link. For example, the merchant device may include circuitry configured to wirelessly receive the wallet identifying data from a consumer device and to transmit the wallet identifying data to the central system. In response, consumer identifying data associated with the wallet identifying data may be received by the merchant device from the central system. In some embodiments, the consumer identifying data may be associated with a unit of location, such as a dine-in location at a restaurant, to facilitate consumer service.