Wallet Identifying Token Management for Secure Wireless Payments
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Solution Overview
Problem
Current payment systems require consumers to physically present payment instruments, such as credit cards or cash, to merchants, which can be inconvenient and insecure, especially in transactions involving mobile devices with limited connectivity.
Innovation Solution
A payment processing system that uses a consumer device to send wallet identifying tokens and private keys to a networked device, allowing merchants to validate payments without direct presentation of physical payment instruments, enabling secure transactions over wireless connections without active internet access.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If consumers use physical payment instruments (cash, credit cards, etc.), then payment transactions can be completed reliably, but consumers must physically present these instruments which is inconvenient and insecure
Solution Approach 1:
The patent replaces physical payment instruments with digital copies in the form of wallet identifying tokens stored on consumer devices. These tokens contain encrypted payment information that can be transmitted electronically to merchants, eliminating the need for physical card or cash presentation while maintaining transaction security through cryptographic validation
Solution Approach 2:
The system introduces a payment processing system as an intermediary between consumer and merchant. This intermediary validates wallet identifying tokens and coordinates the transfer of value, enabling secure transactions without requiring direct physical instrument presentation. The intermediary uses private key cryptography to verify token authenticity and ensure transaction integrity
2Ease of operation
If consumers use mobile devices for payments, then convenience is improved, but security is worsened due to limited connectivity and unsecured wireless connections
Solution Approach 1:
The patent changes the security parameters of wireless transmission by using encrypted wallet identifying tokens instead of transmitting sensitive payment data in plain text. The tokens are validated cryptographically by the payment processing system, ensuring security even over unsecured wireless connections. The system also implements time-limited token validity to reduce exposure window
Solution Approach 2:
The system performs preliminary cryptographic validation of wallet identifying tokens before transactions are completed. The payment processing system verifies token authenticity and authorizes transactions in advance, so that even if wireless transmission occurs over unsecured connections, the pre-validated tokens cannot be misused. This preliminary authorization ensures security despite limited connectivity
Data Source
AI summary
Systems and related methods for facilitating payments via a consumer device carried by a consumer are discussed herein. Wallet identifying tokens 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 a wallet identifying token from a consumer device and to transmit the wallet identifying token to the central system. In response, consumer identifying data associated with the wallet identifying token may be received by the merchant device from the central system. In some embodiments, payments may be secured via limiting the lifetime of wallet identifying tokens after initial use.