Electronic Wallet Payment Tool Using Virtual Tokens

The patent introduces a payment service provider as an intermediary between the consumer and the merchant. The payment service provider receives transaction account information from the consumer, processes the payment, and communicates with the merchant without exposing the consumer's sensitive account information to the merchant or third parties. This intermediary approach allows payment completion while minimizing information exposure risks.

The patent uses virtual tokens as copies or representations of actual transaction account information. Instead of transmitting real account numbers and sensitive data, the system creates virtual token representations that can be exchanged and processed without revealing the underlying actual account information. This copying mechanism enables payment transactions while protecting the original sensitive information.

The patent implements self-service by having consumers pre-register their transaction account information with the payment service provider beforehand. During actual purchases, consumers simply select from pre-configured payment options rather than manually entering account details. The system automatically handles authentication and transaction processing, reducing the complexity burden on consumers while maintaining processing capability.

The patent performs preliminary actions by pre-establishing consumer accounts, storing transaction account information securely, and pre-configuring payment methods before actual transactions occur. This preparation allows the actual payment process to be simplified to basic selection and confirmation steps, as the complex authentication and data handling have already been prepared in advance.