Digital Wallet Presence Detection for Secure Payments
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Solution Overview
Problem
Current payment systems require consumers to carry multiple payment instruments and promotional offers, making them cumbersome and inefficient.
Innovation Solution
A system that uses a consumer device to securely transmit wallet identifying data to a merchant device, allowing for the determination of consumer presence and the provision of personalized promotional offers, while facilitating secure payments through a central system.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If consumers use traditional payment instruments (cash, cards, coupons), then payment transactions can be completed, but consumers must carry multiple physical items making the system cumbersome
Solution Approach 1:
The patent combines multiple payment instruments, promotional offers, and consumer information into a single digital wallet application on a mobile device. This consolidation eliminates the need to carry separate physical cards, cash, and coupons, directly resolving the contradiction by reducing the number of items consumers must carry while maintaining payment functionality.
Solution Approach 2:
The digital wallet application serves multiple functions including payment processing, promotional offer storage and redemption, consumer information management, and proximity-based deal delivery. This multi-functionality allows a single device to replace numerous specialized payment instruments, improving convenience without sacrificing capability.
2Loss of information
If merchants use traditional payment processing, then transactions can be completed, but promotional offers and consumer information cannot be efficiently delivered
Solution Approach 1:
The system pre-loads promotional offers and consumer information into the digital wallet application before the consumer reaches the merchant. Proximity-based triggers initiate the delivery of relevant deals and information in advance, ensuring that consumers have all necessary information readily available when making purchasing decisions, thus eliminating information loss and improving transaction efficiency.
Solution Approach 2:
The system implements feedback mechanisms where consumer behavior, purchase history, and proximity data are continuously monitored and used to personalize and refine promotional offer delivery. This feedback loop ensures that relevant information is provided to consumers at the right time, enhancing both information delivery effectiveness and transaction productivity.
3Adaptability or versatility
If consumer data is collected for personalized offers, then targeted promotional deals can be provided, but security risks increase during data transmission
Solution Approach 1:
The mobile device acts as a secure intermediary between the consumer and the merchant/promotional systems. Sensitive consumer data remains stored locally on the consumer's device rather than being transmitted to merchants or third parties. The device securely processes and delivers only necessary information, maintaining personalization capability while minimizing security risks through local data retention and encrypted communication channels.
Data Source
AI summary
Systems and related methods facilitating payments with a mobile device are discussed herein. Circuitry in a networked-based central system, which may be a promotional system or payment system, may be configured to receive payment information from a consumer device. The consumer device may include circuitry configured to receive wallet identifying data from the central system. The wallet identification data may be used to secure messages between the consumer device and another device, such as a merchant device, over a wireless link. In some embodiments, the consumer device may receive promotional offers, such as deal vouchers or rewards, and make payments to the other device via the wireless link.