Electronic Wallet Virtual Card Intermediary
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Solution Overview
Problem
Current electronic payment systems lack efficiency in providing consumers with secure and convenient payment options across multiple merchants, especially in online transactions, and fail to accurately determine the best payment vehicle for transactions, leading to potential errors and increased costs.
Innovation Solution
An electronic wallet platform that integrates with multiple merchants, allowing consumers to select from various payment methods, including virtual card numbers, and provides secure applications for portable devices to facilitate transactions, while also offering shipping options and cost comparisons, thereby enhancing security and reducing errors in payment processing.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If real card information is provided to merchants for transactions, then payment processing is straightforward, but consumer security is compromised
Solution Approach 1:
The patent introduces virtual card numbers as an intermediary between consumers and merchants. These virtual card numbers mask the real card information while enabling transaction processing. The virtual card acts as a mediator that allows payment to proceed without exposing sensitive real card data to merchants, thus maintaining both security and operational ease.
Solution Approach 2:
The patent creates virtual copies of card information (virtual card numbers) that replicate the functionality of real card numbers for transaction purposes. These copies enable merchants to process payments as if they had the real card information, while the actual sensitive data remains protected and undisclosed to the merchant.
2Adaptability or versatility
If multiple payment methods are offered to consumers, then payment flexibility is improved, but system complexity increases
Solution Approach 1:
The electronic wallet platform is designed as a universal system that handles multiple payment methods (virtual card numbers, real card numbers, credit, debit, gift cards) through a single interface. This multi-functional platform allows consumers to select from various payment options while the system manages the complexity internally, presenting a simplified choice interface to users.
Solution Approach 2:
The system automatically determines and presents appropriate payment options to consumers based on their registration information and transaction context. The electronic wallet platform self-manages the complexity of multiple payment methods by autonomously selecting and presenting suitable options, reducing the burden on consumers to navigate complex payment system configurations.
3Reliability
If virtual card numbers are used to mask real card information, then security is enhanced, but information translation complexity increases
Solution Approach 1:
The electronic wallet platform serves as an intermediary that manages the translation between virtual card numbers and real card information. This mediator handles the complexity of mapping and translating virtual identifiers to actual card data internally, while keeping the real card information secure and hidden from merchants throughout the process.
Solution Approach 2:
The system segments the card information handling into distinct layers: virtual card numbers for merchant interaction and real card information for secure storage and authorization. This segmentation allows the translation process to be managed in controlled, separate stages within the electronic wallet platform, reducing overall complexity while maintaining security.
4Measurement precision
If accurate cost comparisons are provided to consumers, then decision-making accuracy is improved, but processing time increases
Solution Approach 1:
The electronic wallet platform performs cost comparisons and evaluates multiple payment options in advance, before the consumer needs to make a decision. By pre-calculating and presenting cost scenarios ahead of time, the system provides accurate comparisons without adding delays during the actual transaction decision-making process.
Solution Approach 2:
The system provides feedback to consumers in the form of cost comparisons and scenario analysis that help them make informed decisions. This feedback mechanism delivers accurate cost information efficiently, allowing consumers to understand the implications of different payment choices without requiring excessive processing time during the transaction.
Data Source
AI summary
Registration information for a plurality of consumers is obtained at an electronic wallet platform. A mechanism is provided to integrate the electronic wallet platform with a plurality of merchants. Via the electronic wallet platform, a given one of the consumers is afforded an option to select from multiple methods to pay for a transaction with a given one of the merchants. The multiple methods are based, at least in part, on the registration information. At least one of the multiple methods includes a virtual card number. Further steps include obtaining, from the given one of the consumers, a selection of the virtual card number for payment for the transaction; and providing the given one of the merchants with the virtual card number.