Wireless POS Device Managing Multiple Payment Accounts
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Solution Overview
Problem
Conventional smart card technologies for wireless point-of-sale transactions are passive and do not enable active management of multiple accounts, lacking the capability for secure and efficient transfer of funds between customers and merchants.
Innovation Solution
A method and device for conducting wireless point-of-sale transactions that involve transmitting a transaction request, receiving approval, and securely transferring funds between a customer's clearinghouse account and a merchant's account, using a point-of-sale device with an input interface, transmitter/receiver module, and clearinghouse interface to manage multiple accounts and facilitate secure payments.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If conventional smart card technology is used for wireless payments, then wireless payment capability is enabled, but active management of multiple accounts is not possible
Solution Approach 1:
The system segments account management by introducing a virtual account layer that separates the physical smart card from multiple virtual accounts. The smart card contains a processor that can manage multiple virtual accounts, each with its own payment credentials, allowing users to switch between accounts without changing physical cards.
Solution Approach 2:
The smart card processor is designed to perform multiple functions: storing multiple virtual account credentials, selecting between different accounts, encrypting payment data, and communicating with payment terminals. This multi-functional design enables a single device to replace multiple specialized cards.
2Reliability
If passive smart card components are used, then wireless payment transmission is enabled, but secure fund transfer management is limited
Solution Approach 1:
The smart card processor autonomously manages account selection, credential encryption, and transaction authorization without requiring external intervention. The card can independently select the appropriate virtual account based on merchant category or user preferences, and automatically encrypt payment data using stored keys.
Solution Approach 2:
Virtual accounts act as intermediaries between the user's bank accounts and merchants. The smart card processor manages these virtual accounts, which hold encrypted payment credentials that mediate the transaction between the user's financial institution and the merchant, enhancing security through an additional layer of abstraction.
3Ease of operation
If multiple payment accounts are managed actively, then payment flexibility is improved, but transaction processing complexity increases
Solution Approach 1:
The system performs preliminary actions by pre-configuring multiple virtual accounts with different payment credentials and authorization rules in advance. Users can set default accounts for different merchant categories or establish spending limits before transactions occur, eliminating the need for complex real-time decisions during payment.
Solution Approach 2:
The smart card processor provides feedback to the user interface about available accounts, their current balances or credit limits, and their suitability for the current transaction based on merchant category. This real-time feedback enables users to make informed account selections without understanding the underlying complexity of each account's configuration.
Data Source
AI summary
A system that enables a wireless point-of-sale transaction. In one embodiment the system comprises an account module, an account selection module, a display, an input interface, and a wireless transmitter. The account module stores account information corresponding to a plurality of payment accounts. The account selection module selects a payment account from the plurality of payment accounts as a default payment account for a wireless point-of-sale transaction based on one or more predetermined criteria. The display displays the default payment account to a user. The input interface enables the user to accept the default payment account by the account selection module. The wireless transmitter that wirelessly transmits payment information to a point-of-sale device, wherein the payment information comprises account information associated with the default account when the default payment account is accepted via the input interface.